Employees Retirement System of Texas Sells 11,039 Shares of Freeport-McMoRan Inc. $FCX

Employees Retirement System of Texas trimmed its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,591,377 shares of the natural resource company’s stock after selling 11,039 shares during the period. Employees Retirement System of Texas owned approximately 0.11% of Freeport-McMoRan worth $62,414,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Great Lakes Advisors LLC raised its stake in Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after buying an additional 115,285 shares during the last quarter. Summit Global Investments boosted its stake in shares of Freeport-McMoRan by 278.4% in the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after buying an additional 33,959 shares during the last quarter. Arrow Capital Pty Ltd boosted its stake in shares of Freeport-McMoRan by 88.5% in the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after buying an additional 53,100 shares during the last quarter. Foster Victor Wealth Advisors LLC grew its holdings in shares of Freeport-McMoRan by 5.7% in the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after acquiring an additional 20,586 shares during the period. Finally, Momentum Wealth Planning LLC purchased a new stake in Freeport-McMoRan during the second quarter valued at $3,459,000. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 3.9%

Shares of Freeport-McMoRan stock opened at $59.15 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $69.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The company has a market capitalization of $85.02 billion, a P/E ratio of 39.18, a P/E/G ratio of 0.72 and a beta of 1.41. The company has a fifty day moving average of $61.58 and a 200 day moving average of $49.81.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business had revenue of $5.63 billion for the quarter, compared to analysts’ expectations of $5.42 billion. During the same period last year, the firm earned $0.31 earnings per share. The business’s quarterly revenue was down 1.5% on a year-over-year basis. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on FCX. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Citigroup upped their price target on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Raymond James Financial increased their price objective on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $62.59.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the transaction, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the completion of the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 565,145 shares of company stock worth $35,839,918 in the last quarter. 0.75% of the stock is owned by insiders.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.