Kentucky Retirement Systems Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Kentucky Retirement Systems reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 100,099 shares of the natural resource company’s stock after selling 8,150 shares during the period. Kentucky Retirement Systems’ holdings in Freeport-McMoRan were worth $4,997,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Matrix Trust Co purchased a new stake in Freeport-McMoRan in the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at about $25,000. Hazlett Burt & Watson Inc. increased its stake in shares of Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Lynx Investment Advisory purchased a new position in shares of Freeport-McMoRan during the 2nd quarter worth about $26,000. Finally, LRI Investments LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $26,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FCX has been the topic of a number of recent analyst reports. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Morgan Stanley decreased their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Scotiabank reduced their target price on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a report on Tuesday, October 15th. Six investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 1.3 %

NYSE:FCX opened at $42.70 on Friday. The company has a market cap of $61.35 billion, a PE ratio of 31.17, a P/E/G ratio of 1.86 and a beta of 1.91. The business’s 50 day moving average is $46.63 and its two-hundred day moving average is $47.35. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52 week low of $35.29 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period last year, the business posted $0.39 earnings per share. On average, analysts predict that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.70%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.90%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.