State of Michigan Retirement System Sells 1,300 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

State of Michigan Retirement System lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 0.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 390,033 shares of the natural resource company’s stock after selling 1,300 shares during the period. State of Michigan Retirement System’s holdings in Freeport-McMoRan were worth $14,852,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of the business. Asset Planning Inc bought a new position in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Laurel Wealth Advisors LLC lifted its holdings in Freeport-McMoRan by 487.8% in the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 600 shares in the last quarter. Roxbury Financial LLC bought a new position in Freeport-McMoRan in the 4th quarter worth approximately $28,000. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $29,000. Finally, Financial Life Planners bought a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $36,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several research analyst reports. BMO Capital Markets cut their target price on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group raised Freeport-McMoRan from a “hold” rating to a “buy” rating and lifted their target price for the stock from $40.00 to $48.00 in a report on Thursday, February 27th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Scotiabank cut their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a report on Friday, January 24th. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Eight research analysts have rated the stock with a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $52.04.

Freeport-McMoRan Stock Down 1.7 %

Shares of FCX opened at $34.93 on Wednesday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $34.26 and a 52-week high of $55.24. The company has a market cap of $50.20 billion, a PE ratio of 27.08, a P/E/G ratio of 0.87 and a beta of 1.85. The business has a fifty day moving average of $38.23 and a 200 day moving average of $42.54.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Company 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.