Public Employees Retirement Association of Colorado Has $9.71 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Public Employees Retirement Association of Colorado lessened its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 199,721 shares of the natural resource company’s stock after selling 3,946 shares during the period. Public Employees Retirement Association of Colorado’s holdings in Freeport-McMoRan were worth $9,706,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Tompkins Financial Corp raised its holdings in shares of Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. raised its holdings in shares of Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares during the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Freeport-McMoRan by 0.5% in the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after acquiring an additional 207 shares during the last quarter. Kingsview Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after acquiring an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. raised its holdings in shares of Freeport-McMoRan by 38.6% in the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 1.4 %

FCX opened at $44.53 on Friday. The company has a 50 day moving average of $43.55 and a 200 day moving average of $47.16. The company has a market cap of $63.97 billion, a PE ratio of 39.41, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period last year, the firm earned $0.35 EPS. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on FCX shares. Raymond James decreased their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a research note on Wednesday, September 4th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Finally, StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.79.

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.