California Public Employees Retirement System Has $86.69 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

California Public Employees Retirement System trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.2% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,276,626 shares of the natural resource company's stock after selling 149,460 shares during the period. California Public Employees Retirement System owned about 0.16% of Freeport-McMoRan worth $86,694,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Asset Planning Inc bought a new stake in shares of Freeport-McMoRan during the 4th quarter worth $25,000. Vision Financial Markets LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at $27,000. Laurel Wealth Advisors LLC increased its stake 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 acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $28,000. Finally, Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at about $29,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of several analyst reports. Raymond James lifted their target price on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the stock an "outperform" rating in a research report on Friday. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and lifted their price objective for the stock from $40.00 to $48.00 in a research report on Thursday, February 27th. Scotiabank cut their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a research note on Friday, January 24th. JPMorgan Chase & Co. raised Freeport-McMoRan from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $48.00 to $52.00 in a research report on Thursday, March 20th. Finally, Deutsche Bank Aktiengesellschaft raised Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research report on Thursday, March 6th. Five research analysts have rated the stock with a hold rating, ten have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $51.61.

Freeport-McMoRan Stock Down 13.0 %

Shares of FCX traded down $4.37 during mid-day trading on Friday, hitting $29.14. 44,396,895 shares of the company's stock were exchanged, compared to its average volume of 13,529,687. The stock has a market cap of $41.88 billion, a price-to-earnings ratio of 22.59, a P/E/G ratio of 0.87 and a beta of 1.71. The firm has a fifty day moving average of $37.75 and a two-hundred day moving average of $41.73. 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 twelve month low of $28.49 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate 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 forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Tuesday, April 15th. This represents a $0.60 annualized dividend and a yield of 2.06%. Freeport-McMoRan's dividend payout ratio (DPR) is currently 23.26%.

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.