State of Tennessee Department of Treasury Decreases Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

State of Tennessee Department of Treasury cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 544,213 shares of the natural resource company's stock after selling 23,556 shares during the quarter. State of Tennessee Department of Treasury's holdings in Freeport-McMoRan were worth $20,724,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Asset Planning Inc purchased a new position in shares of Freeport-McMoRan in the fourth quarter worth about $25,000. Mizuho Bank Ltd. purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Laurel Wealth Advisors LLC lifted its position in Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock valued at $28,000 after purchasing an additional 600 shares during the last quarter. Finally, Roxbury Financial LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth $28,000. 80.77% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on FCX shares. Scotiabank reduced their target price on shares of Freeport-McMoRan from $45.00 to $40.00 and set a "sector perform" rating on the stock in a report on Monday, April 7th. Raymond James boosted their price objective on shares of Freeport-McMoRan from $49.00 to $51.00 and gave the company an "outperform" rating in a research report on Friday, April 4th. Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 price target (up previously from $48.00) on shares of Freeport-McMoRan in a research report on Friday. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and reduced their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $48.50.

Freeport-McMoRan Stock Down 0.8 %

Shares of Freeport-McMoRan stock traded down $0.31 during midday trading on Friday, hitting $37.32. The company had a trading volume of 10,953,380 shares, compared to its average volume of 13,919,354. The company has a 50 day moving average of $36.31 and a 200 day moving average of $40.09. The stock has a market capitalization of $53.63 billion, a P/E ratio of 28.93, a P/E/G ratio of 0.87 and a beta of 1.71. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, missing the consensus estimate of $0.25 by ($0.01). The company had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. During the same quarter in the previous year, the business earned $0.32 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th will be issued a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan's payout ratio is 24.79%.

About Freeport-McMoRan

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.