Freeport-McMoRan Inc. (NYSE:FCX) Holdings Trimmed by Commonwealth of Pennsylvania Public School Empls Retrmt SYS

Commonwealth of Pennsylvania Public School Empls Retrmt SYS reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 2.3% during the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 305,534 shares of the natural resource company's stock after selling 7,256 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS's holdings in Freeport-McMoRan were worth $11,635,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also modified their holdings of FCX. Asset Planning Inc acquired a new stake in Freeport-McMoRan in the fourth quarter worth $25,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan in the 4th quarter worth about $27,000. Laurel Wealth Advisors LLC lifted its position 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 valued at $28,000 after purchasing an additional 600 shares during the last quarter. Roxbury Financial LLC acquired a new position in Freeport-McMoRan during the 4th quarter valued at about $28,000. Finally, Kohmann Bosshard Financial Services LLC bought a new position in Freeport-McMoRan in the 4th quarter worth about $29,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FCX shares. Scotiabank cut their price target on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a report on Friday, January 24th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Sanford C. Bernstein cut shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and increased their target price for the company from $40.00 to $48.00 in a research report on Thursday, February 27th. Six equities research analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $52.04.

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Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded up $1.47 during mid-day trading on Tuesday, hitting $43.08. The company's stock had a trading volume of 20,791,811 shares, compared to its average volume of 12,934,503. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24. The stock's fifty day moving average price is $38.15 and its two-hundred day moving average price is $42.00. The stock has a market capitalization of $61.91 billion, a P/E ratio of 33.40, a P/E/G ratio of 0.87 and a beta of 1.87. 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 (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (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%. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

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.