Public Employees Retirement System of Ohio Has $35.41 Million Stock Position in Freeport-McMoRan Inc. $FCX

Public Employees Retirement System of Ohio grew its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 602,375 shares of the natural resource company’s stock after acquiring an additional 23,437 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Freeport-McMoRan were worth $35,408,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan in the first quarter worth $29,000. Strategic Investment Solutions Inc. IL bought a new position in Freeport-McMoRan in the fourth quarter worth $25,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the fourth quarter worth $29,000. Finally, Financial Life Planners acquired a new stake in Freeport-McMoRan during the first quarter worth $34,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. The Goldman Sachs Group lowered their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a report on Wednesday, July 8th. Morgan Stanley raised their price objective on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the stock an “equal weight” rating in a report on Wednesday, July 8th. Raymond James Financial decreased their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a research report on Friday, April 24th. CICC Research lowered their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Finally, Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Saturday, June 13th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $70.18.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $62.54 on Friday. The stock’s fifty day simple moving average is $63.58 and its 200 day simple moving average is $62.33. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28. The firm has a market cap of $89.90 billion, a price-to-earnings ratio of 30.81, a P/E/G ratio of 0.63 and a beta of 1.37. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.54 earnings per share. On average, analysts expect that Freeport-McMoRan Inc. will post 2.72 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.