Retirement Systems of Alabama Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Retirement Systems of Alabama decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 2.4% in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 311,109 shares of the natural resource company’s stock after selling 7,713 shares during the quarter. Retirement Systems of Alabama’s holdings in Freeport-McMoRan were worth $11,847,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Brookstone Capital Management boosted its holdings in Freeport-McMoRan by 53.8% in the third quarter. Brookstone Capital Management now owns 13,044 shares of the natural resource company’s stock worth $651,000 after purchasing an additional 4,565 shares during the last quarter. Daymark Wealth Partners LLC grew its holdings in shares of Freeport-McMoRan by 5.8% in the third quarter. Daymark Wealth Partners LLC now owns 9,274 shares of the natural resource company’s stock worth $463,000 after acquiring an additional 510 shares during the period. Marcum Wealth LLC increased its position in Freeport-McMoRan by 15.5% during the third quarter. Marcum Wealth LLC now owns 12,707 shares of the natural resource company’s stock valued at $634,000 after acquiring an additional 1,708 shares during the last quarter. Cypress Wealth Services LLC bought a new position in Freeport-McMoRan in the third quarter valued at about $309,000. Finally, LifePro Asset Management boosted its position in Freeport-McMoRan by 2.5% in the third quarter. LifePro Asset Management now owns 15,236 shares of the natural resource company’s stock worth $761,000 after purchasing an additional 377 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

FCX stock opened at $38.27 on Friday. The stock has a market cap of $54.98 billion, a PE ratio of 29.66, a P/E/G ratio of 0.85 and a beta of 1.85. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24. The company has a 50-day moving average price of $39.36 and a 200 day moving average price of $43.07. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.75 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Raymond James upped their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price target for the company from $51.00 to $46.00 in a report on Tuesday, January 7th. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Scotiabank lowered their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research report on Friday, January 24th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Thursday, January 16th. Nine investment analysts have rated the stock with a hold rating, six have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

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.