California Public Employees Retirement System Decreases Position in Freeport-McMoran, Inc. (FCX)

California Public Employees Retirement System cut its position in shares of Freeport-McMoran, Inc. (NYSE:FCX) by 10.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 4,045,693 shares of the natural resource company’s stock after selling 447,900 shares during the quarter. California Public Employees Retirement System owned 0.28% of Freeport-McMoran worth $48,589,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoran by 4.9% during the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after buying an additional 6,510,840 shares in the last quarter. State Street Corp grew its holdings in shares of Freeport-McMoran by 4.6% during the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after buying an additional 2,835,834 shares in the last quarter. FMR LLC grew its holdings in shares of Freeport-McMoran by 104.4% during the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoran by 39.4% during the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Freeport-McMoran by 14.7% during the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after buying an additional 1,664,093 shares in the last quarter. Institutional investors and hedge funds own 67.94% of the company’s stock.

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Shares of Freeport-McMoran, Inc. (NYSE FCX) opened at 14.06 on Friday. The company’s 50-day moving average price is $14.57 and its 200 day moving average price is $12.98. Freeport-McMoran, Inc. has a 12-month low of $9.24 and a 12-month high of $17.06. The firm has a market capitalization of $20.35 billion, a PE ratio of 19.83 and a beta of 2.57.

Freeport-McMoran (NYSE:FCX) last posted its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.04). The company had revenue of $3.71 billion for the quarter, compared to analysts’ expectations of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue was up 11.3% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.02) EPS. On average, equities analysts forecast that Freeport-McMoran, Inc. will post $0.95 earnings per share for the current year.

FCX has been the subject of a number of analyst reports. CIBC initiated coverage on Freeport-McMoran in a research note on Friday, September 15th. They issued a “sector outperform” rating and a $18.00 price target for the company. FBR & Co restated a “neutral” rating and issued a $12.00 price target (down from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Macquarie initiated coverage on Freeport-McMoran in a research note on Thursday, September 7th. They issued a “neutral” rating and a $16.00 price target for the company. Berenberg Bank restated a “sell” rating and issued a $10.40 price target on shares of Freeport-McMoran in a research note on Tuesday, September 5th. Finally, ValuEngine upgraded Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, August 31st. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Freeport-McMoran currently has an average rating of “Hold” and a consensus price target of $15.51.

In related news, COO Harry M. Iv Conger bought 36,180 shares of the company’s stock in a transaction on Thursday, September 7th. The shares were purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the completion of the transaction, the chief operating officer now directly owns 73,943 shares in the company, valued at approximately $1,126,151.89. The transaction was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 1.40% of the company’s stock.

Freeport-McMoran Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

Institutional Ownership by Quarter for Freeport-McMoran (NYSE:FCX)

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