Police & Firemen s Retirement System of New Jersey Has $9.42 Million Position in Freeport-McMoRan Inc. $FCX

Police & Firemen s Retirement System of New Jersey lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 217,380 shares of the natural resource company’s stock after buying an additional 9,046 shares during the period. Police & Firemen s Retirement System of New Jersey’s holdings in Freeport-McMoRan were worth $9,423,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in FCX. Dagco Inc. bought a new stake in shares of Freeport-McMoRan in the 1st quarter worth approximately $37,000. Beacon Capital Management LLC raised its stake in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares in the last quarter. CKW Financial Group bought a new position in Freeport-McMoRan in the first quarter worth $40,000. Greykasell Wealth Strategies Inc. bought a new position in Freeport-McMoRan in the first quarter worth $42,000. Finally, Hilltop National Bank acquired a new stake in Freeport-McMoRan during the second quarter worth $43,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $40.56 on Friday. The stock has a market capitalization of $58.24 billion, a P/E ratio of 28.57, a price-to-earnings-growth ratio of 0.94 and a beta of 1.64. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The firm has a 50 day moving average of $41.74 and a 200-day moving average of $41.71.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the company earned $0.38 EPS. Freeport-McMoRan’s revenue for the quarter was up 2.7% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.13%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. BMO Capital Markets dropped their price objective on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating for the company in a research note on Wednesday, September 24th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Wednesday, October 8th. Royal Bank Of Canada cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. Scotiabank lifted their price objective on Freeport-McMoRan from $49.00 to $51.00 and gave the company a “sector perform” rating in a report on Tuesday, October 28th. Finally, Dbs Bank dropped their target price on Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $47.01.

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.