Teacher Retirement System of Texas Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Teacher Retirement System of Texas decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 19.7% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 84,752 shares of the natural resource company’s stock after selling 20,755 shares during the period. Teacher Retirement System of Texas’ holdings in Freeport-McMoRan were worth $3,227,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in shares of Freeport-McMoRan by 240.1% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,000 shares of the natural resource company’s stock worth $3,994,000 after acquiring an additional 56,475 shares during the period. Great Valley Advisor Group Inc. bought a new position in Freeport-McMoRan in the 3rd quarter worth about $282,000. Cerity Partners LLC grew its holdings in Freeport-McMoRan by 66.1% during the 3rd quarter. Cerity Partners LLC now owns 176,102 shares of the natural resource company’s stock valued at $8,791,000 after buying an additional 70,097 shares in the last quarter. Larson Financial Group LLC increased its position in shares of Freeport-McMoRan by 14.6% during the third quarter. Larson Financial Group LLC now owns 2,252 shares of the natural resource company’s stock valued at $112,000 after buying an additional 287 shares during the period. Finally, Summit Trail Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 24.7% in the third quarter. Summit Trail Advisors LLC now owns 11,254 shares of the natural resource company’s stock worth $562,000 after buying an additional 2,226 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Scotiabank lowered their target price on shares of Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a research note on Friday, January 24th. Dbs Bank raised Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, March 10th. Jefferies Financial Group upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and upped their target price for the stock from $40.00 to $48.00 in a research note on Thursday, February 27th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $52.04.

Freeport-McMoRan Stock Up 3.5 %

Shares of Freeport-McMoRan stock opened at $43.08 on Wednesday. The company’s 50 day moving average price is $38.15 and its 200-day moving average price is $42.00. Freeport-McMoRan Inc. has a 52-week low of $33.98 and a 52-week high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The stock has a market capitalization of $61.91 billion, a price-to-earnings ratio of 33.40, a P/E/G ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS 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.