Freeport-McMoRan Inc (FCX) Shares Sold by State Treasurer State of Michigan

State Treasurer State of Michigan reduced its stake in shares of Freeport-McMoRan Inc (NYSE:FCX) by 3.4% in the 4th quarter, Holdings Channel reports. The firm owned 394,623 shares of the natural resource company’s stock after selling 13,700 shares during the quarter. State Treasurer State of Michigan’s holdings in Freeport-McMoRan were worth $7,482,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently added to or reduced their stakes in the company. Harel Insurance Investments & Financial Services Ltd. acquired a new position in Freeport-McMoRan during the 3rd quarter valued at $140,000. Rothschild Investment Corp IL acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $147,000. Belpointe Asset Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $150,000. Fox Run Management L.L.C. acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $163,000. Finally, Americafirst Capital Management LLC acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $170,000. Hedge funds and other institutional investors own 68.08% of the company’s stock.

Shares of Freeport-McMoRan Inc (NYSE FCX) opened at $17.97 on Friday. The company has a quick ratio of 1.37, a current ratio of 2.14 and a debt-to-equity ratio of 1.04. Freeport-McMoRan Inc has a fifty-two week low of $11.05 and a fifty-two week high of $20.25. The firm has a market cap of $26,013.19, a PE ratio of 14.49 and a beta of 2.50.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same quarter in the prior year, the firm earned $0.25 EPS. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. research analysts expect that Freeport-McMoRan Inc will post 2 earnings per share for the current year.

In other news, VP C Donald Whitmire, Jr. sold 21,500 shares of the company’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the sale, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 1.29% of the stock is currently owned by corporate insiders.

A number of brokerages have recently issued reports on FCX. TheStreet upgraded shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research note on Thursday, January 25th. Bank of America restated an “underperform” rating and issued a $16.00 price objective (up previously from $15.00) on shares of Freeport-McMoRan in a research note on Friday, January 26th. CIBC cut shares of Freeport-McMoRan from a “sector outperform” rating to a “neutral” rating in a research note on Monday, January 22nd. B. Riley restated a “neutral” rating and issued a $18.00 price objective (up previously from $16.00) on shares of Freeport-McMoRan in a research note on Thursday, January 18th. Finally, Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 17th. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $15.99.

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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.

Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).

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

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