Kentucky Retirement Systems Cuts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Kentucky Retirement Systems lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 1.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 98,739 shares of the natural resource company’s stock after selling 1,360 shares during the period. Kentucky Retirement Systems’ holdings in Freeport-McMoRan were worth $3,760,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in the business. Asset Planning Inc acquired a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $25,000. Laurel Wealth Advisors LLC raised its position in Freeport-McMoRan by 487.8% in the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares in the last quarter. Roxbury Financial LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $28,000. Continuum Advisory LLC boosted its position in shares of Freeport-McMoRan by 46.8% during the 3rd quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 236 shares in the last quarter. Finally, FSA Wealth Management LLC acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth $46,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the topic of a number of research analyst reports. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their price target for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Scotiabank lowered their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating on the stock in a report on Friday, January 24th. Jefferies Financial Group cut Freeport-McMoRan from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Finally, JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Thursday, January 16th. Nine research analysts have rated the stock with a hold rating, six have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Trading Down 5.1 %

Freeport-McMoRan stock opened at $36.97 on Friday. The stock has a market cap of $53.12 billion, a PE ratio of 28.66, a P/E/G ratio of 0.86 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $38.53 and a 200 day moving average price of $42.71. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share 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 predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal 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.