IFP Advisors Inc Buys 1,016 Shares of Freeport-McMoRan Inc. $FCX

IFP Advisors Inc increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 79,461 shares of the natural resource company’s stock after purchasing an additional 1,016 shares during the period. IFP Advisors Inc’s holdings in Freeport-McMoRan were worth $3,445,000 as of its most recent filing with the SEC.

Other hedge funds also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.5% in the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after acquiring an additional 5,661,958 shares during the last quarter. Amundi grew its position in Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after acquiring an additional 6,054,537 shares during the last quarter. Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 13.7% in the first quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company’s stock valued at $830,726,000 after acquiring an additional 2,642,810 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its position in Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after acquiring an additional 1,815,285 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $40.92 on Friday. The stock’s 50-day moving average is $42.51 and its 200-day moving average is $40.55. The company has a current ratio of 2.47, a quick ratio of 1.21 and a debt-to-equity ratio of 0.30. The stock has a market cap of $58.74 billion, a P/E ratio of 31.00, a price-to-earnings-growth ratio of 0.97 and a beta of 1.58. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $50.28.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping analysts’ consensus estimates of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm’s quarterly revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the firm earned $0.46 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 22.73%.

Wall Street Analyst Weigh In

A number of research firms have issued reports on FCX. CICC Research decreased their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Raymond James Financial decreased their target price on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 target price on the stock. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 target price on the stock in a research report on Thursday, September 25th. Finally, Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, September 26th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $46.56.

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.