IFP Advisors Inc Has $3.45 Million Stock Position in Freeport-McMoRan Inc. $FCX

IFP Advisors Inc raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.3% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 79,461 shares of the natural resource company’s stock after acquiring an additional 1,016 shares during the quarter. IFP Advisors Inc’s holdings in Freeport-McMoRan were worth $3,445,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of FCX. Callan Family Office LLC increased its stake in shares of Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after acquiring an additional 18,803 shares in the last quarter. Mercuria Capital Strategies LLC acquired a new position in shares of Freeport-McMoRan during the 2nd quarter valued at $9,970,000. Hager Investment Management Services LLC lifted its position in shares of Freeport-McMoRan by 4.6% during the 2nd quarter. Hager Investment Management Services LLC now owns 21,560 shares of the natural resource company’s stock valued at $935,000 after acquiring an additional 946 shares during the period. Maryland State Retirement & Pension System lifted its position in shares of Freeport-McMoRan by 3.9% during the 2nd quarter. Maryland State Retirement & Pension System now owns 69,518 shares of the natural resource company’s stock valued at $3,014,000 after acquiring an additional 2,602 shares during the period. Finally, Eagle Strategies LLC lifted its position in shares of Freeport-McMoRan by 3.5% during the 2nd quarter. Eagle Strategies LLC now owns 91,018 shares of the natural resource company’s stock valued at $3,946,000 after acquiring an additional 3,093 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on FCX shares. UBS Group set a $48.00 target price on shares of Freeport-McMoRan and gave the company a “buy” rating in a research report on Friday, October 3rd. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Wednesday. Dbs Bank reduced their target price on Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Royal Bank Of Canada lowered their target price on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Finally, Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.56.

Freeport-McMoRan Price Performance

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

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts’ consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during 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%.Freeport-McMoRan’s quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.46 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

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.