IFC Advisors LLC Buys 8,238 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

IFC Advisors LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 90,468 shares of the natural resource company's stock after acquiring an additional 8,238 shares during the quarter. Freeport-McMoRan accounts for about 0.7% of IFC Advisors LLC's holdings, making the stock its 28th largest position. IFC Advisors LLC's holdings in Freeport-McMoRan were worth $3,425,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. Wellington Management Group LLP grew its position in Freeport-McMoRan by 237.4% during the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Arrowstreet Capital Limited Partnership grew its position in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock valued at $619,682,000 after purchasing an additional 4,488,210 shares in the last quarter. Bank of New York Mellon Corp grew its position in Freeport-McMoRan by 13.7% during 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 purchasing an additional 2,642,810 shares in the last quarter. Finally, Franklin Resources Inc. grew its position in Freeport-McMoRan by 8.0% during the fourth quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded down $0.84 during trading hours on Friday, hitting $46.37. 17,116,883 shares of the stock were exchanged, compared to its average volume of 13,781,400. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. The company's 50 day moving average is $41.09 and its 200 day moving average is $38.55. The firm has a market capitalization of $66.64 billion, a P/E ratio of 38.32, a P/E/G ratio of 0.92 and a beta of 1.64. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. Freeport-McMoRan's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.32 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.29%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.75% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on FCX. Jefferies Financial Group reaffirmed a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Royal Bank Of Canada boosted their target price on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday. Stifel Nicolaus set a $56.00 target price on shares of Freeport-McMoRan and gave the stock a "buy" rating in a research report on Wednesday. Finally, Wall Street Zen downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating, nine have given a buy rating and three have assigned a strong buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $51.00.

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.