IFM Investors Pty Ltd Buys 14,582 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• IFM Investors Pty Ltd increased its stake in Freeport-McMoRan Inc. by 5.6% in Q2, resulting in ownership of 272,813 shares valued at approximately $11.83 million.
• Freeport-McMoRan reported $0.54 EPS in its latest quarterly earnings, exceeding estimates and achieving a year-over-year revenue increase of 14.5%.
• The company declared a quarterly dividend of $0.15 per share, translating to an annualized yield of 1.3% with a payout ratio of 22.73%.

IFM Investors Pty Ltd increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.6% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 272,813 shares of the natural resource company's stock after buying an additional 14,582 shares during the period. IFM Investors Pty Ltd's holdings in Freeport-McMoRan were worth $11,826,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Brighton Jones LLC boosted its holdings in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after purchasing an additional 2,882 shares during the period. Bank Pictet & Cie Europe AG increased its position in Freeport-McMoRan by 27.2% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after purchasing an additional 115,552 shares during the last quarter. Bison Wealth LLC increased its position in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock worth $366,000 after acquiring an additional 507 shares in the last quarter. Woodline Partners LP bought a new position in Freeport-McMoRan during the 4th quarter valued at $338,000. Finally, Waverly Advisors LLC grew its position in shares of Freeport-McMoRan by 40.9% during the 4th quarter. Waverly Advisors LLC now owns 11,147 shares of the natural resource company's stock valued at $424,000 after buying an additional 3,234 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FCX shares. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Citigroup boosted their target price on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 8th. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and boosted their price target for the stock from $45.00 to $54.00 in a research note on Tuesday, July 15th. Finally, Wall Street Zen upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a report on Saturday, July 26th. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $51.33.

Freeport-McMoRan Trading Up 1.3%

Shares of NYSE FCX traded up $0.61 during midday trading on Tuesday, reaching $45.77. The stock had a trading volume of 4,589,422 shares, compared to its average volume of 15,299,766. The company's 50 day moving average price is $43.56 and its 200 day moving average price is $40.51. The firm has a market cap of $65.71 billion, a price-to-earnings ratio of 34.71, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion during the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. Freeport-McMoRan's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.46 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is 22.73%.

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.