IFP Advisors Inc Raises Stake in Freeport-McMoRan Inc. (NYSE:FCX)

IFP Advisors Inc boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 10.5% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 78,445 shares of the natural resource company's stock after purchasing an additional 7,431 shares during the quarter. IFP Advisors Inc's holdings in Freeport-McMoRan were worth $2,970,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Coppell Advisory Solutions LLC lifted its holdings in Freeport-McMoRan by 47.4% during the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares in the last quarter. Kestra Private Wealth Services LLC lifted its holdings in shares of Freeport-McMoRan by 0.4% in the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company's stock worth $2,348,000 after buying an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC lifted its holdings in shares of Freeport-McMoRan by 3.2% in the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company's stock worth $345,000 after buying an additional 278 shares in the last quarter. Palogic Value Management L.P. lifted its holdings in shares of Freeport-McMoRan by 1.5% in the fourth quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company's stock worth $772,000 after buying an additional 292 shares in the last quarter. Finally, Hexagon Capital Partners LLC lifted its stake in Freeport-McMoRan by 12.2% in the 1st quarter. Hexagon Capital Partners LLC now owns 2,760 shares of the natural resource company's stock worth $104,000 after purchasing an additional 301 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction on Monday, June 2nd. The stock was sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer owned 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.75% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded down $0.15 during trading on Friday, hitting $44.43. 5,160,579 shares of the company's stock traded hands, compared to its average volume of 15,707,354. The business has a 50-day simple moving average of $42.17 and a 200-day simple moving average of $38.90. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.13. The stock has a market capitalization of $63.85 billion, a P/E ratio of 33.66, a PEG ratio of 0.83 and a beta of 1.64. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61.

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

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. Freeport-McMoRan's dividend payout ratio is 24.79%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FCX. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the company an "overweight" rating in a research note on Wednesday, July 9th. Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Bank of America reissued a "neutral" rating and set a $56.00 price target on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. BMO Capital Markets lowered their price target on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday. Finally, Wall Street Zen downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Tuesday, April 8th. Eight equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have issued a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price 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.