Iowa State Bank Increases Stock Position in Freeport-McMoRan Inc. $FCX

Iowa State Bank boosted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 1.5% in the second quarter, Holdings Channel reports. The institutional investor owned 63,168 shares of the natural resource company’s stock after acquiring an additional 962 shares during the quarter. Iowa State Bank’s holdings in Freeport-McMoRan were worth $2,738,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. raised its stake in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after purchasing an additional 1,822,987 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in Freeport-McMoRan by 17.8% during the 1st 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 buying an additional 5,661,958 shares in the last quarter. Amundi increased its position in shares of Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after buying an additional 6,054,537 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of 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 worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its position in shares of 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 period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.0%

FCX opened at $39.66 on Monday. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $51.19. 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 business’s 50-day moving average price is $42.47 and its 200-day moving average price is $40.54. The company has a market cap of $56.94 billion, a P/E ratio of 30.05, a P/E/G ratio of 0.87 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results 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. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business had revenue of $7.58 billion for the quarter, compared to analysts’ expectations of $6.85 billion. During the same period in the previous year, the firm earned $0.46 EPS. The business’s quarterly revenue was up 14.5% on a year-over-year basis. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued 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 (DPR) is 22.73%.

Wall Street Analyst Weigh In

Several analysts have issued reports on FCX shares. BMO Capital Markets lowered their target price on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research note on Wednesday, September 24th. Stifel Nicolaus initiated coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price objective on the stock. CICC Research reduced their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. Citigroup raised their price target on Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, Scotiabank reissued a “sector perform” rating and set a $45.00 price objective (down previously from $55.00) on shares of Freeport-McMoRan in a report on Thursday, September 25th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and nine have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $46.74.

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.