IFC Advisors LLC Purchases 5,430 Shares of Freeport-McMoRan Inc. $FCX

IFC Advisors LLC increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 95,898 shares of the natural resource company’s stock after acquiring an additional 5,430 shares during the period. Freeport-McMoRan makes up about 0.8% of IFC Advisors LLC’s holdings, making the stock its 24th biggest position. IFC Advisors LLC’s holdings in Freeport-McMoRan were worth $4,157,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Strengthening Families & Communities LLC grew its stake in Freeport-McMoRan by 0.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after buying an additional 261 shares in the last quarter. Kestra Private Wealth Services LLC raised its position in Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after purchasing an additional 275 shares in the last quarter. Princeton Capital Management LLC raised its position in Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after purchasing an additional 275 shares in the last quarter. Capital Investment Advisory Services LLC raised its position in Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock valued at $345,000 after purchasing an additional 278 shares in the last quarter. Finally, Capital Analysts LLC raised its position in Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company’s stock valued at $96,000 after purchasing an additional 284 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

FCX has been the subject of a number of research reports. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 price objective for the company in a research note on Wednesday, October 8th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target for the company in a research report on Thursday, September 25th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 price target for the company in a research report on Tuesday, September 30th. Jefferies Financial Group reissued a “buy” rating and set a $46.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, September 24th. Finally, Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $48.00 to $46.00 and set an “overweight” rating for the company in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have assigned a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $46.56.

Freeport-McMoRan Stock Up 4.5%

Shares of Freeport-McMoRan stock opened at $42.74 on Tuesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a 50-day moving average of $42.55 and a 200 day moving average of $40.58. The firm has a market cap of $61.36 billion, a price-to-earnings ratio of 32.38, a PEG ratio of 0.93 and a beta of 1.58. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping 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 quarterly revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business earned $0.46 EPS. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 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.