IAM Advisory LLC Takes $226,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

IAM Advisory LLC bought a new position in Freeport-McMoRan Inc. (NYSE:FCX) during the first quarter, Holdings Channel.com reports. The fund bought 4,801 shares of the natural resource company’s stock, valued at approximately $226,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FCX. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan during the 4th quarter worth about $27,000. Jones Financial Companies Lllp lifted its position in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan in the 4th quarter worth approximately $32,000. EdgeRock Capital LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $35,000. Finally, American National Bank raised its stake in Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after purchasing an additional 579 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the sale, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now directly owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. Insiders sold a total of 445,667 shares of company stock worth $22,755,070 over the last three months. 0.79% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several equities analysts have weighed in on the company. Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $49.50 to $62.00 in a research note on Friday, June 21st. Scotiabank upped their price objective on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Raymond James upped their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 24th. Finally, UBS Group lifted their price objective on Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded down $0.42 on Wednesday, reaching $49.46. The stock had a trading volume of 8,414,984 shares, compared to its average volume of 14,160,495. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The business’s 50-day moving average price is $50.63 and its two-hundred day moving average price is $44.97. The stock has a market cap of $71.05 billion, a P/E ratio of 43.77, a price-to-earnings-growth ratio of 2.17 and a beta of 1.96. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period in the prior year, the company earned $0.52 earnings per share. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.72 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.21%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Company 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.