Iowa State Bank Boosts Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Iowa State Bank increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCXFree Report) by 0.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 44,889 shares of the natural resource company’s stock after purchasing an additional 381 shares during the quarter. Iowa State Bank’s holdings in Freeport-McMoRan were worth $1,911,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. KB Financial Partners LLC purchased a new stake in Freeport-McMoRan in the 1st quarter valued at about $26,000. Bruce G. Allen Investments LLC purchased a new stake in Freeport-McMoRan in the 4th quarter valued at about $27,000. Retirement Group LLC grew its holdings in Freeport-McMoRan by 97.1% in the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock valued at $27,000 after buying an additional 330 shares during the period. Finally, BluePath Capital Management LLC purchased a new stake in Freeport-McMoRan in the 3rd quarter valued at about $28,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.3 %

Freeport-McMoRan stock traded up $1.07 during midday trading on Tuesday, hitting $48.40. 22,034,104 shares of the company were exchanged, compared to its average volume of 13,096,986. The company’s fifty day moving average price is $40.82 and its 200-day moving average price is $38.81. The company has a market cap of $69.43 billion, a PE ratio of 38.11 and a beta of 2.04. The company has a debt-to-equity ratio of 0.32, a current ratio of 2.42 and a quick ratio of 1.38. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $48.83.

Freeport-McMoRan (NYSE:FCXGet Free Report) last posted its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The company had revenue of $5.91 billion for the quarter, compared to the consensus estimate of $5.85 billion. During the same period in the previous year, the business earned $0.52 EPS. Freeport-McMoRan’s revenue for the quarter was up 2.6% compared to the same quarter last year. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.53 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.24%. Freeport-McMoRan’s dividend payout ratio is presently 23.62%.

Analysts Set New Price Targets

FCX has been the subject of several recent analyst reports. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Eight Capital set a $55.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a research note on Wednesday, December 6th. Sanford C. Bernstein raised Freeport-McMoRan from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. UBS Group reduced their price objective on Freeport-McMoRan from $42.00 to $41.00 and set a “neutral” rating on the stock in a research note on Wednesday, December 13th. Finally, Raymond James lifted their price objective on Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a research note on Thursday, January 4th. One analyst has rated the stock with a sell rating, five have issued a hold rating and five have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $44.95.

Check Out Our Latest Research Report on Freeport-McMoRan

About Freeport-McMoRan

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Freeport-McMoRan (NYSE:FCX)

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