Iron Financial LLC acquired a new position in shares of Freeport-McMoRan Inc (NYSE:FCX) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 12,640 shares of the natural resource company’s stock, valued at approximately $176,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp raised its holdings in Freeport-McMoRan by 28.5% during the 2nd quarter. Bank of New York Mellon Corp now owns 27,267,197 shares of the natural resource company’s stock worth $470,631,000 after buying an additional 6,041,164 shares during the period. Fisher Asset Management LLC raised its holdings in Freeport-McMoRan by 33,318.4% during the 2nd quarter. Fisher Asset Management LLC now owns 14,476,496 shares of the natural resource company’s stock worth $249,864,000 after buying an additional 14,433,177 shares during the period. Dimensional Fund Advisors LP raised its holdings in Freeport-McMoRan by 0.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 13,791,970 shares of the natural resource company’s stock worth $238,008,000 after buying an additional 73,674 shares during the period. Iridian Asset Management LLC CT acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $190,933,000. Finally, Sound Shore Management Inc. CT raised its holdings in Freeport-McMoRan by 13.0% during the 2nd quarter. Sound Shore Management Inc. CT now owns 8,504,488 shares of the natural resource company’s stock worth $146,787,000 after buying an additional 978,232 shares during the period. 71.74% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE FCX traded down $0.12 during midday trading on Thursday, reaching $12.28. The company’s stock had a trading volume of 784,534 shares, compared to its average volume of 18,385,898. The company has a quick ratio of 1.62, a current ratio of 2.72 and a debt-to-equity ratio of 0.87. Freeport-McMoRan Inc has a fifty-two week low of $12.18 and a fifty-two week high of $20.25. The company has a market capitalization of $20.17 billion, a PE ratio of 10.37 and a beta of 2.48.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 earnings per share for the quarter, beating the consensus estimate of $0.54 by $0.04. Freeport-McMoRan had a net margin of 14.87% and a return on equity of 24.01%. The business had revenue of $5.17 billion during the quarter, compared to analysts’ expectations of $4.97 billion. During the same period last year, the business earned $0.17 earnings per share. The firm’s revenue was up 39.3% on a year-over-year basis. As a group, sell-side analysts expect that Freeport-McMoRan Inc will post 1.92 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Monday, October 15th will be paid a $0.05 dividend. The ex-dividend date is Friday, October 12th. This represents a $0.20 annualized dividend and a dividend yield of 1.63%. Freeport-McMoRan’s dividend payout ratio is presently 17.09%.

Several analysts have commented on FCX shares. ValuEngine upgraded shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Deutsche Bank set a $15.00 target price on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Bank of America upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 target price on the stock in a report on Thursday, August 2nd. B. Riley dropped their target price on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 19th. Finally, Morgan Stanley raised their target price on shares of Freeport-McMoRan from $15.00 to $16.00 and gave the stock an “equal weight” rating in a report on Friday, June 29th. Three equities research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and six have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $17.33.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.

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

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