Industrial Alliance Investment Management Inc. Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Industrial Alliance Investment Management Inc. grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 151.7% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,460 shares of the natural resource company’s stock after buying an additional 880 shares during the period. Industrial Alliance Investment Management Inc.’s holdings in Freeport-McMoRan were worth $71,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the business. Crewe Advisors LLC bought a new position in Freeport-McMoRan during the second quarter valued at $42,000. Highview Capital Management LLC DE boosted its holdings in Freeport-McMoRan by 11.8% during the 2nd quarter. Highview Capital Management LLC DE now owns 35,715 shares of the natural resource company’s stock valued at $1,736,000 after acquiring an additional 3,766 shares during the period. UMB Bank n.a. grew its position in Freeport-McMoRan by 148.5% in the 2nd quarter. UMB Bank n.a. now owns 6,471 shares of the natural resource company’s stock valued at $314,000 after acquiring an additional 3,867 shares during the last quarter. F M Investments LLC purchased a new stake in Freeport-McMoRan in the second quarter worth $3,555,000. Finally, FAS Wealth Partners Inc. bought a new stake in shares of Freeport-McMoRan during the second quarter worth $1,815,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 1.0 %

Shares of FCX traded up $0.42 during trading hours on Friday, hitting $44.25. The company had a trading volume of 7,809,897 shares, compared to its average volume of 13,294,627. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $63.56 billion, a PE ratio of 39.16, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The company’s fifty day moving average price is $45.92 and its two-hundred day moving average price is $46.66.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. During the same period in the previous year, the company posted $0.35 earnings per share. The firm’s revenue was up 15.5% on a year-over-year basis. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.36%. Freeport-McMoRan’s payout ratio is 26.55%.

Analyst Upgrades and Downgrades

FCX has been the topic of several recent analyst reports. Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Scotiabank reduced their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. Deutsche Bank Aktiengesellschaft lifted their price target 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. Royal Bank of Canada reissued a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Finally, Raymond James decreased their target price on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, ten have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

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.