Freeport-McMoRan Inc. $FCX Stake Boosted by Kingswood Wealth Advisors LLC

Kingswood Wealth Advisors LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.9% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 35,600 shares of the natural resource company’s stock after purchasing an additional 2,293 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $1,543,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the company. Stratos Investment Management LLC boosted its position in shares of Freeport-McMoRan by 238.5% in the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company’s stock valued at $2,443,000 after purchasing an additional 45,458 shares during the period. Community Bank N.A. lifted its holdings in shares of Freeport-McMoRan by 18.5% during the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company’s stock valued at $1,498,000 after buying an additional 6,188 shares during the last quarter. Bourgeon Capital Management LLC raised its stake in shares of Freeport-McMoRan by 8.1% in the 2nd quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after acquiring an additional 24,803 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Freeport-McMoRan by 2.2% in the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company’s stock valued at $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Finally, Financial Sense Advisors Inc. raised its stake in shares of Freeport-McMoRan by 527.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company’s stock valued at $2,882,000 after acquiring an additional 64,003 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages have commented on FCX. CICC Research dropped their price target on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. UBS Group set a $48.00 price objective on Freeport-McMoRan and gave the company a “buy” rating in a report on Friday. Hsbc Global Res lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, July 22nd. Morgan Stanley downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating and increased their price objective for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Finally, Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and nine have issued a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $46.75.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $40.73 on Wednesday. The firm has a market capitalization of $58.47 billion, a P/E ratio of 30.85, a P/E/G ratio of 0.89 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The stock has a 50 day moving average price of $42.35 and a two-hundred day moving average price of $40.54. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $50.28.

Freeport-McMoRan (NYSE:FCX) last posted its 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 firm had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.46 earnings per share. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 22.73%.

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.