Vanguard Capital Wealth Advisors Boosts Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Vanguard Capital Wealth Advisors increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 59.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 8,910 shares of the natural resource company’s stock after buying an additional 3,329 shares during the period. Vanguard Capital Wealth Advisors’ holdings in Freeport-McMoRan were worth $433,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in FCX. Hazlett Burt & Watson Inc. lifted its holdings in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new position in Freeport-McMoRan in the 2nd quarter valued at about $26,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the 1st quarter worth about $26,000. RFP Financial Group LLC boosted its holdings in Freeport-McMoRan by 261.3% in the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after buying an additional 426 shares during the last quarter. Finally, POM Investment Strategies LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $31,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $41.30 on Thursday. The firm has a market cap of $59.33 billion, a PE ratio of 36.55, a price-to-earnings-growth ratio of 1.88 and a beta of 1.89. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24. The business’s fifty day simple moving average is $44.64 and its 200-day simple moving average is $46.89.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating 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 company had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. During the same quarter in the prior year, the company posted $0.35 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed 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 was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.45%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on FCX shares. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Raymond James lowered their price target on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a research report on Wednesday, July 24th. Finally, Morgan Stanley raised shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and upped their price objective for the company from $49.50 to $62.00 in a research note on Friday, June 21st. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $53.07.

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.