Everhart Financial Group Inc. Grows Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Everhart Financial Group Inc. grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 29.0% in the second quarter, Holdings Channel.com reports. The firm owned 8,744 shares of the natural resource company’s stock after acquiring an additional 1,966 shares during the quarter. Everhart Financial Group Inc.’s holdings in Freeport-McMoRan were worth $425,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FCX. Tompkins Financial Corp grew its stake in shares of Freeport-McMoRan by 33.8% during the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its holdings in Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after buying an additional 203 shares during the last quarter. Proficio Capital Partners LLC boosted its position in shares of Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after acquiring an additional 207 shares in the last quarter. Kingsview Wealth Management LLC increased its holdings in shares of Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after acquiring an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. raised its position in shares of Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of a number of research analyst reports. Deutsche Bank Aktiengesellschaft upped their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. UBS Group lifted their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Raymond James decreased their price objective on shares of Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research note on Wednesday, July 24th. Finally, Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their target price for the stock from $49.50 to $62.00 in a research report on Friday, June 21st. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $53.00.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $1.36 during midday trading on Friday, hitting $44.66. The company had a trading volume of 11,801,118 shares, compared to its average volume of 13,436,732. The stock has a market cap of $64.15 billion, a price-to-earnings ratio of 39.52, a PEG ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The company’s 50 day simple moving average is $46.30 and its 200 day simple moving average is $46.45. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

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

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid 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 1.34%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

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.