Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by EverSource Wealth Advisors LLC

EverSource Wealth Advisors LLC lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 50.6% in the second quarter, Holdings Channel reports. The firm owned 10,662 shares of the natural resource company’s stock after buying an additional 3,581 shares during the period. EverSource Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $484,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. raised its stake in Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after buying an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan during the second quarter valued at about $25,000. LRI Investments LLC acquired a new stake in Freeport-McMoRan in the 1st quarter worth approximately $26,000. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $26,000. Finally, Jones Financial Companies Lllp increased its stake in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on FCX shares. Morgan Stanley lowered their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Deutsche Bank Aktiengesellschaft lifted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report 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 report on Wednesday, July 24th. Raymond James lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday. Finally, BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $45.14 on Tuesday. 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 firm’s 50 day simple moving average is $43.45 and its 200-day simple moving average is $47.26. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market capitalization of $64.84 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 1.94 and a beta of 1.89.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.39 by $0.07. The company 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%. The firm’s revenue was up 15.5% on a year-over-year basis. During the same quarter last year, the business earned $0.35 earnings per share. Analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. Freeport-McMoRan’s dividend payout ratio is presently 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.