Heritage Wealth Management Inc. Takes $1.70 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Heritage Wealth Management Inc. bought a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the second quarter, Holdings Channel reports. The firm bought 32,920 shares of the natural resource company’s stock, valued at approximately $1,696,000.

A number of other institutional investors have also modified their holdings of the company. Sanctuary Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter worth about $7,582,000. Souders Financial Advisors grew its holdings in shares of Freeport-McMoRan by 31.2% during the 2nd quarter. Souders Financial Advisors now owns 16,819 shares of the natural resource company’s stock worth $817,000 after purchasing an additional 3,997 shares during the period. New Century Financial Group LLC grew its holdings in shares of Freeport-McMoRan by 34.0% during the 2nd quarter. New Century Financial Group LLC now owns 10,056 shares of the natural resource company’s stock worth $489,000 after purchasing an additional 2,550 shares during the period. Teachers Retirement System of The State of Kentucky grew its holdings in shares of Freeport-McMoRan by 92.2% during the 2nd quarter. Teachers Retirement System of The State of Kentucky now owns 225,801 shares of the natural resource company’s stock worth $10,973,000 after purchasing an additional 108,342 shares during the period. Finally, Cetera Investment Advisers grew its holdings in shares of Freeport-McMoRan by 10.1% during the 2nd quarter. Cetera Investment Advisers now owns 320,419 shares of the natural resource company’s stock worth $15,572,000 after purchasing an additional 29,394 shares during the period. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $50.38 on Wednesday. The stock has a market cap of $72.37 billion, a P/E ratio of 44.58, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. 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 stock has a 50 day moving average of $43.83 and a 200-day moving average of $47.61. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its 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 during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.35 EPS. On average, analysts expect that Freeport-McMoRan Inc. will post 1.61 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Ratings Changes

FCX has been the subject of a number of research reports. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Deutsche Bank Aktiengesellschaft upped their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Raymond James upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a report on Monday, September 23rd. BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Finally, Morgan Stanley decreased their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

About Freeport-McMoRan

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.