EverSource Wealth Advisors LLC Buys 3,581 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

EverSource Wealth Advisors LLC increased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 50.6% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 10,662 shares of the natural resource company’s stock after buying an additional 3,581 shares during the quarter. EverSource Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $484,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of FCX. Capital Research Global Investors raised its stake in shares of Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Capital International Investors purchased a new stake in Freeport-McMoRan in the 1st quarter worth about $417,752,000. Capital World Investors lifted its stake in Freeport-McMoRan by 40.9% in the first quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after purchasing an additional 4,396,309 shares during the last quarter. Asia Research & Capital Management Ltd purchased a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $197,966,000. Finally, Swedbank AB bought a new position in shares of Freeport-McMoRan during the first quarter valued at approximately $162,464,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Royal Bank of Canada reiterated a “sector perform” rating and set a $60.00 target price on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Deutsche Bank Aktiengesellschaft raised their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Finally, Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research note on Thursday, September 19th. Four equities research analysts have rated the stock with a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $45.14 on Tuesday. The firm has a market cap 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 Inc. has a 52-week low of $32.83 and a 52-week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average is $43.45 and its 200 day moving average is $47.26.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same period last year, the business posted $0.35 EPS. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.33%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.