Foster Victor Wealth Advisors LLC Sells 15,112 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Foster Victor Wealth Advisors LLC reduced its position in Freeport-McMoRan by 4.0%, selling 15,112 shares, leaving them with a total of 362,902 shares valued at approximately $16.5 million.
• Freeport-McMoRan reported better-than-expected quarterly earnings of $0.54 per share, exceeding analysts' estimates by $0.09, along with a revenue of $7.58 billion for the quarter—a 14.5% increase year-over-year.
• Analyst ratings for Freeport-McMoRan are generally positive, with a consensus "Moderate Buy" rating and an average target price of $51.33, reflecting a strong investor interest in the stock.

Foster Victor Wealth Advisors LLC trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.0% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 362,902 shares of the natural resource company's stock after selling 15,112 shares during the quarter. Foster Victor Wealth Advisors LLC's holdings in Freeport-McMoRan were worth $16,545,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. City Holding Co. bought a new stake in Freeport-McMoRan during the first quarter worth approximately $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan in the 4th quarter worth about $35,000. Dagco Inc. bought a new position in Freeport-McMoRan in the first quarter worth approximately $37,000. CKW Financial Group bought a new stake in shares of Freeport-McMoRan in the first quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new stake in Freeport-McMoRan in the first quarter worth about $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.5%

FCX stock opened at $45.37 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. The firm has a 50-day simple moving average of $43.59 and a 200-day simple moving average of $40.54. The stock has a market capitalization of $65.15 billion, a P/E ratio of 34.37, a P/E/G ratio of 0.84 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. During the same period last year, the company posted $0.46 EPS. Freeport-McMoRan's quarterly revenue was up 14.5% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have commented on the stock. Morgan Stanley downgraded shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their target price for the company from $45.00 to $54.00 in a research report on Tuesday, July 15th. Bank of America restated a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Royal Bank Of Canada upped their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. BMO Capital Markets lowered their price objective on shares of Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a research note on Thursday, July 24th. Finally, Stifel Nicolaus began coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $51.33.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.