Freeport-McMoRan Inc. $FCX Position Boosted by TruWealth Advisors LLC

Key Points

• TruWealth Advisors LLC increased its position in Freeport-McMoRan by 26.2% during Q2, now holding 578,779 shares valued at approximately $25.09 million.
• Freeport-McMoRan recently reported earnings of $0.54 per share, exceeding analysts' expectations, with revenues of $7.58 billion for the quarter.
• A number of analysts upgraded the stock's rating, with JPMorgan raising the price target from $42.00 to $56.00 and Stifel Canada giving it a "strong-buy" rating.

TruWealth Advisors LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 578,779 shares of the natural resource company's stock after buying an additional 120,217 shares during the quarter. Freeport-McMoRan makes up about 1.4% of TruWealth Advisors LLC's investment portfolio, making the stock its 23rd biggest holding. TruWealth Advisors LLC's holdings in Freeport-McMoRan were worth $25,090,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of FCX. City Holding Co. bought a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $33,000. Bernard Wealth Management Corp. acquired a new position in Freeport-McMoRan in the fourth quarter worth $35,000. Dagco Inc. acquired a new position in Freeport-McMoRan in the first quarter worth $37,000. CKW Financial Group bought a new stake in Freeport-McMoRan during the first quarter valued at $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth $42,000. Institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on FCX shares. Wall Street Zen raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research report on Saturday, July 26th. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a report on Wednesday, July 9th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. BMO Capital Markets dropped their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating on the stock in a research report on Thursday, July 24th. Finally, Bank of America reiterated a "neutral" rating and issued a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, eight have assigned a Buy rating and eight have assigned a Hold rating to the company. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Freeport-McMoRan Trading Down 2.6%

Shares of FCX stock opened at $44.72 on Friday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $52.61. The firm has a market capitalization of $64.21 billion, a PE ratio of 33.88, a price-to-earnings-growth ratio of 0.87 and a beta of 1.59. The stock has a fifty day moving average of $43.66 and a two-hundred day moving average of $40.13. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data 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. The business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue was up 14.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.46 earnings per share. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were issued a $0.15 dividend. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

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.

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