Stratos Wealth Advisors LLC Purchases New Shares in Freeport-McMoRan Inc. $FCX

Key Points

• Stratos Wealth Advisors LLC recently acquired a new position in Freeport-McMoRan, purchasing 22,853 shares valued at approximately $991,000 during the 2nd quarter.
• Vanguard Group and other institutional investors have significantly increased their stakes in Freeport-McMoRan, with Vanguard now owning over 125 million shares worth approximately $4.73 billion.
• Freeport-McMoRan announced a quarterly dividend of $0.15 per share, reflecting a 1.5% dividend yield, with payment scheduled for November 3rd.

Stratos Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 22,853 shares of the natural resource company's stock, valued at approximately $991,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in shares of Freeport-McMoRan by 1.5% in the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company's stock worth $4,734,101,000 after buying an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock worth $1,421,549,000 after purchasing an additional 5,661,958 shares during the last quarter. Amundi grew its stake in Freeport-McMoRan by 28.1% in the 1st quarter. Amundi now owns 27,635,497 shares of the natural resource company's stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the period. Bank of New York Mellon Corp increased its position in shares of Freeport-McMoRan by 13.7% during the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock valued at $830,726,000 after purchasing an additional 2,642,810 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its stake in shares of Freeport-McMoRan by 16.0% during the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company's stock worth $498,270,000 after purchasing an additional 1,815,285 shares during the period. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on FCX shares. Raymond James Financial decreased their price objective on shares of Freeport-McMoRan from $55.00 to $46.00 and set an "outperform" rating for the company in a report on Thursday, September 25th. Johnson Rice decreased their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Bank of America upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $42.00 price objective on the stock in a research note on Tuesday, September 30th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the company an "overweight" rating in a report on Thursday, October 9th. Finally, UBS Group set a $48.00 target price on Freeport-McMoRan and gave the company a "buy" rating in a research note on Friday, October 3rd. Four equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $46.92.

Freeport-McMoRan Trading Down 1.2%

Shares of FCX stock opened at $41.18 on Friday. The stock has a market capitalization of $59.12 billion, a price-to-earnings ratio of 31.20, a PEG ratio of 0.94 and a beta of 1.58. The company's fifty day simple moving average is $42.64 and its two-hundred day simple moving average is $40.66. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21.

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

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

Freeport-McMoRan Company 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.

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