Vanguard Capital Wealth Advisors Takes Position in Freeport-McMoRan Inc. $FCX

Key Points

• Vanguard Capital Wealth Advisors invested $269,000 in Freeport-McMoRan Inc., acquiring 6,200 shares during the second quarter, which reflects increasing institutional interest in the company's stock.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, beating analysts’ expectations of $0.45, alongside a revenue of $7.58 billion, indicating robust growth compared to the previous year.
• The stock has a current market cap of $64.55 billion and a consensus rating of "Moderate Buy" from analysts, with an average target price of $51.33.

Vanguard Capital Wealth Advisors purchased a new position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 6,200 shares of the natural resource company's stock, valued at approximately $269,000.

A number of other hedge funds have also bought and sold shares of FCX. Nuveen LLC bought a new position in Freeport-McMoRan during the first quarter worth about $366,959,000. Amundi increased its stake in Freeport-McMoRan by 28.1% during 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 in the last quarter. Crake Asset Management LLP increased its stake in Freeport-McMoRan by 2,140.8% during the 1st quarter. Crake Asset Management LLP now owns 5,929,623 shares of the natural resource company's stock valued at $224,496,000 after purchasing an additional 5,665,000 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Freeport-McMoRan by 17.8% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company's stock valued at $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its stake in 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 in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock traded up $0.16 during trading hours on Monday, reaching $45.10. 11,980,542 shares of the company traded hands, compared to its average volume of 15,360,390. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market cap of $64.75 billion, a P/E ratio of 34.16, a P/E/G ratio of 0.84 and a beta of 1.59. The firm has a 50-day moving average price of $43.57 and a 200 day moving average price of $40.45.

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. The company had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The firm's revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.46 EPS. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on FCX shares. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. Hsbc Global Res downgraded shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. JPMorgan Chase & Co. increased their price target on shares of 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 shares of Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Finally, Morgan Stanley cut shares of Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their target price for the stock from $45.00 to $54.00 in a report on Tuesday, July 15th. Two investment analysts have rated the stock with a Strong Buy rating, nine have given a Buy rating and eight have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

Freeport-McMoRan 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.