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

Other hedge funds also recently added to or reduced their stakes in the company. City Holding Co. purchased a new position in Freeport-McMoRan in the first quarter worth approximately $33,000. Bernard Wealth Management Corp. purchased a new position in Freeport-McMoRan in the fourth quarter worth approximately $35,000. Dagco Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter worth $37,000. CKW Financial Group purchased a new position in shares of Freeport-McMoRan during the first quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan during the first quarter worth $42,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.09 during midday trading on Tuesday, reaching $45.25. 7,966,754 shares of the stock were exchanged, compared to its average volume of 15,317,093. The business's 50-day moving average price is $43.56 and its 200 day moving average price is $40.51. 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 Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The company has a market capitalization of $64.97 billion, a price-to-earnings ratio of 34.25, a PEG ratio of 0.84 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its 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 business had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the previous year, the firm earned $0.46 earnings per share. The business's revenue was up 14.5% compared to the same quarter last year. On average, sell-side analysts expect 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 Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date was Tuesday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan's payout ratio is 22.73%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a research report on Tuesday, July 8th. Morgan Stanley lowered Freeport-McMoRan from an "overweight" rating to an "equal weight" rating and raised their price target for the stock from $45.00 to $54.00 in a research report on Tuesday, July 15th. Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. Royal Bank Of Canada raised their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research report on Wednesday, June 4th. Finally, BNP Paribas Exane raised their price target on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a research report on Monday, September 15th. Two equities research analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average 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.