Savvy Advisors Inc. Increases Position in Freeport-McMoRan Inc. $FCX

Savvy Advisors Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 197.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,828 shares of the natural resource company’s stock after purchasing an additional 10,508 shares during the period. Savvy Advisors Inc.’s holdings in Freeport-McMoRan were worth $686,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of the business. Strengthening Families & Communities LLC increased its stake in shares of Freeport-McMoRan by 0.6% in the 2nd quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock valued at $1,822,000 after purchasing an additional 261 shares in the last quarter. CVA Family Office LLC increased its stake in shares of Freeport-McMoRan by 21.3% in the 2nd quarter. CVA Family Office LLC now owns 1,527 shares of the natural resource company’s stock valued at $66,000 after purchasing an additional 268 shares in the last quarter. Cypress Wealth Services LLC increased its stake in shares of Freeport-McMoRan by 4.6% in the 2nd quarter. Cypress Wealth Services LLC now owns 6,230 shares of the natural resource company’s stock valued at $270,000 after purchasing an additional 273 shares in the last quarter. Kestra Private Wealth Services LLC increased its stake in shares of Freeport-McMoRan by 0.4% in the 1st quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock valued at $2,348,000 after purchasing an additional 275 shares in the last quarter. Finally, Princeton Capital Management LLC increased its stake in shares of Freeport-McMoRan by 1.1% in the 1st quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock valued at $984,000 after purchasing an additional 275 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on the company. Clarkson Capital reiterated a “neutral” rating and set a $42.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Wells Fargo & Company upgraded Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Hsbc Global Res upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 16th. Finally, Stifel Nicolaus assumed coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a “buy” rating and a $56.00 price objective for the company. Four research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $47.01.

Freeport-McMoRan Trading Up 0.1%

Shares of Freeport-McMoRan stock opened at $41.76 on Friday. The stock has a market cap of $59.96 billion, a P/E ratio of 29.41, a P/E/G ratio of 0.94 and a beta of 1.58. The stock’s 50 day simple moving average is $42.52 and its 200-day simple moving average is $41.34. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $49.21. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. The business had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.38 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is currently 21.13%.

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.