Foster Victor Wealth Advisors LLC Has $10.75 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Foster Victor Wealth Advisors LLC increased its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 2.1% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 214,780 shares of the natural resource company’s stock after buying an additional 4,326 shares during the period. Foster Victor Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $10,754,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Belpointe Asset Management LLC boosted its position in Freeport-McMoRan by 38.6% during the 4th quarter. Belpointe Asset Management LLC now owns 16,891 shares of the natural resource company’s stock worth $719,000 after buying an additional 4,703 shares during the period. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 1.8% during the fourth quarter. Fisher Asset Management LLC now owns 55,656,836 shares of the natural resource company’s stock worth $2,369,312,000 after buying an additional 976,592 shares during the last quarter. Oaktree Capital Management LP lifted its holdings in Freeport-McMoRan by 7.8% in the fourth quarter. Oaktree Capital Management LP now owns 2,917,913 shares of the natural resource company’s stock valued at $124,216,000 after buying an additional 211,608 shares during the period. Norden Group LLC boosted its position in Freeport-McMoRan by 1,823.1% during the first quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock valued at $11,750,000 after acquiring an additional 236,891 shares during the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Freeport-McMoRan by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently issued reports on FCX. Argus increased their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Raymond James cut their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. HSBC boosted their price objective on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. Scotiabank cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a report on Wednesday, July 24th. Finally, UBS Group boosted their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research note on Tuesday, May 14th. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded down $0.14 during mid-day trading on Friday, hitting $43.44. 8,973,128 shares of the stock were exchanged, compared to its average volume of 13,569,124. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a 50-day simple moving average of $46.80 and a 200 day simple moving average of $46.31. The company has a market capitalization of $62.40 billion, a P/E ratio of 38.44, a P/E/G ratio of 2.07 and a beta of 1.92. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s quarterly revenue was up 15.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.35 earnings per share. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were paid a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.38%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

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.