Wealthcare Advisory Partners LLC Has $426,000 Holdings in Freeport-McMoRan Inc. $FCX

Wealthcare Advisory Partners LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 7.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 9,834 shares of the natural resource company’s stock after buying an additional 704 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Freeport-McMoRan were worth $426,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Dagco Inc. bought a new stake in shares of Freeport-McMoRan in the first quarter worth $37,000. Beacon Capital Management LLC grew its stake in shares of Freeport-McMoRan by 59.6% in the second quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group bought a new stake in shares of Freeport-McMoRan in the first quarter worth $40,000. Greykasell Wealth Strategies Inc. bought a new stake in shares of Freeport-McMoRan in the first quarter worth $42,000. Finally, Hilltop National Bank bought a new stake in shares of Freeport-McMoRan in the second quarter worth $43,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts recently weighed in on FCX shares. Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set a “buy” rating on the stock in a research note on Thursday, October 2nd. Scotiabank reaffirmed a “sector perform” rating and set a $45.00 price target (down previously from $55.00) on shares of Freeport-McMoRan in a research report on Thursday, September 25th. Johnson Rice cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 in a research report on Monday, September 29th. BNP Paribas Exane cut their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research report on Thursday, September 25th. Finally, BMO Capital Markets cut their price target on shares of Freeport-McMoRan from $54.00 to $48.00 and set an “outperform” rating on the stock in a research report on Wednesday, September 24th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and seven have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $46.56.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $43.31 on Friday. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.28. The firm has a market capitalization of $62.18 billion, a price-to-earnings ratio of 32.81, a PEG ratio of 0.96 and a beta of 1.58. The business has a 50-day simple moving average of $42.49 and a 200 day simple moving average of $40.57. 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) last announced its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company’s quarterly revenue was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.46 earnings per share. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s payout ratio is 22.73%.

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.