Kingswood Wealth Advisors LLC Grows Stake in Freeport-McMoRan Inc. $FCX

Kingswood Wealth Advisors LLC boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.9% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 35,600 shares of the natural resource company’s stock after purchasing an additional 2,293 shares during the period. Kingswood Wealth Advisors LLC’s holdings in Freeport-McMoRan were worth $1,543,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors also recently bought and sold shares of FCX. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 1.5% during the first quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after buying an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Freeport-McMoRan by 17.8% in the first quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock worth $1,421,549,000 after acquiring an additional 5,661,958 shares during the period. Amundi raised its position in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares during the period. Bank of New York Mellon Corp lifted its stake in Freeport-McMoRan by 13.7% in 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 buying an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Freeport-McMoRan by 16.0% in the 1st quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock valued at $498,270,000 after buying an additional 1,815,285 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $40.73 on Wednesday. The company has a market cap of $58.47 billion, a P/E ratio of 30.85, a PEG ratio of 0.89 and a beta of 1.58. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $50.28. The business’s 50-day simple moving average is $42.35 and its 200 day simple moving average is $40.54.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the business earned $0.46 EPS. Freeport-McMoRan’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.5%. Freeport-McMoRan’s payout ratio is currently 22.73%.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on FCX. Stifel Canada upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Clarkson Capital restated a “neutral” rating and issued a $42.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, September 25th. Stifel Nicolaus initiated coverage on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. They issued a “buy” rating and a $56.00 price objective on the stock. Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target on the stock in a research note on Thursday, September 25th. Finally, CICC Research lowered their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Two equities research analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $46.75.

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.