Stratos Wealth Advisors LLC Invests $991,000 in Freeport-McMoRan Inc. $FCX

Stratos Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 22,853 shares of the natural resource company’s stock, valued at approximately $991,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.5% during the 1st quarter. Vanguard Group Inc. now owns 125,042,285 shares of the natural resource company’s stock valued at $4,734,101,000 after acquiring an additional 1,822,987 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in 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 valued at $1,421,549,000 after purchasing an additional 5,661,958 shares in the last quarter. Amundi lifted its position in Freeport-McMoRan by 28.1% during the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock valued at $1,046,280,000 after purchasing an additional 6,054,537 shares during the last quarter. Bank of New York Mellon Corp grew 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 worth $830,726,000 after buying an additional 2,642,810 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of 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 worth $498,270,000 after buying an additional 1,815,285 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

FCX opened at $41.18 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock’s 50 day simple moving average is $42.64 and its 200 day simple moving average is $40.66. The firm has a market cap of $59.12 billion, a price-to-earnings ratio of 31.20, a PEG ratio of 0.94 and a beta of 1.58. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $50.12.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating 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 firm had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same quarter in the previous year, the company posted $0.46 earnings per share. The business’s revenue was up 14.5% on a year-over-year basis. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

FCX has been the subject of several research reports. CICC Research cut their target price on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating for the company in a research report on Friday, September 26th. UBS Group set a $48.00 price objective on Freeport-McMoRan and gave the stock a “buy” rating in a report on Friday, October 3rd. Scotiabank raised their price objective on Freeport-McMoRan from $45.00 to $49.00 and gave the company a “sector perform” rating in a report on Tuesday, October 14th. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price for the company in a research report on Wednesday, October 8th. Finally, Sanford C. Bernstein decreased their price target on shares of Freeport-McMoRan from $48.50 to $45.00 and set an “outperform” rating on the stock in a research note on Tuesday, October 14th. Four investment analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $46.92.

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.