Axxcess Wealth Management LLC Grows Position in Freeport-McMoRan Inc. $FCX

Axxcess Wealth Management LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.2% in the second quarter, HoldingsChannel.com reports. The firm owned 24,461 shares of the natural resource company’s stock after acquiring an additional 1,422 shares during the quarter. Axxcess Wealth Management LLC’s holdings in Freeport-McMoRan were worth $1,060,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Strengthening Families & Communities LLC raised its stake in shares of Freeport-McMoRan by 0.6% during the second quarter. Strengthening Families & Communities LLC now owns 42,617 shares of the natural resource company’s stock worth $1,822,000 after purchasing an additional 261 shares during the last quarter. Kestra Private Wealth Services LLC raised its stake in shares of Freeport-McMoRan by 0.4% during the first quarter. Kestra Private Wealth Services LLC now owns 62,015 shares of the natural resource company’s stock worth $2,348,000 after purchasing an additional 275 shares during the last quarter. Princeton Capital Management LLC raised its stake in shares of Freeport-McMoRan by 1.1% during the first quarter. Princeton Capital Management LLC now owns 25,980 shares of the natural resource company’s stock worth $984,000 after purchasing an additional 275 shares during the last quarter. Capital Investment Advisory Services LLC raised its stake in shares of Freeport-McMoRan by 3.2% during the first quarter. Capital Investment Advisory Services LLC now owns 9,102 shares of the natural resource company’s stock worth $345,000 after purchasing an additional 278 shares during the last quarter. Finally, Capital Analysts LLC raised its stake in shares of Freeport-McMoRan by 12.5% during the first quarter. Capital Analysts LLC now owns 2,550 shares of the natural resource company’s stock worth $96,000 after purchasing an additional 284 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Down 0.1%

Freeport-McMoRan stock opened at $41.66 on Friday. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The firm has a market capitalization of $59.81 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 0.95 and a beta of 1.58. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $50.12. The stock’s fifty day moving average is $42.65 and its two-hundred day moving average is $40.62.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results 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. The company 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%.Freeport-McMoRan’s revenue was up 14.5% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.46 earnings per share. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

Several research firms have recently commented on FCX. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price target for the company in a research note on Thursday, September 25th. Dbs Bank dropped their price objective on Freeport-McMoRan from $51.00 to $48.00 in a report on Thursday, October 2nd. Johnson Rice dropped their price objective on Freeport-McMoRan from $55.00 to $48.00 in a report on Monday, September 29th. CICC Research dropped their price objective on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. Finally, 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. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $46.56.

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.