Freeport-McMoRan Inc. (NYSE:FCX) Holdings Boosted by Chapin Davis Inc.

Chapin Davis Inc. raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 101.5% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 9,975 shares of the natural resource company’s stock after purchasing an additional 5,025 shares during the quarter. Chapin Davis Inc.’s holdings in Freeport-McMoRan were worth $469,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp increased its stake in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the period. American National Bank grew its position in Freeport-McMoRan by 348.8% in the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after buying an additional 579 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan in the fourth quarter worth approximately $32,000. Finally, Tompkins Financial Corp grew its position in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after buying an additional 200 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have issued reports on FCX. Bernstein Bank lifted their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Friday, June 21st. Scotiabank raised their price objective on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the stock a “sector outperform” rating in a research note on Thursday, May 30th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Finally, UBS Group raised their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

Insider Transactions at Freeport-McMoRan

In other news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the sale, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction dated Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at $187,438,509.44. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated Monday, April 29th. The shares were sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares in the company, valued at $8,529,843.33. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Down 0.4 %

Freeport-McMoRan stock opened at $48.42 on Tuesday. The company has a market capitalization of $69.55 billion, a P/E ratio of 42.85, a P/E/G ratio of 1.99 and a beta of 1.92. The firm’s fifty day simple moving average is $50.56 and its 200-day simple moving average is $45.21. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.52 EPS. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.74 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.24%. Freeport-McMoRan’s payout ratio is 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.