Chapin Davis Inc. Purchases 5,025 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Chapin Davis Inc. raised its position in Freeport-McMoRan Inc. (NYSE:FCX) by 101.5% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 9,975 shares of the natural resource company’s stock after buying an additional 5,025 shares during the quarter. Chapin Davis Inc.’s holdings in Freeport-McMoRan were worth $469,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FCX. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at approximately $345,000. Mutual Advisors LLC boosted its position in Freeport-McMoRan by 25.8% during the 3rd quarter. Mutual Advisors LLC now owns 10,887 shares of the natural resource company’s stock worth $406,000 after buying an additional 2,231 shares during the period. Sherbrooke Park Advisers LLC acquired a new stake in Freeport-McMoRan during the 3rd quarter worth approximately $257,000. Gotham Asset Management LLC boosted its position in Freeport-McMoRan by 13.1% during the 3rd quarter. Gotham Asset Management LLC now owns 128,178 shares of the natural resource company’s stock worth $4,780,000 after buying an additional 14,860 shares during the period. Finally, United Services Automobile Association boosted its position in Freeport-McMoRan by 8.8% during the 3rd quarter. United Services Automobile Association now owns 39,207 shares of the natural resource company’s stock worth $1,462,000 after buying an additional 3,159 shares during the period. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Freeport-McMoRan news, VP Douglas N. Currault II sold 55,000 shares of the firm’s stock in a transaction dated Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the firm’s stock in a transaction dated Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 over the last quarter. 0.79% of the stock is currently owned by company insiders.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $48.42 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The company has a market cap 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. Freeport-McMoRan Inc. has a one year low of $32.83 and a one year high of $55.24. The firm has a 50-day moving average of $50.56 and a 200-day moving average of $45.21.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. UBS Group lifted their target price on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 14th. Bernstein Bank boosted 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. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Scotiabank raised their target price on Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a research note on Thursday, May 30th. Finally, Argus upped their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research note on Thursday, April 25th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus price target of $52.93.

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.