Chapin Davis Inc. Buys 12,927 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Chapin Davis Inc. increased its stake in Freeport-McMoRan by 223.8%, acquiring an additional 12,927 shares during the 2nd quarter, bringing its total holdings to 18,704 shares worth approximately $811,000.
• Freeport-McMoRan reported a quarterly earnings per share (EPS) of $0.54, exceeding analysts' expectations of $0.45, with total revenue of $7.58 billion for the quarter.
• The company has a dividend yield of 1.3%, having recently paid a quarterly dividend of $0.15 per share, indicating a healthy payout ratio of 22.73%.

Chapin Davis Inc. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 223.8% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 18,704 shares of the natural resource company's stock after buying an additional 12,927 shares during the period. Chapin Davis Inc.'s holdings in Freeport-McMoRan were worth $811,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Brighton Jones LLC raised its holdings in Freeport-McMoRan by 24.2% during the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company's stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bank Pictet & Cie Europe AG grew its holdings in Freeport-McMoRan by 27.2% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 540,046 shares of the natural resource company's stock worth $20,565,000 after acquiring an additional 115,552 shares during the last quarter. Bison Wealth LLC increased its position in shares of Freeport-McMoRan by 5.6% in the fourth quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company's stock valued at $366,000 after acquiring an additional 507 shares during the period. Woodline Partners LP bought a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $338,000. Finally, Waverly Advisors LLC boosted its holdings in shares of Freeport-McMoRan by 40.9% during the fourth quarter. Waverly Advisors LLC now owns 11,147 shares of the natural resource company's stock worth $424,000 after purchasing an additional 3,234 shares during the period. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 0.1%

Shares of Freeport-McMoRan stock opened at $44.96 on Monday. The company has a 50-day simple moving average of $43.57 and a two-hundred day simple moving average of $40.45. The stock has a market capitalization of $64.55 billion, a PE ratio of 34.06, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. 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 (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The firm had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. During the same quarter in the prior year, the company posted $0.46 earnings per share. The business's revenue for the quarter was up 14.5% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Investors of record on Tuesday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is 22.73%.

Analyst Ratings Changes

A number of brokerages recently issued reports on FCX. Hsbc Global Res downgraded Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a report on Tuesday, July 22nd. Bank of America reissued a "neutral" rating and set a $56.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 9th. Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Royal Bank Of Canada lifted their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the company a "sector perform" rating in a report on Wednesday, June 4th. Finally, Scotiabank upped their price objective on shares of Freeport-McMoRan from $48.00 to $52.00 and gave the stock a "sector outperform" rating in a report on Wednesday, July 9th. Two analysts have rated the stock with a Strong Buy rating, nine have issued a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.33.

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.

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