Jaffetilchin Investment Partners LLC Buys 549 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Jaffetilchin Investment Partners LLC grew its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 5.6% in the 1st quarter, Holdings Channel.com reports. The firm owned 10,266 shares of the natural resource company’s stock after purchasing an additional 549 shares during the period. Jaffetilchin Investment Partners LLC’s holdings in Freeport-McMoRan were worth $483,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Tompkins Financial Corp boosted its stake in Freeport-McMoRan by 33.8% during 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 period. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after purchasing an additional 203 shares during the period. Proficio Capital Partners LLC grew its holdings in Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC raised its position in Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Finally, MV Capital Management Inc. lifted its stake in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In related news, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the sale, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at $185,472,832.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Richard C. Adkerson sold 54,771 shares of the company’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.78, for a total value of $2,781,271.38. Following the transaction, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at $185,472,832.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 177,538 shares of company stock worth $9,096,990. Insiders own 0.79% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the company. Bernstein Bank increased their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. HSBC lifted their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Scotiabank cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating on the stock in a report on Wednesday, July 24th. UBS Group lifted their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a report on Tuesday, May 14th. Finally, Deutsche Bank Aktiengesellschaft upped their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research note on Monday, June 10th. Five equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX traded down $1.78 during mid-day trading on Thursday, hitting $43.63. The stock had a trading volume of 12,214,241 shares, compared to its average volume of 13,658,946. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The firm has a market cap of $62.67 billion, a PE ratio of 40.19, a PEG ratio of 2.08 and a beta of 1.92. The company has a 50 day moving average of $49.26 and a two-hundred day moving average of $46.13.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period last year, the firm posted $0.35 EPS. Research analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.38%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Company 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.