Summit Trail Advisors LLC Has $242,000 Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Summit Trail Advisors LLC lowered its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.3% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 5,689 shares of the natural resource company’s stock after selling 873 shares during the quarter. Summit Trail Advisors LLC’s holdings in Freeport-McMoRan were worth $242,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Fulton Bank N.A. boosted its holdings in shares of Freeport-McMoRan by 2.6% during the 4th quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after buying an additional 267 shares in the last quarter. Drive Wealth Management LLC increased its stake in Freeport-McMoRan by 2.8% in the fourth quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock valued at $419,000 after purchasing an additional 267 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of Freeport-McMoRan by 38.8% during the 4th quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock worth $41,000 after purchasing an additional 270 shares in the last quarter. PFG Investments LLC grew its stake in shares of Freeport-McMoRan by 1.7% in the 4th quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after buying an additional 285 shares during the period. Finally, Oarsman Capital Inc. increased its position in Freeport-McMoRan by 0.7% in the 3rd quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after buying an additional 304 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on FCX shares. Bernstein Bank raised their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Argus boosted their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research report on Wednesday, April 24th. Scotiabank lowered their price target on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday, April 24th. Finally, HSBC lifted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.07.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $49.96 on Thursday. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.52. 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 business has a fifty day simple moving average of $46.63 and a two-hundred day simple moving average of $41.20. The company has a market capitalization of $71.66 billion, a P/E ratio of 44.21, a P/E/G ratio of 8.19 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the prior year, the company posted $0.52 EPS. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. On average, analysts expect that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Insider Buying and Selling at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction dated Monday, April 29th. The stock was 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 directly owns 164,067 shares in the company, valued at $8,529,843.33. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other news, CAO Stephen T. Higgins sold 42,767 shares of Freeport-McMoRan stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Douglas N. Currault II sold 55,000 shares of the stock in a transaction on Monday, April 29th. The shares were 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 directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders sold a total of 365,667 shares of company stock valued at $18,592,670 in the last three months. Company insiders own 0.78% of the company’s stock.

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.