Gilman Hill Asset Management LLC Raises Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Gilman Hill Asset Management LLC lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.5% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 129,299 shares of the natural resource company’s stock after buying an additional 589 shares during the quarter. Gilman Hill Asset Management LLC’s holdings in Freeport-McMoRan were worth $6,080,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at about $27,000. Jones Financial Companies Lllp raised its stake in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after purchasing an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at about $32,000. EdgeRock Capital LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at about $35,000. Finally, American National Bank grew its holdings in Freeport-McMoRan by 348.8% in the 1st quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after buying an additional 579 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX traded down $0.62 during midday trading on Tuesday, reaching $49.76. The company’s stock had a trading volume of 3,763,254 shares, compared to its average volume of 14,172,780. The stock has a market cap of $71.48 billion, a P/E ratio of 44.58, a PEG ratio of 2.15 and a beta of 1.96. The company has a fifty day simple moving average of $50.63 and a 200 day simple moving average of $44.86. 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 twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same quarter last year, the firm posted $0.52 EPS. The company’s revenue was up 17.3% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 1.72 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.21%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Insider Buying and Selling

In related 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 transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction 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 completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,430,735.31. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan 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 owns 164,067 shares of the company’s stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders sold 445,667 shares of company stock worth $22,755,070 in the last 90 days. 0.79% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have commented on FCX. JPMorgan Chase & Co. lowered their price target on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Morgan Stanley upgraded Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and lifted their price target for the company from $49.50 to $62.00 in a report on Friday. Raymond James lifted their price target on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Deutsche Bank Aktiengesellschaft boosted their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Finally, HSBC boosted their target price on 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 eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $52.93.

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.