Indiana Trust & Investment Management CO Boosts Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Indiana Trust & Investment Management CO raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 20.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,401 shares of the natural resource company’s stock after purchasing an additional 1,935 shares during the quarter. Indiana Trust & Investment Management CO’s holdings in Freeport-McMoRan were worth $536,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Bruce G. Allen Investments LLC purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $27,000. Jones Financial Companies Lllp increased its position in Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares in the last quarter. American National Bank increased its position in Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock worth $35,000 after buying an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at $32,000. Finally, Tompkins Financial Corp boosted its stake in shares of Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Activity

In related news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the sale, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction on Monday, April 29th. The shares were 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 owns 164,067 shares of the company’s stock, valued at $8,529,843.33. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction dated 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 sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The disclosure for this sale can be found here. In the last three months, insiders sold 445,667 shares of company stock valued at $22,755,070. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

Freeport-McMoRan stock traded up $0.28 during midday trading on Friday, hitting $48.60. The stock had a trading volume of 12,544,869 shares, compared to its average volume of 14,105,780. The business has a fifty day moving average price of $50.60 and a 200 day moving average price of $45.00. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market cap of $69.81 billion, a P/E ratio of 43.20, a P/E/G ratio of 2.13 and a beta of 1.96. 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 (NYSE:FCX) last issued its quarterly 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. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the business earned $0.52 EPS. The business’s quarterly revenue was up 17.3% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 1.73 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be given a $0.15 dividend. The ex-dividend date of this dividend is Monday, July 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.23%. Freeport-McMoRan’s payout ratio is currently 26.55%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of research analyst reports. Bernstein Bank upped their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday, April 23rd. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. BNP Paribas raised shares of Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Deutsche Bank Aktiengesellschaft raised their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research report on Monday, June 10th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock 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.