Cohen Klingenstein LLC Reduces Position in Freeport-McMoRan Inc. (NYSE:FCX)

Cohen Klingenstein LLC lowered its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.2% during the 4th quarter, HoldingsChannel.com reports. The firm owned 247,576 shares of the natural resource company’s stock after selling 8,288 shares during the quarter. Cohen Klingenstein LLC’s holdings in Freeport-McMoRan were worth $9,428,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Fisher Asset Management LLC raised its stake in Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Freeport-McMoRan by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock valued at $1,436,455,000 after buying an additional 529,099 shares in the last quarter. Franklin Resources Inc. raised its position in Freeport-McMoRan by 9.5% during the third quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after purchasing an additional 2,366,187 shares in the last quarter. Mountaineer Partners Management LLC lifted its stake in Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company’s stock worth $595,702,000 after purchasing an additional 11,687,982 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Freeport-McMoRan by 0.5% during the second quarter. Legal & General Group Plc now owns 10,343,109 shares of the natural resource company’s stock valued at $502,675,000 after acquiring an additional 56,499 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have issued reports on FCX shares. Raymond James boosted their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $51.00 to $46.00 in a research report on Tuesday, January 7th. Jefferies Financial Group dropped their price target on Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research report on Monday, January 6th. Finally, Scotiabank lowered their price target on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating for the company in a research report on Monday, January 6th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $52.42.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $40.27 on Friday. The company’s 50-day moving average price is $41.25 and its 200-day moving average price is $44.34. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The company has a market cap of $57.86 billion, a PE ratio of 29.39, a price-to-earnings-growth ratio of 2.13 and a beta of 1.87. Freeport-McMoRan Inc. has a twelve month low of $36.26 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. The company had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same period in the previous year, the firm posted $0.39 earnings per share. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.46 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 3rd. Stockholders of record on Wednesday, January 15th will be paid a dividend of $0.15 per share. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.49%. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.