Cohen Klingenstein LLC Sells 8,288 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Cohen Klingenstein LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.2% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 247,576 shares of the natural resource company’s stock after selling 8,288 shares during the period. Cohen Klingenstein LLC’s holdings in Freeport-McMoRan were worth $9,428,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in FCX. Sanctuary Advisors LLC raised its stake in shares of Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock valued at $8,219,000 after buying an additional 14,501 shares in the last quarter. Easterly Investment Partners LLC raised its position in Freeport-McMoRan by 137.5% in the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock valued at $7,375,000 after purchasing an additional 85,542 shares during the last quarter. Summit Global Investments boosted its stake in Freeport-McMoRan by 1,559.3% in the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock worth $3,819,000 after purchasing an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in shares of Freeport-McMoRan during the third quarter worth $754,000. Finally, AIA Group Ltd increased its stake in shares of Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock valued at $4,604,000 after buying an additional 12,887 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 0.6 %

Shares of FCX opened at $40.27 on Friday. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $36.26 and a 12 month high of $55.24. The stock has a market capitalization of $57.86 billion, a PE ratio of 29.39, a P/E/G ratio of 2.13 and a beta of 1.87. The firm’s 50 day moving average is $41.25 and its 200-day moving average is $44.34.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.39 earnings per share. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.46 EPS for the current year.

Freeport-McMoRan Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have commented on the stock. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. JPMorgan Chase & Co. lowered their target price on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a report on Thursday. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Scotiabank dropped their target price on shares of Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a report on Monday, January 6th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their price objective for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Seven equities research analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average target price of $52.42.

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.