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

Cohen Klingenstein LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 238,176 shares of the natural resource company's stock after selling 9,400 shares during the period. Cohen Klingenstein LLC's holdings in Freeport-McMoRan were worth $9,017,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Integrated Advisors Network LLC raised its position in shares of Freeport-McMoRan by 6.3% during the first quarter. Integrated Advisors Network LLC now owns 11,775 shares of the natural resource company's stock worth $446,000 after purchasing an additional 694 shares during the period. Sonora Investment Management Group LLC raised its stake in Freeport-McMoRan by 13.5% in the 1st quarter. Sonora Investment Management Group LLC now owns 13,193 shares of the natural resource company's stock worth $499,000 after purchasing an additional 1,567 shares in the last quarter. Simplicity Wealth LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth $448,000. GAMMA Investing LLC raised its position in Freeport-McMoRan by 5.6% during the first quarter. GAMMA Investing LLC now owns 22,805 shares of the natural resource company's stock valued at $863,000 after purchasing an additional 1,219 shares in the last quarter. Finally, Requisite Capital Management LLC increased its stake in shares of Freeport-McMoRan by 31.0% in the 1st quarter. Requisite Capital Management LLC now owns 12,744 shares of the natural resource company's stock valued at $482,000 after purchasing an additional 3,017 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Analyst Ratings Changes

FCX has been the subject of several research analyst reports. Jefferies Financial Group reiterated a "buy" rating and set a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Scotiabank raised their price target on shares of Freeport-McMoRan from $40.00 to $43.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 14th. Raymond James reiterated an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Deutsche Bank Aktiengesellschaft upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. Finally, Hsbc Global Res upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, April 14th. Five investment analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus target price of $47.82.

Freeport-McMoRan Price Performance

FCX traded up $0.18 during trading on Thursday, reaching $41.19. 8,749,035 shares of the company traded hands, compared to its average volume of 13,391,999. The company has a market cap of $59.19 billion, a P/E ratio of 31.93, a PEG ratio of 0.87 and a beta of 1.64. The firm has a fifty day simple moving average of $37.16 and a 200 day simple moving average of $38.30. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $52.61. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. The business had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business's revenue was down 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.32 EPS. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.75% of the stock is currently owned by company insiders.

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.