Rockefeller Capital Management L.P. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) by 9.9% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 160,956 shares of the natural resource company’s stock after purchasing an additional 14,490 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Freeport-McMoRan were worth $4,397,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Barnett & Company Inc. boosted its stake in Freeport-McMoRan by 21.7% in the 3rd quarter. Barnett & Company Inc. now owns 40,370 shares of the natural resource company’s stock worth $1,103,000 after buying an additional 7,190 shares during the last quarter. DekaBank Deutsche Girozentrale lifted its stake in shares of Freeport-McMoRan by 17.6% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 1,866,024 shares of the natural resource company’s stock valued at $53,714,000 after purchasing an additional 279,863 shares in the last quarter. North Star Investment Management Corp. lifted its stake in shares of Freeport-McMoRan by 294.4% in the 3rd quarter. North Star Investment Management Corp. now owns 34,248 shares of the natural resource company’s stock valued at $936,000 after purchasing an additional 25,565 shares in the last quarter. JTC Employer Solutions Trustee Ltd raised its holdings in shares of Freeport-McMoRan by 6.0% during the 3rd quarter. JTC Employer Solutions Trustee Ltd now owns 84,793 shares of the natural resource company’s stock valued at $2,319,000 after buying an additional 4,793 shares during the period. Finally, Clear Street Markets LLC raised its holdings in shares of Freeport-McMoRan by 872.5% during the 3rd quarter. Clear Street Markets LLC now owns 51,834 shares of the natural resource company’s stock valued at $1,417,000 after buying an additional 46,504 shares during the period. Hedge funds and other institutional investors own 77.12% of the company’s stock.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Barclays dropped their target price on Freeport-McMoRan to $23.00 in a report on Thursday, October 20th. TheStreet downgraded Freeport-McMoRan from a “b-” rating to a “c” rating in a report on Thursday, October 20th. Raymond James raised their target price on Freeport-McMoRan from $35.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday, January 5th. Scotiabank downgraded Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $34.00 price objective on the stock. in a report on Friday, November 11th. They noted that the move was a valuation call. Finally, Citigroup lifted their price objective on Freeport-McMoRan from $29.00 to $44.00 in a report on Wednesday, January 11th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $39.73.
Insider Transactions at Freeport-McMoRan
Freeport-McMoRan Trading Up 2.9 %
Shares of Freeport-McMoRan stock opened at $45.41 on Monday. The company has a quick ratio of 1.76, a current ratio of 2.56 and a debt-to-equity ratio of 0.40. The firm has a market cap of $64.91 billion, a price-to-earnings ratio of 17.27 and a beta of 1.97. The business has a fifty day simple moving average of $39.56 and a 200-day simple moving average of $33.37. Freeport-McMoRan Inc. has a fifty-two week low of $24.80 and a fifty-two week high of $51.99.
Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its earnings results on Thursday, October 20th. The natural resource company reported $0.26 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by ($0.08). The company had revenue of $5 billion for the quarter, compared to analyst estimates of $4.91 billion. Freeport-McMoRan had a return on equity of 17.69% and a net margin of 16.72%. The firm’s revenue for the quarter was down 17.8% on a year-over-year basis. During the same period last year, the firm earned $0.89 earnings per share. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 2.3 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Friday, January 13th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.32%. The ex-dividend date of this dividend is Thursday, January 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 11.41%.
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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