Rockefeller Capital Management L.P. Has $26.57 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Rockefeller Capital Management L.P. trimmed its position in Freeport-McMoRan Inc. (NYSE:FCX) by 36.4% during the fourth quarter, HoldingsChannel.com reports. The fund owned 523,112 shares of the natural resource company’s stock after selling 298,806 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Freeport-McMoRan were worth $26,569,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. Brighton Jones LLC boosted its holdings in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC raised its holdings in shares of Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after buying an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter worth $560,000. Brown Advisory Inc. lifted its position in shares of Freeport-McMoRan by 27.0% during the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock worth $539,000 after buying an additional 2,648 shares during the last quarter. Finally, Jump Financial LLC boosted its stake in Freeport-McMoRan by 42.7% in the second quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after buying an additional 14,992 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FCX. Barclays assumed coverage on Freeport-McMoRan in a research report on Thursday, May 21st. They issued an “overweight” rating and a $77.00 target price on the stock. JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Citigroup reduced their price target on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating on the stock in a research note on Friday, May 1st. Raymond James Financial lowered their price objective on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, April 24th. Finally, UBS Group upped their price objective on shares of Freeport-McMoRan from $74.00 to $75.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $67.81.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $69.20 on Tuesday. The stock has a 50-day moving average price of $65.04 and a two-hundred day moving average price of $60.32. Freeport-McMoRan Inc. has a 12 month low of $35.15 and a 12 month high of $72.28. The company has a market capitalization of $99.48 billion, a PE ratio of 36.81, a P/E/G ratio of 0.83 and a beta of 1.35. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The company had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same period in the previous year, the business posted $0.24 earnings per share. The business’s quarterly revenue was up 8.8% compared to the same quarter last year. Analysts expect that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.