Freeport-McMoRan Inc. $FCX Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.8% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 205,738 shares of the natural resource company’s stock after selling 10,302 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Freeport-McMoRan were worth $8,069,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in FCX. Blume Capital Management Inc. boosted its stake in shares of Freeport-McMoRan by 2.3% in the third quarter. Blume Capital Management Inc. now owns 233,703 shares of the natural resource company’s stock valued at $9,166,000 after buying an additional 5,222 shares in the last quarter. Candriam S.C.A. increased its position in Freeport-McMoRan by 9.7% during the third quarter. Candriam S.C.A. now owns 486,128 shares of the natural resource company’s stock worth $19,066,000 after buying an additional 43,163 shares in the last quarter. Aegis Wealth Management LLC purchased a new position in Freeport-McMoRan in the 3rd quarter valued at about $833,000. Gables Capital Management Inc. lifted its stake in shares of Freeport-McMoRan by 8.3% during the third quarter. Gables Capital Management Inc. now owns 18,201 shares of the natural resource company’s stock valued at $714,000 after buying an additional 1,400 shares during the period. Finally, MCF Advisors LLC boosted its stake in Freeport-McMoRan by 77.2% in the 3rd quarter. MCF Advisors LLC now owns 6,728 shares of the natural resource company’s stock worth $264,000 after buying an additional 2,932 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 4.9%

Freeport-McMoRan stock opened at $63.65 on Tuesday. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.44. The firm’s 50 day moving average price is $54.42 and its two-hundred day moving average price is $46.32. The firm has a market cap of $91.40 billion, a PE ratio of 42.15, a P/E/G ratio of 0.70 and a beta of 1.47.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, topping the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter in the prior year, the business posted $0.31 EPS. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Insiders Place Their Bets

In other news, CAO Stephen T. Higgins sold 28,423 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total value of $1,364,019.77. Following the sale, the chief accounting officer directly owned 105,294 shares in the company, valued at approximately $5,053,059.06. This represents a 21.26% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Ellie L. Mikes sold 9,572 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the sale, the chief accounting officer owned 38,761 shares in the company, valued at $1,847,349.26. The trade was a 19.80% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.79% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, January 23rd. Scotiabank raised their price objective on shares of Freeport-McMoRan from $63.00 to $70.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. BNP Paribas Exane reduced their target price on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a report on Friday, December 5th. BMO Capital Markets lifted their price target on shares of Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Finally, Raymond James Financial upped their price objective on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $58.40.

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.