Oppenheimer Asset Management Inc. Sells 39,498 Shares of Freeport-McMoRan Inc. $FCX

Oppenheimer Asset Management Inc. cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 13.2% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 258,900 shares of the natural resource company’s stock after selling 39,498 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Freeport-McMoRan were worth $10,154,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth $25,000. Twin Peaks Wealth Advisors LLC bought a new position in Freeport-McMoRan in the second quarter valued at $28,000. Salomon & Ludwin LLC raised its position in Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after purchasing an additional 687 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new stake in Freeport-McMoRan during the third quarter worth about $36,000. Finally, Proffitt & Goodson Inc. boosted its holdings in shares of Freeport-McMoRan by 39.8% in the 3rd quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after purchasing an additional 278 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 9,572 shares of the firm’s 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 completion of the sale, the chief accounting officer owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This trade represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CAO Stephen T. Higgins sold 28,423 shares of the business’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.99, for a total transaction of $1,364,019.77. Following the transaction, the chief accounting officer directly owned 105,294 shares in the company, valued at approximately $5,053,059.06. The trade was a 21.26% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Up 4.9%

Shares of NYSE FCX opened at $63.65 on Tuesday. The firm’s fifty day moving average is $54.42 and its 200 day moving average is $46.32. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.44. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company has a market cap of $91.40 billion, a price-to-earnings ratio of 42.15, a PEG 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 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm earned $0.31 EPS. The company’s revenue was down 1.5% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were given a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 19.87%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on FCX shares. UBS Group raised their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a report on Friday, January 23rd. BNP Paribas Exane reduced their price target on shares of Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Friday, December 5th. Wells Fargo & Company boosted their price objective on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a report on Tuesday, January 13th. Morgan Stanley set a $70.00 price objective on shares of Freeport-McMoRan in a research note on Tuesday, January 27th. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lifted their target price for the stock from $53.50 to $54.00 in a research report on Friday, January 23rd. Two analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.40.

About Freeport-McMoRan

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.