Oppenheimer Asset Management Inc. Sells 118,040 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Oppenheimer Asset Management Inc. lessened its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 36.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 205,297 shares of the natural resource company’s stock after selling 118,040 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Freeport-McMoRan were worth $10,248,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Angeles Investment Advisors LLC raised its holdings in Freeport-McMoRan by 12.8% during the 3rd quarter. Angeles Investment Advisors LLC now owns 5,387 shares of the natural resource company’s stock worth $269,000 after buying an additional 613 shares during the period. Pinnacle Financial Partners Inc acquired a new position in shares of Freeport-McMoRan during the third quarter worth about $201,000. Mengis Capital Management Inc. raised its position in Freeport-McMoRan by 2.0% in the 3rd quarter. Mengis Capital Management Inc. now owns 28,142 shares of the natural resource company’s stock valued at $1,405,000 after buying an additional 551 shares during the last quarter. Souders Financial Advisors raised its holdings in shares of Freeport-McMoRan by 440.6% in the third quarter. Souders Financial Advisors now owns 90,919 shares of the natural resource company’s stock valued at $4,539,000 after purchasing an additional 74,100 shares during the last quarter. Finally, RPG Investment Advisory LLC increased its position in shares of Freeport-McMoRan by 3.6% in the third quarter. RPG Investment Advisory LLC now owns 261,642 shares of the natural resource company’s stock valued at $13,061,000 after acquiring an additional 9,002 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Scotiabank reduced their target price on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 23rd. Raymond James upped their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $43.13 on Thursday. The company has a market cap of $61.96 billion, a P/E ratio of 31.48, a PEG ratio of 1.88 and a beta of 1.91. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12-month low of $34.55 and a 12-month high of $55.24. The company has a fifty day simple moving average of $46.54 and a 200 day simple moving average of $47.46.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 earnings per share. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is 21.90%.

Freeport-McMoRan Company 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.