Oppenheimer & Co. Inc. Has $8.07 Million Stock Position in Freeport-McMoRan Inc. $FCX

Oppenheimer & Co. Inc. lowered its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.8% in the third quarter, HoldingsChannel.com reports. 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 filing with the Securities and Exchange Commission (SEC).

Other large 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% during the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC boosted its position 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 acquiring an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at $560,000. Callan Family Office LLC boosted its stake in Freeport-McMoRan by 229.9% in the second quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after buying an additional 18,803 shares in the last quarter. Finally, PDS Planning Inc boosted its position in Freeport-McMoRan by 13.2% in the second quarter. PDS Planning Inc now owns 8,226 shares of the natural resource company’s stock valued at $357,000 after buying an additional 961 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 4.9%

Shares of FCX opened at $63.65 on Tuesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.44. The stock has a 50 day simple moving average of $54.42 and a two-hundred day simple moving average of $46.32. The firm has a market cap of $91.40 billion, a P/E ratio of 42.15, a P/E/G ratio of 0.70 and a beta of 1.47.

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

Freeport-McMoRan Cuts Dividend

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

Insider Transactions at Freeport-McMoRan

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

Analyst Upgrades and Downgrades

FCX has been the topic of a number of research reports. Citigroup boosted their target price on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a report on Monday, January 12th. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a report on Wednesday, November 19th. Raymond James Financial raised their price objective on shares of Freeport-McMoRan from $53.00 to $66.00 and gave the company an “outperform” rating in a research note on Thursday, January 15th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. Two research 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’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price 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.