Oppenheimer & Co. Inc. Sells 35,119 Shares of Freeport-McMoRan Inc. $FCX

Oppenheimer & Co. Inc. lessened its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.1% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 170,619 shares of the natural resource company’s stock after selling 35,119 shares during the period. Oppenheimer & Co. Inc.’s holdings in Freeport-McMoRan were worth $8,666,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of FCX. Wellington Management Group LLP grew its holdings in Freeport-McMoRan by 190.9% during the third quarter. Wellington Management Group LLP now owns 36,494,793 shares of the natural resource company’s stock valued at $1,431,326,000 after purchasing an additional 23,950,557 shares during the period. AQR Capital Management LLC grew its holdings in Freeport-McMoRan by 205.0% during the second quarter. AQR Capital Management LLC now owns 4,186,621 shares of the natural resource company’s stock valued at $181,490,000 after purchasing an additional 2,813,845 shares during the period. Amundi grew its holdings in Freeport-McMoRan by 43.7% during the third quarter. Amundi now owns 7,018,624 shares of the natural resource company’s stock valued at $282,991,000 after purchasing an additional 2,132,708 shares during the period. Kirkoswald Asset Management LLC bought a new stake in Freeport-McMoRan during the third quarter valued at about $82,754,200,000. Finally, Schroder Investment Management Group grew its holdings in Freeport-McMoRan by 87.6% during the third quarter. Schroder Investment Management Group now owns 4,115,008 shares of the natural resource company’s stock valued at $152,749,000 after purchasing an additional 1,921,792 shares during the period. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $56.64 on Friday. The stock’s 50-day simple moving average is $62.16 and its 200-day simple moving average is $54.24. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. The company has a market capitalization of $81.40 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 0.69 and a beta of 1.32. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, beating 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 business had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same period in the previous year, the business earned $0.24 earnings per share. The business’s revenue was up 8.8% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 2.55 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Analyst Ratings Changes

Several analysts have issued reports on FCX shares. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Bank of America boosted their price objective on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research report on Thursday, February 26th. Stifel Nicolaus boosted their price objective on Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a research report on Wednesday, February 11th. Citigroup boosted their price objective on Freeport-McMoRan from $48.00 to $67.00 and gave the company a “buy” rating in a research report on Monday, January 12th. Finally, Jefferies Financial Group set a $75.00 price objective on Freeport-McMoRan in a research report on Thursday, April 23rd. One investment analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $65.19.

Insider Buying and Selling

In related news, CAO Ellie L. Mikes sold 11,000 shares of the business’s stock in a transaction dated Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the sale, the chief accounting officer directly owned 40,773 shares in the company, valued at approximately $2,529,149.19. The trade was a 21.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares in the company, valued at $14,141,558.12. This represents a 25.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 565,145 shares of company stock valued at $35,839,918 in the last ninety days. Company insiders own 0.75% of the company’s stock.

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.