Freeport-McMoRan Inc. (NYSE:FCX) Stock Holdings Lowered by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 160,772 shares of the natural resource company’s stock after selling 51,530 shares during the period. Oppenheimer & Co. Inc.’s holdings in Freeport-McMoRan were worth $8,026,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

Several brokerages recently commented on FCX. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research report on Tuesday, October 15th. 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 report on Wednesday, October 23rd. Raymond James upped their price target on Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a research report on Wednesday, October 23rd. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Six research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Down 1.1 %

Shares of NYSE FCX opened at $43.13 on Thursday. The stock has a market cap of $61.96 billion, a price-to-earnings ratio of 31.48, a PEG ratio of 1.88 and a beta of 1.91. The business has a 50 day simple moving average of $46.54 and a 200 day simple moving average of $47.46. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 52 week low of $34.55 and a 52 week high of $55.24.

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

Freeport-McMoRan Cuts Dividend

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

Freeport-McMoRan 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.