Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.3% during the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 194,288 shares of the natural resource company’s stock after selling 590 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Freeport-McMoRan were worth $8,271,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Signature Estate & Investment Advisors LLC increased its stake in shares of Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock worth $14,726,000 after purchasing an additional 20,894 shares in the last quarter. Cadinha & Co. LLC increased its stake in Freeport-McMoRan by 59.0% during the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock worth $27,572,000 after buying an additional 240,340 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Freeport-McMoRan by 1.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock valued at $279,977,000 after acquiring an additional 102,466 shares during the last quarter. Alphinity Investment Management Pty Ltd lifted its position in shares of Freeport-McMoRan by 57.4% in the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock valued at $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. Finally, International Assets Investment Management LLC lifted its position in shares of Freeport-McMoRan by 4,857.7% in the fourth quarter. International Assets Investment Management LLC now owns 1,324,452 shares of the natural resource company’s stock valued at $56,382,000 after acquiring an additional 1,297,737 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 other news, CAO Stephen T. Higgins sold 80,000 shares of the business’s stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,430,735.31. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freeport-McMoRan news, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the transaction, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction on Monday, May 13th. The shares were sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,430,735.31. The disclosure for this sale can be found here. Insiders have sold 445,667 shares of company stock valued at $22,755,070 in the last ninety days. Insiders own 0.79% of the company’s stock.

Freeport-McMoRan Trading Up 1.6 %

Shares of FCX traded up $0.79 during trading on Wednesday, reaching $50.49. 12,596,099 shares of the company traded hands, compared to its average volume of 14,499,713. The stock has a 50-day simple moving average of $50.61 and a 200-day simple moving average of $43.67. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The stock has a market cap of $72.42 billion, a PE ratio of 44.68, a price-to-earnings-growth ratio of 2.75 and a beta of 1.96.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of $6.32 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same quarter in the previous year, the business posted $0.52 earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, analysts anticipate that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.19%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Analysts Set New Price Targets

Several research analysts recently commented on FCX shares. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. HSBC boosted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Scotiabank increased their price objective on shares of Freeport-McMoRan from $53.00 to $60.00 and gave the company a “sector outperform” rating in a report on Thursday, May 30th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $51.50.

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.