Oppenheimer & Co. Inc. Sells 51,530 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Oppenheimer & Co. Inc. lessened its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.3% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 160,772 shares of the natural resource company's stock after selling 51,530 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Freeport-McMoRan were worth $8,026,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in FCX. Angeles Investment Advisors LLC increased its position 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 valued at $269,000 after purchasing an additional 613 shares during the last quarter. Pinnacle Financial Partners Inc bought a new position in Freeport-McMoRan during the third quarter valued at approximately $201,000. Mengis Capital Management Inc. grew its position in Freeport-McMoRan by 2.0% during the third quarter. Mengis Capital Management Inc. now owns 28,142 shares of the natural resource company's stock valued at $1,405,000 after acquiring an additional 551 shares during the last quarter. Souders Financial Advisors raised its stake in shares of Freeport-McMoRan by 440.6% during the third quarter. Souders Financial Advisors now owns 90,919 shares of the natural resource company's stock worth $4,539,000 after acquiring an additional 74,100 shares in the last quarter. Finally, RPG Investment Advisory LLC boosted its stake in shares of Freeport-McMoRan by 3.6% in the 3rd quarter. RPG Investment Advisory LLC now owns 261,642 shares of the natural resource company's stock valued at $13,061,000 after purchasing an additional 9,002 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Up 0.3 %

Shares of NYSE FCX traded up $0.14 during mid-day trading on Thursday, hitting $43.26. 11,904,294 shares of the stock traded hands, compared to its average volume of 12,931,717. The stock has a fifty day moving average price of $46.58 and a 200-day moving average price of $47.43. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market cap of $62.16 billion, a price-to-earnings ratio of 31.58, a PEG ratio of 1.88 and a beta of 1.91. Freeport-McMoRan Inc. has a 52 week low of $35.29 and a 52 week high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to analysts' expectations of $6.45 billion. During the same quarter in the previous year, the business posted $0.39 EPS. The company's quarterly revenue was up 16.6% on a year-over-year basis. Research analysts anticipate that Freeport-McMoRan Inc. will post 1.51 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio is 21.90%.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. Morgan Stanley decreased their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. 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 report on Tuesday, October 15th. Raymond James raised their price target on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a report on Wednesday, October 23rd. Finally, Scotiabank decreased their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a research report on Wednesday, October 23rd. Six analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $54.00.

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.