Oppenheimer Asset Management Inc. Has $8.34 Million Position in Freeport-McMoRan Inc. (NYSE:FCX)

Oppenheimer Asset Management Inc. raised its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 6.6% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 218,901 shares of the natural resource company's stock after acquiring an additional 13,604 shares during the period. Oppenheimer Asset Management Inc.'s holdings in Freeport-McMoRan were worth $8,336,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Asset Planning Inc bought a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Laurel Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 487.8% during the fourth quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company's stock worth $28,000 after buying an additional 600 shares during the last quarter. Roxbury Financial LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $28,000. Financial Life Planners acquired a new stake in shares of Freeport-McMoRan in the fourth quarter worth $36,000. Finally, Continuum Advisory LLC increased its position in Freeport-McMoRan by 46.8% during the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company's stock worth $37,000 after acquiring an additional 236 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have weighed in on FCX. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a report on Thursday, January 16th. Jefferies Financial Group upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and increased their target price for the company from $40.00 to $48.00 in a research note on Thursday. Argus lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Friday, January 31st. Scotiabank reduced their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating for the company in a research report on Friday, January 24th. Finally, Sanford C. Bernstein lowered Freeport-McMoRan from an "outperform" rating to a "market perform" rating and decreased their price objective for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Eight equities research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $52.04.

Freeport-McMoRan Price Performance

NYSE FCX traded down $1.42 on Monday, hitting $35.49. 17,672,498 shares of the company were exchanged, compared to its average volume of 14,611,207. Freeport-McMoRan Inc. has a 1-year low of $34.89 and a 1-year high of $55.24. The firm has a 50 day moving average of $38.31 and a two-hundred day moving average of $42.60. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The company has a market cap of $51.00 billion, a P/E ratio of 27.51, a P/E/G ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

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.