Oppenheimer Asset Management Inc. Trims Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Oppenheimer Asset Management Inc. trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 36.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 205,297 shares of the natural resource company's stock after selling 118,040 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Freeport-McMoRan were worth $10,248,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Matrix Trust Co bought a new position in Freeport-McMoRan in the 3rd quarter worth about $25,000. Spectrum Wealth Counsel LLC bought a new position in Freeport-McMoRan in the second quarter worth approximately $25,000. Hazlett Burt & Watson Inc. increased its holdings in Freeport-McMoRan by 1,170.7% during the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company's stock worth $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory bought a new stake in Freeport-McMoRan during the 2nd quarter valued at $26,000. Finally, LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth $26,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Up 0.3 %

NYSE:FCX traded up $0.14 during mid-day trading on Thursday, hitting $43.26. 11,904,294 shares of the company's stock traded hands, compared to its average volume of 12,931,717. The company has a fifty day moving average of $46.58 and a 200 day moving average 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. Freeport-McMoRan Inc. has a twelve month low of $35.29 and a twelve month high of $55.24. The company has a market capitalization of $62.16 billion, a P/E ratio of 31.58, a P/E/G ratio of 1.88 and a beta of 1.91.

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

Freeport-McMoRan Cuts Dividend

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

Wall Street Analyst Weigh In

Several analysts recently weighed in on the company. UBS Group upgraded Freeport-McMoRan from a "neutral" rating to a "buy" rating and lifted their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. JPMorgan Chase & Co. boosted 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. StockNews.com downgraded shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Thursday, September 26th. Morgan Stanley reduced their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a research note on Thursday, September 19th. Finally, Raymond James increased their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the company an "outperform" rating in a research report on Wednesday, October 23rd. Six investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $54.00.

Freeport-McMoRan Company 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.