Oppenheimer & Co. Inc. Reduces Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Oppenheimer & Co. Inc. cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 20.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 127,403 shares of the natural resource company's stock after selling 33,369 shares during the period. Oppenheimer & Co. Inc.'s holdings in Freeport-McMoRan were worth $4,852,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Fisher Asset Management LLC increased its position in shares of Freeport-McMoRan by 2.4% during the 3rd quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company's stock valued at $2,965,717,000 after purchasing an additional 1,392,494 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Freeport-McMoRan by 1.9% during the 3rd quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company's stock worth $1,436,455,000 after purchasing an additional 529,099 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company's stock worth $1,348,522,000 after purchasing an additional 2,366,187 shares during the period. Mountaineer Partners Management LLC grew its holdings in Freeport-McMoRan by 4,767.8% during the third quarter. Mountaineer Partners Management LLC now owns 11,933,126 shares of the natural resource company's stock valued at $595,702,000 after purchasing an additional 11,687,982 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its position in Freeport-McMoRan by 1.6% in the third quarter. Charles Schwab Investment Management Inc. now owns 8,223,038 shares of the natural resource company's stock worth $410,494,000 after buying an additional 127,251 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on FCX shares. Sanford C. Bernstein downgraded Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. BMO Capital Markets dropped their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating on the stock in a research note on Friday, January 24th. Argus cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Friday, January 31st. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $55.00 to $48.00 and set a "neutral" rating for the company in a research report on Thursday, January 16th. Finally, Jefferies Financial Group upgraded Freeport-McMoRan from a "hold" rating to a "buy" rating and boosted their price objective for the company from $40.00 to $48.00 in a research note on Thursday. Eight analysts have rated the stock with a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $52.04.

Freeport-McMoRan Price Performance

Shares of NYSE FCX traded down $1.42 during mid-day trading on Monday, reaching $35.49. 18,098,115 shares of the company were exchanged, compared to its average volume of 14,627,199. The company's 50 day moving average price is $38.23 and its 200 day moving average price is $42.54. Freeport-McMoRan Inc. has a 52 week low of $34.89 and a 52 week high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $51.00 billion, a PE ratio of 27.51, a PEG ratio of 0.87 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data 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 net margin of 7.42% and a return on equity of 7.50%. Sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal 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.