Freeport-McMoRan Inc. $FCX Stock Purchased by Oppenheimer & Co. Inc.

Key Points

• Oppenheimer & Co. increased its Freeport-McMoRan stake by 26.7% in the third quarter, purchasing 52,562 additional shares for a total holding of 249,770 shares valued at approximately $17.5 million. Institutional investors collectively own 80.77% of FCX.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus rating and an average price target of $76.27. BMO Capital Markets and Citigroup recently raised their price targets to $85 and $84, respectively.
• Insiders sold 110,398 shares worth $8.4 million over the past three months, while Freeport-McMoRan announced a quarterly dividend of $0.075 per share, representing a 0.5% yield.

Oppenheimer & Co. Inc. grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 26.7% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 249,770 shares of the natural resource company's stock after purchasing an additional 52,562 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Freeport-McMoRan were worth $17,484,000 as of its most recent filing with the SEC.

Several other large investors have also recently added to or reduced their stakes in FCX. Center for Financial Planning Inc. lifted its holdings in shares of Freeport-McMoRan by 730.2% during the 3rd quarter. Center for Financial Planning Inc. now owns 714 shares of the natural resource company's stock worth $50,000 after acquiring an additional 628 shares during the period. Park Avenue Securities LLC boosted its position in shares of Freeport-McMoRan by 10.4% in the 3rd quarter. Park Avenue Securities LLC now owns 65,672 shares of the natural resource company's stock worth $4,597,000 after purchasing an additional 6,198 shares during the last quarter. Segment Wealth Management LLC acquired a new position in Freeport-McMoRan during the third quarter valued at approximately $233,000. Geneva Partners LLC acquired a new stake in shares of Freeport-McMoRan during the third quarter worth about $5,091,000. Finally, Westover Capital Advisors LLC boosted its stake in Freeport-McMoRan by 7.8% in the 3rd quarter. Westover Capital Advisors LLC now owns 9,700 shares of the natural resource company's stock worth $679,000 after purchasing an additional 700 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on FCX shares. BMO Capital Markets raised their price target on Freeport-McMoRan from $78.00 to $85.00 and gave the company an "outperform" rating in a research note on Tuesday, September 29th. Freedom Broker cut shares of Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Thursday, September 3rd. Citigroup lifted their target price on Freeport-McMoRan from $66.00 to $84.00 and gave the stock a "buy" rating in a report on Monday, October 5th. The Goldman Sachs Group reiterated a "buy" rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. Finally, Erste Group Bank assumed coverage on Freeport-McMoRan in a research note on Thursday, August 27th. They set a "buy" rating for the company. One investment analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $76.27.

Insiders Place Their Bets

In related news, CAO Ellie Mikes sold 4,773 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lydia Kennard sold 3,798 shares of the business's stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the transaction, the director directly owned 122,702 shares of the company's stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 110,398 shares of company stock worth $8,387,271 over the last three months. Corporate insiders own 0.73% of the company's stock.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $65.24 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $38.54 and a 52-week high of $80.24. The firm has a market cap of $93.69 billion, a price-to-earnings ratio of 32.14, a PEG ratio of 0.58 and a beta of 1.39. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The business's fifty day moving average is $71.87 and its 200 day moving average is $65.06.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be paid a $0.0750 dividend. The ex-dividend date is Thursday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio is currently 14.78%.

About Freeport-McMoRan

Freeport-McMoRan Inc NYSE: FCX is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.

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