Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Oppenheimer Asset Management Inc.

Oppenheimer Asset Management Inc. lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 38.0% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 302,087 shares of the natural resource company's stock after buying an additional 83,186 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Freeport-McMoRan were worth $11,437,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of FCX. Wellington Management Group LLP lifted its position in shares of Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after buying an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares during the last quarter. Amundi lifted its position in Freeport-McMoRan by 30.2% in the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock valued at $857,305,000 after purchasing an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its position in Freeport-McMoRan by 38.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock valued at $619,682,000 after purchasing an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. lifted its position in Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

FCX has been the topic of several recent research reports. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective on the stock in a research report on Thursday, March 6th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a research report on Friday, April 25th. Scotiabank upgraded shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and lifted their price objective for the company from $43.00 to $48.00 in a research report on Monday, June 16th. Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research report on Monday, March 10th. Finally, JPMorgan Chase & Co. cut their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a research report on Thursday, April 10th. Four analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and an average target price of $48.27.

Freeport-McMoRan Price Performance

Shares of FCX stock traded down $0.37 during midday trading on Wednesday, reaching $41.64. 7,112,790 shares of the company were exchanged, compared to its average volume of 13,336,325. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $52.61. The company has a market cap of $59.84 billion, a P/E ratio of 34.41, a PEG ratio of 0.82 and a beta of 1.64. The company's 50 day moving average price is $38.77 and its two-hundred day moving average price is $38.17. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.13 and a current ratio of 2.32.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts' consensus estimates of $0.23 by $0.01. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The company had revenue of $5.73 billion for the quarter, compared to the consensus estimate of $5.36 billion. During the same period in the previous year, the firm earned $0.32 EPS. Freeport-McMoRan's revenue was down 9.4% on a year-over-year basis. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.44%. Freeport-McMoRan's dividend payout ratio is currently 24.79%.

Insider Transactions at Freeport-McMoRan

In other news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the transaction, the chief accounting officer now owns 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.75% of the company's stock.

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.