Oppenheimer Asset Management Inc. Has $14.87 Million Position in Freeport-McMoRan Inc. $FCX

Key Points

• Oppenheimer Asset Management increased its stake in Freeport‑McMoRan by 13.1% in Q4, bringing its holding to 292,843 shares valued at about $14.87 million.
• Freeport beat quarterly expectations, reporting $0.57 EPS vs. $0.47 expected and $6.23 billion in revenue vs. $5.73 billion, while analysts maintain a consensus "Moderate Buy" with an average price target of $65.19.
• Significant insider selling occurred recently—insiders sold 565,145 shares (~$35.84 million) in the last three months, including Chairman Richard Adkerson's sale of 152,960 shares, and insiders now own 0.75% of the company.

Oppenheimer Asset Management Inc. increased its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 13.1% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 292,843 shares of the natural resource company's stock after buying an additional 33,943 shares during the quarter. Oppenheimer Asset Management Inc.'s holdings in Freeport-McMoRan were worth $14,873,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the stock. Citizens Financial Group Inc. RI lifted its stake in Freeport-McMoRan by 4.7% during the fourth quarter. Citizens Financial Group Inc. RI now owns 48,165 shares of the natural resource company's stock worth $2,446,000 after purchasing an additional 2,180 shares during the last quarter. Activest Wealth Management lifted its stake in shares of Freeport-McMoRan by 238.9% in the 4th quarter. Activest Wealth Management now owns 1,149 shares of the natural resource company's stock valued at $58,000 after acquiring an additional 810 shares during the last quarter. Laurel Wealth Advisors LLC acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $43,000. US Bancorp DE increased its holdings in Freeport-McMoRan by 2.6% in the fourth quarter. US Bancorp DE now owns 173,194 shares of the natural resource company's stock valued at $8,797,000 after purchasing an additional 4,314 shares during the period. Finally, Canandaigua National Bank & Trust Co. acquired a new stake in Freeport-McMoRan in the fourth quarter valued at $212,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $56.64 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $35.15 and a fifty-two week high of $70.96. The firm's 50-day simple moving average is $62.16 and its 200 day simple moving average is $54.24. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The stock has a market cap of $81.40 billion, a price-to-earnings ratio of 30.13, a PEG ratio of 0.69 and a beta of 1.32.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm had revenue of $6.23 billion for the quarter, compared to analysts' expectations of $5.73 billion. During the same quarter last year, the firm earned $0.24 EPS. The company's quarterly revenue was up 8.8% compared to the same quarter last year. As a group, research analysts anticipate that Freeport-McMoRan Inc. will post 2.55 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan's payout ratio is 15.96%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Sanford C. Bernstein decreased their price target on Freeport-McMoRan from $54.00 to $53.50 and set a "market perform" rating for the company in a report on Friday, April 24th. BNP Paribas Exane reduced their target price on Freeport-McMoRan from $75.00 to $71.00 and set an "outperform" rating for the company in a research note on Tuesday. Citigroup raised their target price on Freeport-McMoRan from $48.00 to $67.00 and gave the company a "buy" rating in a research note on Monday, January 12th. UBS Group raised their target price on Freeport-McMoRan from $66.00 to $74.00 and gave the company a "buy" rating in a research note on Thursday, April 23rd. Finally, BMO Capital Markets raised their target price on Freeport-McMoRan from $55.00 to $68.00 and gave the company an "outperform" rating in a research note on Wednesday, January 14th. One research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $65.19.

Insider Buying and Selling

In related news, Chairman Richard C. Adkerson sold 152,960 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total value of $9,888,864.00. Following the sale, the chairman owned 3,356,159 shares of the company's stock, valued at approximately $216,975,679.35. The trade was a 4.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ellie L. Mikes sold 11,000 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total transaction of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares in the company, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 565,145 shares of company stock worth $35,839,918 in the last three months. Insiders own 0.75% of the company's stock.

Freeport-McMoRan Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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