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

Oppenheimer & Co. Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.3% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 134,104 shares of the natural resource company's stock after buying an additional 6,701 shares during the quarter. Oppenheimer & Co. Inc.'s holdings in Freeport-McMoRan were worth $5,077,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Mizuho Bank Ltd. purchased a new stake in Freeport-McMoRan in the fourth quarter valued at $26,000. Vision Financial Markets LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $27,000. Kohmann Bosshard Financial Services LLC purchased a new stake in shares of Freeport-McMoRan in the 4th quarter valued at approximately $29,000. Coppell Advisory Solutions LLC raised its stake in shares of Freeport-McMoRan by 47.4% in the 4th quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock valued at $32,000 after acquiring an additional 268 shares during the period. Finally, City Holding Co. purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $33,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Insider Activity at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The stock was 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. This represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 0.79% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on FCX shares. UBS Group cut their target price on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Dbs Bank upgraded Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Raymond James Financial reiterated an "outperform" rating and issued a $52.00 price objective on shares of Freeport-McMoRan in a report on Friday, April 25th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target on the stock in a research note on Thursday, March 6th. Finally, Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Tuesday, April 8th. Four equities research 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 company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $48.27.

Freeport-McMoRan Stock Up 2.6%

FCX stock opened at $42.02 on Wednesday. The company's 50 day moving average price is $38.60 and its 200 day moving average price is $38.14. 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 Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The firm has a market capitalization of $60.38 billion, a price-to-earnings ratio of 34.73, a PEG ratio of 0.80 and a beta of 1.64.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating 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 prior year, the firm posted $0.32 EPS. The company's quarterly revenue was down 9.4% compared to the same quarter last year. On average, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.