Oppenheimer & Co. Inc. Purchases 52,562 Shares of Freeport-McMoRan Inc. $FCX

Oppenheimer & Co. Inc. lifted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 26.7% in the third quarter, HoldingsChannel.com reports. The firm owned 249,770 shares of the natural resource company’s stock after purchasing an additional 52,562 shares during the period. Oppenheimer & Co. Inc.’s holdings in Freeport-McMoRan were worth $17,484,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the stock. NBH Bank purchased a new position in shares of Freeport-McMoRan during the second quarter valued at about $28,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $29,000. Financial Life Planners bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $34,000. Roxbury Financial LLC grew its position in shares of Freeport-McMoRan by 196.5% in the 2nd quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company’s stock worth $37,000 after buying an additional 393 shares during the period. Finally, Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $39,000. Institutional investors own 80.77% of the company’s stock.

Insider Activity

In other Freeport-McMoRan news, Director Lydia Kennard sold 3,798 shares of the firm’s stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the sale, the director directly owned 122,702 shares in the company, valued at approximately $9,706,955.22. This trade represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Stephen Higgins sold 14,277 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the sale, the chief accounting officer owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. This represents a 20.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 110,398 shares of company stock valued at $8,387,271. Company insiders own 0.73% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Morgan Stanley increased their price target on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 7th. Weiss Ratings raised shares of Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research note on Thursday, October 8th. UBS Group upped their price objective on shares of Freeport-McMoRan from $77.00 to $88.00 and gave the stock a “buy” rating in a report on Thursday, October 8th. Wells Fargo & Company raised their target price on shares of Freeport-McMoRan from $70.00 to $87.00 and gave the company an “overweight” rating in a research note on Tuesday, October 6th. Finally, Citigroup raised their target price on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a research note on Monday, October 5th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $76.27.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $65.24 on Tuesday. Freeport-McMoRan Inc. has a 1-year low of $38.54 and a 1-year high of $80.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The business has a fifty day moving average price of $71.87 and a 200-day moving average price of $65.06. The company has a market capitalization of $93.69 billion, a PE ratio of 32.14, a PEG ratio of 0.58 and a beta of 1.39.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be given a dividend of $0.0750 per share. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Thursday, October 15th. Freeport-McMoRan’s dividend payout ratio is 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.