OppenheimerFunds Inc. reduced its position in Freeport-McMoRan Inc (NYSE:FCX) by 6.7% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 137,800 shares of the natural resource company’s stock after selling 9,940 shares during the quarter. OppenheimerFunds Inc.’s holdings in Freeport-McMoRan were worth $2,613,000 at the end of the most recent quarter.
A number of other hedge funds have also recently added to or reduced their stakes in the business. Advisor Partners LLC increased its holdings in Freeport-McMoRan by 5.2% in the 4th quarter. Advisor Partners LLC now owns 52,835 shares of the natural resource company’s stock valued at $1,055,000 after buying an additional 2,610 shares during the period. Wesbanco Bank Inc. boosted its stake in shares of Freeport-McMoRan by 19.8% in the 4th quarter. Wesbanco Bank Inc. now owns 17,615 shares of the natural resource company’s stock valued at $334,000 after purchasing an additional 2,911 shares in the last quarter. Point View Wealth Management Inc. boosted its stake in shares of Freeport-McMoRan by 17.0% in the 4th quarter. Point View Wealth Management Inc. now owns 21,554 shares of the natural resource company’s stock valued at $409,000 after purchasing an additional 3,135 shares in the last quarter. Grassi Investment Management boosted its stake in shares of Freeport-McMoRan by 6.1% in the 4th quarter. Grassi Investment Management now owns 62,800 shares of the natural resource company’s stock valued at $1,191,000 after purchasing an additional 3,600 shares in the last quarter. Finally, FDx Advisors Inc. boosted its stake in shares of Freeport-McMoRan by 14.2% in the 3rd quarter. FDx Advisors Inc. now owns 30,414 shares of the natural resource company’s stock valued at $427,000 after purchasing an additional 3,790 shares in the last quarter. 69.56% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Freeport-McMoRan Inc (FCX) opened at $18.43 on Friday. The company has a current ratio of 2.14, a quick ratio of 1.37 and a debt-to-equity ratio of 1.04. Freeport-McMoRan Inc has a 1 year low of $11.05 and a 1 year high of $20.25. The company has a market cap of $26,683.77, a P/E ratio of 15.75 and a beta of 2.42.
Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, January 25th. The natural resource company reported $0.51 EPS for the quarter, topping the consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The business had revenue of $5.04 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same period last year, the company earned $0.25 EPS. The firm’s revenue was up 15.2% compared to the same quarter last year. analysts predict that Freeport-McMoRan Inc will post 2.31 earnings per share for the current year.
In related news, VP C Donald Whitmire, Jr. sold 21,500 shares of Freeport-McMoRan stock in a transaction that occurred on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total transaction of $419,035.00. Following the sale, the vice president now directly owns 70,239 shares in the company, valued at approximately $1,368,958.11. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 1.29% of the stock is owned by company insiders.
FCX has been the topic of a number of research analyst reports. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research note on Wednesday, January 17th. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a research note on Tuesday, November 14th. B. Riley raised their price target on shares of Freeport-McMoRan from $13.00 to $16.00 and gave the company a “neutral” rating in a research note on Monday, December 11th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and raised their price target for the company from $10.00 to $14.00 in a research note on Monday, December 11th. Finally, Scotiabank restated a “hold” rating and issued a $19.00 price target on shares of Freeport-McMoRan in a research note on Monday, January 8th. Three research analysts have rated the stock with a sell rating, thirteen have issued a hold rating, five have given a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $16.49.
ILLEGAL ACTIVITY WARNING: “Freeport-McMoRan Inc (FCX) Holdings Reduced by OppenheimerFunds Inc.” was posted by The Ledger Gazette and is the property of of The Ledger Gazette. If you are reading this article on another domain, it was illegally copied and republished in violation of U.S. & international copyright laws. The legal version of this article can be accessed at https://ledgergazette.com/2018/03/11/freeport-mcmoran-inc-fcx-holdings-reduced-by-oppenheimerfunds-inc.html.
Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Freeport-McMoRan Inc (NYSE:FCX).
Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.