Oak Grove Capital LLC significantly increased its stake in Freeport-McMoRan Inc. (NYSE: FCX) during the third quarter, boosting its holdings by 492.3%. The investment firm now owns 149,001 shares of the natural resource company, valued at $10,430,000 after purchasing an additional 123,843 shares. Several other institutional investors also adjusted their positions in FCX, with Argus Investors Counsel Inc. acquiring a new stake worth $259,000, and Mirador Capital Partners LP raising its position by 3.7%. Institutional investors collectively own 80.77% of FCX's stock.
The recent quarterly earnings report from Freeport-McMoRan showed a profit of $0.74 per share, exceeding the consensus estimate of $0.62. The company's revenue for the quarter was $7.03 billion, surpassing analyst expectations of $6.62 billion. Despite this positive performance, Zacks Research reduced its earnings per share (EPS) estimates for multiple periods, citing potential pressure on production, copper pricing, or costs. The stock recently underperformed the broader market, possibly due to profit-taking or concerns about the lowered forecasts.
Analyst sentiment remains largely bullish, with UBS raising its price target to $88 from $77 and maintaining a Buy rating. JPMorgan Chase & Co. also increased its price target, while Morgan Stanley indicated expectations of a stock price rise. However, Sanford C. Bernstein lowered its price target to $47.00 and assigned a Market Perform rating. The consensus among analysts is a Moderate Buy, with a target price of $76.22.
Freeport-McMoRan recently declared a quarterly dividend of $0.0750 per share, payable on November 2nd. Insider activity includes significant sales by EVP Douglas N. Currault II and Director Lydia H. Kennard, reducing their positions by 27.49% and 3.00%, respectively. Insiders collectively sold 110,398 shares valued at $8,387,271 in the last ninety days.