Lombard Odier Asset Management Switzerland SA Sells 8,031 Shares of Freeport-McMoRan Inc. $FCX

Lombard Odier Asset Management Switzerland SA cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.4% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 87,971 shares of the natural resource company’s stock after selling 8,031 shares during the quarter. Lombard Odier Asset Management Switzerland SA’s holdings in Freeport-McMoRan were worth $5,171,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Pinnacle Bancorp Inc. lifted its stake in Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock worth $118,000 after purchasing an additional 147 shares during the last quarter. Steph & Co. grew its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the last quarter. Essex Bank increased its holdings in shares of Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after buying an additional 163 shares during the period. Leo Wealth LLC increased its holdings in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company’s stock worth $347,000 after buying an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. lifted its stake in shares of Freeport-McMoRan by 0.9% in the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company’s stock valued at $1,098,000 after acquiring an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

FCX has been the subject of several analyst reports. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a report on Wednesday, July 15th. The Goldman Sachs Group decreased their price target on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. JPMorgan Chase & Co. boosted their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Raymond James Financial cut their target price on shares of Freeport-McMoRan from $72.00 to $68.00 and set an “outperform” rating on the stock in a report on Friday, April 24th. Finally, CICC Research decreased their target price on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. One research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.18.

Key Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Freeport-McMoRan Stock Down 0.1%

Shares of NYSE:FCX opened at $62.54 on Monday. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The company has a market cap of $89.90 billion, a PE ratio of 30.81, a P/E/G ratio of 0.61 and a beta of 1.37. 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 stock’s 50-day moving average is $63.58 and its 200 day moving average is $62.38.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Wednesday, July 22nd. The natural resource company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion during the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the company posted $0.54 EPS. Freeport-McMoRan’s quarterly revenue was down 7.3% compared to the same quarter last year. Sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

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.