Banque Pictet & Cie SA Increases Holdings in Freeport-McMoRan Inc. $FCX

Banque Pictet & Cie SA raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 0.9% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 596,843 shares of the natural resource company’s stock after purchasing an additional 5,172 shares during the quarter. Banque Pictet & Cie SA’s holdings in Freeport-McMoRan were worth $25,873,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in FCX. Brighton Jones LLC boosted its position in Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after buying an additional 2,882 shares during the last quarter. Bison Wealth LLC increased its holdings in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares during the last quarter. Wealth Enhancement Advisory Services LLC raised its position in shares of Freeport-McMoRan by 14.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 180,623 shares of the natural resource company’s stock valued at $6,878,000 after purchasing an additional 22,206 shares in the last quarter. 111 Capital purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at approximately $503,000. Finally, Confluence Investment Management LLC grew its position in shares of Freeport-McMoRan by 3.3% during the first quarter. Confluence Investment Management LLC now owns 14,630 shares of the natural resource company’s stock worth $554,000 after buying an additional 463 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on FCX. Wall Street Zen raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, July 26th. Bank of America lowered shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and set a $42.00 target price on the stock. in a research note on Wednesday. Stifel Nicolaus started coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They set a “buy” rating and a $56.00 price target on the stock. Citigroup boosted their price objective on Freeport-McMoRan from $44.00 to $48.00 and gave the company a “neutral” rating in a report on Tuesday, July 8th. Finally, Raymond James Financial reduced their target price on Freeport-McMoRan from $55.00 to $46.00 and set an “outperform” rating on the stock in a report on Thursday. Two analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and ten have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $47.00.

Freeport-McMoRan Trading Down 6.1%

NYSE:FCX opened at $35.38 on Friday. The company has a market capitalization of $50.80 billion, a P/E ratio of 26.80, a P/E/G ratio of 0.70 and a beta of 1.59. The stock’s 50 day moving average price is $43.28 and its 200 day moving average price is $40.53. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 EPS for the quarter, topping the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The company’s revenue for the quarter was up 14.5% compared to the same quarter last year. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.7%. The ex-dividend date of this dividend is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 22.73%.

Freeport-McMoRan Company 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.