Freeport-McMoRan Inc. $FCX Stake Trimmed by Bank Pictet & Cie Europe AG

Bank Pictet & Cie Europe AG reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 17.2% during the third quarter, Holdings Channel.com reports. The institutional investor owned 134,850 shares of the natural resource company’s stock after selling 27,929 shares during the quarter. Bank Pictet & Cie Europe AG’s holdings in Freeport-McMoRan were worth $9,440,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in FCX. NBH Bank bought a new position in shares of Freeport-McMoRan during the second quarter valued at approximately $28,000. Steph & Co. lifted its stake in Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in Freeport-McMoRan in the first quarter valued at $29,000. SHP Wealth Management bought a new stake in Freeport-McMoRan in the fourth quarter valued at $30,000. Finally, MV Capital Management Inc. purchased a new position in Freeport-McMoRan during the 4th quarter valued at $34,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Down 1.4%

Freeport-McMoRan stock traded down $0.97 on Tuesday, hitting $68.78. 5,003,658 shares of the stock traded hands, compared to its average volume of 16,049,454. Freeport-McMoRan Inc. has a 1 year low of $38.54 and a 1 year high of $80.24. The firm has a market cap of $98.77 billion, a P/E ratio of 33.87, a price-to-earnings-growth ratio of 0.65 and a beta of 1.39. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The business’s fifty day simple moving average is $72.10 and its 200 day simple moving average is $66.78.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company’s revenue was down 7.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.54 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be paid a dividend of $0.0750 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.4%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Morgan Stanley upped their price objective on shares of Freeport-McMoRan from $70.00 to $75.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 7th. JPMorgan Chase & Co. lifted their target price on shares of Freeport-McMoRan from $77.00 to $92.00 and gave the company an “overweight” rating in a research note on Wednesday, October 7th. Erste Group Bank started coverage on shares of Freeport-McMoRan in a research note on Thursday, August 27th. They set a “buy” rating on the stock. Weiss Ratings upgraded shares of Freeport-McMoRan from a “buy (b-)” rating to a “buy (b)” rating in a research report on Thursday, October 8th. Finally, Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research note on Tuesday, July 21st. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $76.27.

Key Freeport-McMoRan News

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

• Positive Sentiment: Earnings expectations are supportive. Analysts expect Freeport-McMoRan’s upcoming results to show earnings growth, and Zacks says the company has factors that could increase the likelihood of an earnings beat. Stronger-than-expected results or guidance could provide a near-term catalyst. Freeport-McMoRan Earnings Expected to Grow
• Positive Sentiment: Barclays raised its price target. Barclays increased its target for FCX to $84 from $83 and maintained an “overweight” rating, implying meaningful upside from recent trading levels. The upgrade in valuation support may help sentiment, particularly if earnings meet expectations. Barclays Raises Freeport-McMoRan Price Target
• Neutral Sentiment: Broker ratings are favorable but not necessarily a strong signal. Freeport-McMoRan’s average brokerage recommendation suggests the shares are suitable for portfolios, but the analysis cautions that sell-side ratings can be overly optimistic and may not reliably indicate future performance. Freeport-McMoRan Broker Recommendations
• Neutral Sentiment: Sector-relative performance is under review. A comparison with Steel Dynamics and the broader basic-materials group may indicate whether FCX is outperforming or lagging its sector this year, but the article does not identify a new company-specific development. Basic Materials Stocks and Freeport-McMoRan Performance
• Neutral Sentiment: Earnings are expected Tuesday. The scheduled report is likely to be the next major event for FCX, with investors focused on copper production, prices, margins and forward guidance. Freeport-McMoRan Expected Earnings Announcement

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, EVP Douglas N. Currault II sold 80,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the transaction, the executive vice president owned 211,016 shares of the company’s stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total transaction of $300,459.78. Following the transaction, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Profile

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.