Pictet Asset Management Holding SA Sells 29,550 Shares of Freeport-McMoRan Inc. $FCX

Pictet Asset Management Holding SA decreased its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 3.9% in the first quarter, Holdings Channel.com reports. The institutional investor owned 725,473 shares of the natural resource company’s stock after selling 29,550 shares during the period. Pictet Asset Management Holding SA’s holdings in Freeport-McMoRan were worth $42,633,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Union Bancaire Privee UBP SA grew its stake in shares of Freeport-McMoRan by 29.4% in the first quarter. Union Bancaire Privee UBP SA now owns 93,334 shares of the natural resource company’s stock worth $5,486,000 after acquiring an additional 21,182 shares during the period. Sterling Capital Management LLC lifted its position in Freeport-McMoRan by 272.3% during the first quarter. Sterling Capital Management LLC now owns 10,366 shares of the natural resource company’s stock valued at $609,000 after purchasing an additional 7,582 shares during the period. Cambient Family Office LLC boosted its holdings in Freeport-McMoRan by 25.0% in the first quarter. Cambient Family Office LLC now owns 5,038 shares of the natural resource company’s stock worth $296,000 after purchasing an additional 1,007 shares during the last quarter. Maridea Wealth Management LLC purchased a new stake in Freeport-McMoRan in the first quarter worth approximately $921,000. Finally, Pinnacle Wealth Management Advisory Group LLC boosted its holdings in Freeport-McMoRan by 10.6% in the first quarter. Pinnacle Wealth Management Advisory Group LLC now owns 12,895 shares of the natural resource company’s stock worth $758,000 after purchasing an additional 1,232 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Up 2.1%

FCX opened at $62.92 on Wednesday. The company has a current ratio of 2.39, a quick ratio of 1.13 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a market capitalization of $90.45 billion, a PE ratio of 33.47, a PEG ratio of 0.74 and a beta of 1.35. The firm’s 50 day simple moving average is $64.33 and its two-hundred day simple moving average is $61.06.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.10. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter last year, the company posted $0.24 EPS. The company’s revenue was up 8.8% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s payout ratio is 15.96%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. JPMorgan Chase & Co. decreased their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a research note on Monday, April 27th. UBS Group raised their price target on Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday. Scotiabank lifted their price objective on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. Citigroup reduced their price objective on Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a research report on Friday, May 1st. Finally, Jefferies Financial Group increased their target price on Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $68.36.

About Freeport-McMoRan

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.