Bank Pictet & Cie Europe AG Has $23.68 Million Stock Position in Freeport-McMoRan Inc. $FCX

Bank Pictet & Cie Europe AG reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 6.5% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 466,140 shares of the natural resource company’s stock after selling 32,671 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Freeport-McMoRan were worth $23,675,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Great Lakes Advisors LLC increased its holdings in Freeport-McMoRan by 8.0% during the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock valued at $60,840,000 after purchasing an additional 115,285 shares in the last quarter. Summit Global Investments boosted its stake in Freeport-McMoRan by 278.4% in the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after purchasing an additional 33,959 shares in the last quarter. Arrow Capital Pty Ltd boosted its stake in Freeport-McMoRan by 88.5% in the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after purchasing an additional 53,100 shares in the last quarter. Foster Victor Wealth Advisors LLC grew its holdings in shares of Freeport-McMoRan by 5.7% during the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after purchasing an additional 20,586 shares during the last quarter. Finally, Momentum Wealth Planning LLC bought a new stake in shares of Freeport-McMoRan during the second quarter worth $3,459,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction on Friday, February 13th. The shares were sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the completion of the sale, the chief financial officer owned 79,894 shares of the company’s stock, valued at approximately $4,917,475.70. The trade was a 37.77% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Chairman Richard C. Adkerson sold 152,960 shares of the company’s stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the sale, the chairman owned 3,356,159 shares of the company’s stock, valued at $216,975,679.35. The trade was a 4.36% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 565,145 shares of company stock worth $35,839,918. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $61.25 on Thursday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $69.75. The stock has a market capitalization of $88.03 billion, a P/E ratio of 40.57, a P/E/G ratio of 0.69 and a beta of 1.48. The business has a 50-day moving average price of $61.25 and a two-hundred day moving average price of $50.96.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm earned $0.31 EPS. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. Equities analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on FCX shares. Scotiabank lifted their price target on Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a report on Thursday, February 19th. Argus raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Friday, February 13th. Wall Street Zen cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Stifel Nicolaus raised their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. Finally, HSBC boosted their price objective on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.40.

Freeport-McMoRan Company 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.