Banque Pictet & Cie SA bought a new stake in Freeport-McMoRan Inc (NYSE:FCX) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 25,000 shares of the natural resource company’s stock, valued at approximately $322,000.
Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Legal & General Group Plc boosted its stake in shares of Freeport-McMoRan by 3.6% during the third quarter. Legal & General Group Plc now owns 6,856,852 shares of the natural resource company’s stock valued at $95,452,000 after purchasing an additional 236,194 shares in the last quarter. Belpointe Asset Management LLC bought a new position in shares of Freeport-McMoRan during the third quarter valued at approximately $118,000. Marshall Wace North America L.P. boosted its stake in shares of Freeport-McMoRan by 511.8% during the third quarter. Marshall Wace North America L.P. now owns 200,043 shares of the natural resource company’s stock valued at $2,785,000 after purchasing an additional 167,343 shares in the last quarter. Federated Investors Inc. PA boosted its stake in shares of Freeport-McMoRan by 153.9% during the third quarter. Federated Investors Inc. PA now owns 1,263,054 shares of the natural resource company’s stock valued at $17,581,000 after purchasing an additional 765,608 shares in the last quarter. Finally, Vanguard Group Inc boosted its stake in shares of Freeport-McMoRan by 3.6% during the third quarter. Vanguard Group Inc now owns 154,818,850 shares of the natural resource company’s stock valued at $2,155,078,000 after purchasing an additional 5,375,340 shares in the last quarter. Institutional investors and hedge funds own 71.11% of the company’s stock.
FCX has been the topic of a number of recent research reports. Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $14.00 to $16.00 in a research note on Tuesday, February 19th. ValuEngine downgraded shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Thursday, January 24th. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and dropped their price objective for the company from $16.00 to $14.00 in a research note on Tuesday, February 12th. UBS Group set a $14.00 price objective on shares of Freeport-McMoRan and gave the company a “hold” rating in a research note on Friday, April 5th. Finally, Raymond James dropped their price objective on shares of Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating on the stock in a research note on Friday, January 25th. Three investment analysts have rated the stock with a sell rating, ten have issued a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $15.01.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 7,425 shares of the firm’s stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $11.58, for a total value of $85,981.50. Following the completion of the sale, the vice president now directly owns 67,974 shares in the company, valued at $787,138.92. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.98% of the stock is owned by company insiders.
Shares of FCX opened at $11.37 on Thursday. The company has a market capitalization of $16.70 billion, a price-to-earnings ratio of 7.48 and a beta of 2.21. Freeport-McMoRan Inc has a twelve month low of $9.60 and a twelve month high of $18.38. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.77 and a quick ratio of 1.39.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 25th. The natural resource company reported $0.05 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.08 by ($0.03). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. Freeport-McMoRan’s revenue was down 22.1% on a year-over-year basis. During the same quarter last year, the business earned $0.46 earnings per share. On average, equities analysts predict that Freeport-McMoRan Inc will post 0.46 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a $0.05 dividend. The ex-dividend date was Friday, April 12th. This represents a $0.20 annualized dividend and a yield of 1.76%. Freeport-McMoRan’s dividend payout ratio (DPR) is 13.16%.
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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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