Bank Pictet & Cie Europe AG Has $21.19 Million Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Bank Pictet & Cie Europe AG raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 321.0% during the 3rd quarter, Holdings Channel reports. The fund owned 424,494 shares of the natural resource company’s stock after acquiring an additional 323,670 shares during the period. Bank Pictet & Cie Europe AG’s holdings in Freeport-McMoRan were worth $21,191,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of FCX. Truist Financial Corp increased its stake in shares of Freeport-McMoRan by 22.8% during the second quarter. Truist Financial Corp now owns 135,608 shares of the natural resource company’s stock worth $6,591,000 after purchasing an additional 25,214 shares during the period. Norden Group LLC increased its position in Freeport-McMoRan by 1,823.1% during the 1st quarter. Norden Group LLC now owns 249,885 shares of the natural resource company’s stock worth $11,750,000 after buying an additional 236,891 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 1.0% during the first quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock worth $5,675,241,000 after buying an additional 1,210,833 shares in the last quarter. SageView Advisory Group LLC bought a new stake in shares of Freeport-McMoRan in the first quarter valued at about $770,000. Finally, Verde Servicos Internacionais S.A. bought a new stake in shares of Freeport-McMoRan in the third quarter valued at about $5,515,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 1.2 %

FCX stock opened at $48.53 on Wednesday. The firm has a 50-day moving average price of $45.74 and a 200-day moving average price of $47.86. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $69.71 billion, a P/E ratio of 42.95, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating the consensus estimate of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm’s revenue was up 16.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.39 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 1.58 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.62%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Analyst Ratings Changes

FCX has been the subject of several analyst reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank raised their target price on shares of Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. Finally, StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $53.92.

About Freeport-McMoRan

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.