29,163 Freeport-McMoRan Inc. $FCX Shares Purchased by Banque Pictet & Cie SA

Key Points

• Banque Pictet & Cie SA increased its Freeport-McMoRan stake by 14.9% in the third quarter, buying 29,163 additional shares and bringing its holdings to 224,858 shares valued at approximately $15.74 million. Institutional investors collectively own 80.77% of FCX.
• Freeport-McMoRan reported quarterly earnings of $0.74 per share, exceeding analyst expectations of $0.62, while revenue reached $7.03 billion versus the $6.62 billion consensus estimate. However, revenue declined 7.3% year over year.
• Analyst sentiment remains favorable, with FCX carrying a “Moderate Buy” average rating and an average price target of $76.22. The company also declared a quarterly dividend of $0.075 per share, equal to a 0.4% annualized yield.

Banque Pictet & Cie SA lifted its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 14.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 224,858 shares of the natural resource company's stock after purchasing an additional 29,163 shares during the quarter. Banque Pictet & Cie SA's holdings in Freeport-McMoRan were worth $15,740,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in FCX. Pinnacle Bancorp Inc. raised its position in Freeport-McMoRan by 7.9% during the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock valued at $118,000 after purchasing an additional 147 shares in the last quarter. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% during 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 in the last quarter. Richardson Financial Services Inc. lifted its holdings in shares of Freeport-McMoRan by 11.6% in the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company's stock worth $97,000 after acquiring an additional 160 shares during the last quarter. Breakwater Capital Group lifted its holdings in shares of Freeport-McMoRan by 1.0% in the 3rd quarter. Breakwater Capital Group now owns 15,930 shares of the natural resource company's stock worth $1,115,000 after acquiring an additional 160 shares during the last quarter. Finally, Essex Bank grew its holdings in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after purchasing an additional 163 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $69.33 on Friday. The stock's 50-day moving average is $72.12 and its 200 day moving average is $66.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. Freeport-McMoRan Inc. has a 1-year low of $38.54 and a 1-year high of $80.24. The company has a market cap of $99.57 billion, a P/E ratio of 34.16, a PEG ratio of 0.66 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same quarter last year, the company posted $0.54 earnings per share. The business's quarterly revenue was down 7.3% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 2.90 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

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

Analyst Ratings Changes

FCX has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $77.00 to $92.00 and gave the company an "overweight" rating in a report on Wednesday, October 7th. Sanford C. Bernstein reduced their price target on Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating on the stock in a report on Wednesday, September 9th. Stifel Nicolaus boosted their price target on Freeport-McMoRan from $76.00 to $80.00 and gave the company a "buy" rating in a report on Tuesday, July 21st. Wall Street Zen lowered Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Saturday, August 8th. Finally, The Goldman Sachs Group reissued a "buy" rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. One analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $76.22.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 4,773 shares of the business's stock in a transaction on Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Stephen T. Higgins sold 14,277 shares of the stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This represents a 20.72% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 110,398 shares of company stock valued at $8,387,271 over the last quarter. Insiders own 0.73% of the company's stock.

About Freeport-McMoRan

Freeport-McMoRan Inc NYSE: FCX is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.

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