Bank Pictet & Cie Europe AG Has $18.96 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Bank Pictet & Cie Europe AG lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 7.3% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 500,741 shares of the natural resource company's stock after selling 39,305 shares during the quarter. Bank Pictet & Cie Europe AG's holdings in Freeport-McMoRan were worth $18,958,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in FCX. Wellington Management Group LLP raised its position in shares of Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after buying an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Freeport-McMoRan by 21.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock valued at $1,214,203,000 after purchasing an additional 5,735,171 shares in the last quarter. Amundi raised its position in Freeport-McMoRan by 30.2% during the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock valued at $857,305,000 after purchasing an additional 5,001,531 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after purchasing an additional 4,488,210 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company's stock valued at $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Freeport-McMoRan

In related news, CAO Ellie L. Mikes sold 8,584 shares of the stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the transaction, the chief accounting officer now directly owns 48,333 shares of the company's stock, valued at $1,934,286.66. This represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.75% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently commented on FCX. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. UBS Group reduced their price objective on Freeport-McMoRan from $52.00 to $45.00 and set a "buy" rating on the stock in a research report on Tuesday, April 15th. Wolfe Research upgraded Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price for the company in a research report on Wednesday, April 16th. JPMorgan Chase & Co. reduced their price target on Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating on the stock in a report on Thursday, April 10th. Finally, Dbs Bank upgraded shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and three have issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.27.

Freeport-McMoRan Trading Up 2.3%

Shares of FCX traded up $0.94 during trading hours on Monday, hitting $41.88. 10,501,332 shares of the stock were exchanged, compared to its average volume of 13,389,929. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $52.61. The business has a 50-day moving average of $37.39 and a 200-day moving average of $38.20. The firm has a market capitalization of $60.18 billion, a P/E ratio of 32.46, a price-to-earnings-growth ratio of 0.87 and a beta of 1.64. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The business's quarterly revenue was down 9.4% on a year-over-year basis. During the same period last year, the company posted $0.32 EPS. On average, research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Tuesday, April 15th were paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.43%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan's dividend payout ratio (DPR) is presently 24.79%.

Freeport-McMoRan Company Profile

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.