Compagnie Lombard Odier SCmA Decreases Stake in Freeport-McMoRan Inc. $FCX

Key Points

• Compagnie Lombard Odier SCmA has reduced its stake in Freeport-McMoRan Inc. by 16% in the second quarter, now holding 77,752 shares valued at approximately $3.37 million.
• Freeport-McMoRan reported quarterly earnings of $0.54 per share, exceeding analyst estimates of $0.45, with revenue of $7.58 billion, marking a 14.5% increase from the prior year.
• The company recently announced a quarterly dividend of $0.15 per share, translating to an annualized dividend yield of 1.3% and a payout ratio of 22.73%.

Compagnie Lombard Odier SCmA lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 16.0% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 77,752 shares of the natural resource company's stock after selling 14,820 shares during the quarter. Compagnie Lombard Odier SCmA's holdings in Freeport-McMoRan were worth $3,371,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of FCX. City Holding Co. purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $33,000. Bernard Wealth Management Corp. acquired a new stake in shares of Freeport-McMoRan during the 4th quarter valued at approximately $35,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan during the 1st quarter valued at approximately $37,000. CKW Financial Group acquired a new stake in Freeport-McMoRan in the first quarter worth $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in Freeport-McMoRan in the first quarter worth $42,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Up 0.3%

Shares of FCX opened at $45.10 on Tuesday. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $52.61. The business's fifty day moving average is $43.56 and its 200-day moving average is $40.51. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. The firm has a market cap of $64.75 billion, a price-to-earnings ratio of 34.16, a PEG ratio of 0.84 and a beta of 1.59.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, topping analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to analyst estimates of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.Freeport-McMoRan's quarterly revenue was up 14.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.46 EPS. Equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Tuesday, July 15th. Freeport-McMoRan's payout ratio is currently 22.73%.

Wall Street Analysts Forecast Growth

FCX has been the subject of several recent analyst reports. Royal Bank Of Canada increased their price target on Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. BMO Capital Markets reduced their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. JPMorgan Chase & Co. increased their price objective on Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research note on Wednesday, July 9th. Stifel Nicolaus started coverage on Freeport-McMoRan in a research note on Wednesday, July 9th. They set a "buy" rating and a $56.00 price target for the company. Finally, BNP Paribas Exane raised their price target on Freeport-McMoRan from $52.00 to $56.00 and gave the stock an "outperform" rating in a research note on Monday, September 15th. Two investment analysts have rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $51.33.

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.

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