Freeport-McMoRan Inc. (NYSE:FCX) Position Reduced by Compagnie Lombard Odier SCmA

Compagnie Lombard Odier SCmA cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.2% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 92,202 shares of the natural resource company’s stock after selling 92,895 shares during the quarter. Compagnie Lombard Odier SCmA’s holdings in Freeport-McMoRan were worth $4,603,000 at the end of the most recent quarter.

Other large investors also recently made changes to their positions in the company. Hazlett Burt & Watson Inc. increased its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at about $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at about $26,000. Finally, Lynx Investment Advisory acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at about $26,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

FCX stock traded up $0.49 during midday trading on Friday, hitting $50.03. 6,415,228 shares of the company traded hands, compared to its average volume of 13,202,854. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $71.89 billion, a price-to-earnings ratio of 37.90, a price-to-earnings-growth ratio of 2.03 and a beta of 1.90. The business has a 50 day simple moving average of $44.75 and a 200-day simple moving average of $47.85.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the business earned $0.35 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities research analysts predict that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a $0.075 dividend. The ex-dividend date of this dividend is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio is 22.73%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FCX shares. Morgan Stanley dropped their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Scotiabank increased their price objective on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a report on Tuesday, October 8th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan 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.