Lombard Odier Asset Management Switzerland SA Sells 8,031 Shares of Freeport-McMoRan Inc. $FCX

Lombard Odier Asset Management Switzerland SA decreased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 8.4% during the first quarter, Holdings Channel reports. The fund owned 87,971 shares of the natural resource company’s stock after selling 8,031 shares during the period. Lombard Odier Asset Management Switzerland SA’s holdings in Freeport-McMoRan were worth $5,171,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. KBC Group NV raised its position in shares of Freeport-McMoRan by 49.0% in the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock worth $11,267,000 after purchasing an additional 73,002 shares during the last quarter. Fifth Third Bancorp boosted its stake in Freeport-McMoRan by 34.5% in the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock worth $62,478,000 after purchasing an additional 272,726 shares in the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new stake in Freeport-McMoRan during the 4th quarter valued at about $8,857,000. Franklin Resources Inc. grew its position in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock valued at $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. increased its stake in Freeport-McMoRan by 205.4% during the 4th quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after purchasing an additional 213,477 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan News Roundup

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: FCX reported Q2 adjusted EPS of $0.74 and revenue of $7.03 billion, both ahead of Wall Street estimates, helped by higher realized copper and gold prices. Article Title
• Positive Sentiment: Management said the Grasberg ramp remains on schedule, U.S. operations are improving, and the brownfield copper pipeline is expanding, which supports longer-term production growth. Article Title
• Positive Sentiment: Royal Bank of Canada raised its price target on FCX to $73 from $70, signaling continued analyst confidence in the stock’s upside. Article Title
• Positive Sentiment: Several recent writeups highlighted strong income growth, free cash flow, and the benefit of firmer copper prices, reinforcing the investment case for FCX. Article Title

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. The Goldman Sachs Group decreased their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Scotiabank increased their price target on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a “sector outperform” rating in a report on Monday, June 15th. HSBC raised their price target on shares of Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Sanford C. Bernstein boosted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the stock a “market perform” rating in a report on Wednesday, June 10th. Finally, Barclays increased their target price on Freeport-McMoRan from $77.00 to $80.00 and gave the company an “overweight” rating in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $70.18.

Freeport-McMoRan Trading Down 0.1%

Freeport-McMoRan stock opened at $62.54 on Monday. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The company has a market cap of $89.90 billion, a P/E ratio of 30.81, a P/E/G ratio of 0.61 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The business has a 50-day simple moving average of $63.58 and a two-hundred day simple moving average of $62.38.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Wednesday, July 22nd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business’s quarterly revenue was down 7.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.54 EPS. Analysts predict that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.