Quintet Private Bank Europe S.A. Raises Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Quintet Private Bank Europe S.A. raised its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 6,550 shares of the natural resource company’s stock after buying an additional 395 shares during the quarter. Quintet Private Bank Europe S.A.’s holdings in Freeport-McMoRan were worth $327,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the company. Matrix Trust Co purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth approximately $25,000. Spectrum Wealth Counsel LLC purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. Hazlett Burt & Watson Inc. boosted its position 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 worth $25,000 after purchasing an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new position in Freeport-McMoRan during the 2nd quarter worth $26,000. Finally, LRI Investments LLC acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $26,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on FCX shares. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank dropped their price target on Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating on the stock in a research note on Wednesday, October 23rd. Raymond James lifted their target price on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a report on Wednesday, October 23rd. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $54.00.

Freeport-McMoRan Stock Performance

NYSE FCX traded up $1.08 during mid-day trading on Monday, reaching $46.67. 1,649,693 shares of the stock were exchanged, compared to its average volume of 12,900,756. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The business’s 50 day moving average is $46.20 and its 200-day moving average is $47.66. The company has a market capitalization of $67.06 billion, a P/E ratio of 33.28, a P/E/G ratio of 1.93 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company’s quarterly revenue was up 16.6% on a year-over-year basis. During the same period last year, the firm earned $0.39 EPS. On average, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were paid a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.64%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 21.90%.

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.