Lombard Odier Asset Management Europe Ltd Trims Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Lombard Odier Asset Management Europe Ltd lessened its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 33.8% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 64,399 shares of the natural resource company’s stock after selling 32,825 shares during the quarter. Lombard Odier Asset Management Europe Ltd’s holdings in Freeport-McMoRan were worth $3,130,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of FCX. Tompkins Financial Corp grew its holdings in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock valued at $3,012,000 after buying an additional 203 shares during the period. Proficio Capital Partners LLC increased its stake in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after acquiring an additional 207 shares during the last quarter. Kingsview Wealth Management LLC grew its holdings in shares of Freeport-McMoRan by 4.3% during the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after purchasing an additional 214 shares during the period. Finally, MV Capital Management Inc. increased its position in shares of Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the subject of a number of recent research reports. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 target price on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Scotiabank reduced their price objective on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research note on Monday, August 19th. Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Morgan Stanley lowered their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research note on Thursday, September 19th. Finally, StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Wednesday, September 18th. Four research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Up 1.4 %

Shares of FCX stock opened at $45.14 on Tuesday. The company has a market capitalization of $64.84 billion, a price-to-earnings ratio of 39.95, a PEG ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. The stock’s 50 day simple moving average is $43.45 and its 200 day simple moving average is $47.26. Freeport-McMoRan Inc. has a twelve month low of $32.83 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The business had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s revenue for the quarter was up 15.5% on a year-over-year basis. During the same period in the previous year, the company earned $0.35 earnings per share. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Investors of record on Monday, July 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Monday, July 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.33%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.