Quintet Private Bank Europe S.A. Grows Position in Freeport-McMoRan Inc. (NYSE:FCX)

Quintet Private Bank Europe S.A. lifted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 6.4% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. 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 filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in FCX. Matrix Trust Co bought a new stake in shares of Freeport-McMoRan during the 3rd quarter valued at $25,000. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the second quarter valued at approximately $25,000. Hazlett Burt & Watson Inc. lifted its holdings in shares of Freeport-McMoRan by 1,170.7% in the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock worth $25,000 after buying an additional 480 shares in the last quarter. Lynx Investment Advisory purchased a new position in Freeport-McMoRan during the second quarter valued at $26,000. Finally, LRI Investments LLC purchased a new position in Freeport-McMoRan during the first quarter valued at $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. UBS Group upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their price objective for the company from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James lifted their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 23rd. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Morgan Stanley cut their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. Finally, Scotiabank lowered their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a “sector perform” rating for the company in a research report on Wednesday, October 23rd. Six research analysts have rated the stock with a hold rating, eight have issued 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 an average rating of “Moderate Buy” and a consensus price target of $54.00.

Freeport-McMoRan Trading Up 2.4 %

FCX traded up $1.08 during trading hours on Monday, reaching $46.67. 1,649,693 shares of the company’s stock traded hands, compared to its average volume of 12,900,756. The firm has a 50-day moving average price of $46.20 and a 200 day moving average price of $47.66. The firm has a market capitalization of $67.06 billion, a PE ratio of 33.28, a PEG ratio of 1.93 and a beta of 1.91. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts’ consensus estimates of $0.37 by $0.01. The company had revenue of $6.79 billion during the quarter, compared to analyst estimates of $6.45 billion. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm’s revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the business posted $0.39 EPS. As a group, sell-side analysts predict that Freeport-McMoRan Inc. will post 1.52 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, November 1st. Investors of record on Tuesday, October 15th were paid a $0.075 dividend. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.64%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 21.90%.

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.