Lombard Odier Asset Management Switzerland SA Boosts Position in Freeport-McMoRan Inc. $FCX

Lombard Odier Asset Management Switzerland SA boosted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 530.1% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 96,002 shares of the natural resource company’s stock after buying an additional 80,767 shares during the quarter. Lombard Odier Asset Management Switzerland SA’s holdings in Freeport-McMoRan were worth $4,876,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Kemnay Advisory Services Inc. purchased a new position in Freeport-McMoRan during the 4th quarter worth approximately $29,000. JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at about $33,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $38,000. Modus Advisors LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at about $40,000. Finally, Key Financial Inc raised its stake in shares of Freeport-McMoRan by 32.3% during the 4th quarter. Key Financial Inc now owns 828 shares of the natural resource company’s stock valued at $42,000 after buying an additional 202 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $70.16 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $72.09. The business has a 50-day moving average price of $64.59 and a 200 day moving average price of $59.58. The firm has a market cap of $100.85 billion, a PE ratio of 37.32, a P/E/G ratio of 0.86 and a beta of 1.35.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a net margin of 10.34% and a return on equity of 9.88%. The firm’s revenue was up 8.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.24 EPS. Sell-side analysts predict that Freeport-McMoRan Inc. will post 2.51 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Investors of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is presently 15.96%.

Analyst Ratings Changes

Several research firms have recently weighed in on FCX. Wells Fargo & Company cut their target price on shares of Freeport-McMoRan from $77.00 to $68.00 and set an “overweight” rating for the company in a report on Friday, April 24th. Citigroup cut their target price on shares of Freeport-McMoRan from $67.00 to $66.00 and set a “buy” rating for the company in a report on Friday, May 1st. HSBC lifted their target price on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Jefferies Financial Group lifted their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, JPMorgan Chase & Co. cut their target price on shares of Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating for the company in a report on Monday, April 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $67.31.

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.