Freeport-McMoRan Inc. $FCX is Regal Partners Ltd’s 2nd Largest Position

Regal Partners Ltd reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 23.7% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,435,382 shares of the natural resource company’s stock after selling 755,876 shares during the quarter. Freeport-McMoRan comprises about 7.8% of Regal Partners Ltd’s portfolio, making the stock its 2nd biggest position. Regal Partners Ltd’s holdings in Freeport-McMoRan were worth $143,152,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Freeport-McMoRan in the 4th quarter worth $25,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the first quarter valued at $29,000. Kemnay Advisory Services Inc. bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $29,000. Finally, SHP Wealth Management bought a new stake in shares of Freeport-McMoRan in the fourth quarter valued at about $30,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Trading Down 1.8%

Freeport-McMoRan stock opened at $61.58 on Wednesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a market cap of $88.53 billion, a PE ratio of 30.34, a price-to-earnings-growth ratio of 0.64 and a beta of 1.37. The stock has a 50-day moving average of $63.68 and a two-hundred day moving average of $62.47. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $72.28.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the previous year, the firm earned $0.54 earnings per share. The company’s revenue was down 7.3% on a year-over-year basis. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 2.74 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a $0.075 dividend. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 14.78%.

Analyst Ratings Changes

Several research analysts have issued reports on FCX shares. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a report on Monday, June 8th. Bank of America upped their price target on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. CICC Research dropped their price objective on shares of Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Royal Bank Of Canada increased their price objective on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. Finally, Sanford C. Bernstein lifted their price objective on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a “market perform” rating in a report on Wednesday, June 10th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Freeport-McMoRan Company Profile

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.