Regal Partners Ltd Has $143.15 Million Holdings in Freeport-McMoRan Inc. $FCX

Regal Partners Ltd cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 23.7% in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,435,382 shares of the natural resource company’s stock after selling 755,876 shares during the quarter. Freeport-McMoRan accounts for approximately 7.8% of Regal Partners Ltd’s investment portfolio, making the stock its 2nd largest position. Regal Partners Ltd owned 0.17% of Freeport-McMoRan worth $143,152,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of FCX. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth $25,000. Steph & Co. raised its position in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock valued at $29,000 after buying an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the 1st quarter valued at about $29,000. Kemnay Advisory Services Inc. bought a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $29,000. Finally, SHP Wealth Management bought a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $30,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Weiss Ratings cut Freeport-McMoRan from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Wells Fargo & Company lifted their target price on Freeport-McMoRan from $68.00 to $70.00 and gave the stock an “overweight” rating in a report on Friday. UBS Group boosted their target price on Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research report on Tuesday, June 30th. Finally, JPMorgan Chase & Co. increased their price target on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $61.58 on Wednesday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock’s fifty day moving average is $63.68 and its two-hundred day moving average is $62.47. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $72.28. The company has a market capitalization 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.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the company earned $0.54 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 2.74 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently declared 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. This represents a $0.30 annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

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.