Freeport-McMoRan Inc. (NYSE:FCX) Shares Acquired by Regal Partners Ltd

Regal Partners Ltd boosted its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 107.8% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,061,170 shares of the natural resource company’s stock after purchasing an additional 1,069,073 shares during the period. Freeport-McMoRan comprises approximately 9.1% of Regal Partners Ltd’s investment portfolio, making the stock its 2nd biggest position. Regal Partners Ltd’s holdings in Freeport-McMoRan were worth $102,894,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of FCX. Capital Research Global Investors increased its holdings in Freeport-McMoRan by 22.0% in the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares during the period. Capital International Investors acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $417,752,000. Capital World Investors grew its holdings in Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock worth $712,600,000 after acquiring an additional 4,396,309 shares during the period. Asia Research & Capital Management Ltd acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $197,966,000. Finally, Swedbank AB acquired a new stake in Freeport-McMoRan during the 1st quarter worth about $162,464,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $43.13 on Thursday. Freeport-McMoRan Inc. has a 52 week low of $34.55 and a 52 week high of $55.24. The company’s 50 day moving average price is $46.54 and its two-hundred day moving average price is $47.46. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock has a market cap of $61.96 billion, a P/E ratio of 31.48, a P/E/G ratio of 1.88 and a beta of 1.91.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter last year, the firm earned $0.39 EPS. The company’s quarterly revenue was up 16.6% compared to the same quarter last year. On average, equities analysts predict that Freeport-McMoRan Inc. will post 1.51 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. The ex-dividend date was Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. Freeport-McMoRan’s dividend payout ratio is currently 21.90%.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on FCX shares. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. Raymond James increased their price objective on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 23rd. Finally, Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. Six investment 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. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.00.

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.