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

Key Points

• Regal Partners Ltd increased its stake in Freeport-McMoRan Inc. by 13.2% in the first quarter, owning over 2.26 million shares, making it the fund's 5th largest holding.
• Several institutional investors, including Stratos Investment Management and Financial Sense Advisors, significantly increased their holdings in Freeport-McMoRan during the same period, indicating strong institutional interest.
• Freeport-McMoRan recently reported a quarterly earnings per share (EPS) of $0.54, surpassing analyst expectations, and declared a quarterly dividend of $0.15, reflecting a dividend yield of 1.4%.

Regal Partners Ltd grew its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 13.2% in the first quarter, according to its most recent filing with the SEC. The fund owned 2,264,195 shares of the natural resource company's stock after acquiring an additional 264,877 shares during the period. Freeport-McMoRan comprises about 8.6% of Regal Partners Ltd's portfolio, making the stock its 5th largest holding. Regal Partners Ltd owned 0.16% of Freeport-McMoRan worth $85,722,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Stratos Investment Management LLC lifted its position in shares of Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after acquiring an additional 45,458 shares during the last quarter. Community Bank N.A. lifted its holdings in shares of Freeport-McMoRan by 18.5% in the first quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock valued at $1,498,000 after purchasing an additional 6,188 shares in the last quarter. Arizona State Retirement System lifted its holdings in shares of Freeport-McMoRan by 2.2% in the first quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock valued at $15,957,000 after purchasing an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. lifted its holdings in shares of Freeport-McMoRan by 527.9% in the first quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock valued at $2,882,000 after purchasing an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. lifted its holdings in shares of Freeport-McMoRan by 27.6% in the first quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock valued at $4,148,000 after purchasing an additional 23,695 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Wall Street Analyst Weigh In

FCX has been the subject of a number of research analyst reports. BMO Capital Markets reduced their target price on Freeport-McMoRan from $55.00 to $54.00 and set an "outperform" rating for the company in a report on Thursday, July 24th. Citigroup increased their target price on Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Scotiabank increased their target price on Freeport-McMoRan from $48.00 to $52.00 and gave the company a "sector outperform" rating in a report on Wednesday, July 9th. Raymond James Financial restated an "outperform" rating and issued a $52.00 target price on shares of Freeport-McMoRan in a report on Friday, April 25th. Finally, Stifel Canada upgraded Freeport-McMoRan to a "strong-buy" rating in a report on Tuesday, July 8th. Eight analysts have rated the stock with a hold rating, nine have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $51.00.

Insider Activity

In other news, CAO Ellie L. Mikes sold 8,584 shares of the firm's stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the sale, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.79% of the company's stock.

Freeport-McMoRan Trading Up 1.5%

Freeport-McMoRan stock opened at $42.10 on Wednesday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The company has a market capitalization of $60.50 billion, a price-to-earnings ratio of 31.89, a PEG ratio of 0.76 and a beta of 1.63. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $52.61. The company's fifty day moving average price is $42.94 and its two-hundred day moving average price is $39.11.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%. The firm's revenue was up 14.5% compared to the same quarter last year. During the same period last year, the business posted $0.46 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 1st. Stockholders of record on Tuesday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.4%. Freeport-McMoRan's dividend payout ratio is currently 22.73%.

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.

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