Regal Partners Ltd Sells 61,852 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Regal Partners Ltd cut its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 3.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,999,318 shares of the natural resource company's stock after selling 61,852 shares during the quarter. Freeport-McMoRan comprises approximately 7.7% of Regal Partners Ltd's investment portfolio, making the stock its 5th biggest holding. Regal Partners Ltd owned 0.14% of Freeport-McMoRan worth $76,134,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in FCX. Wellington Management Group LLP boosted its holdings in Freeport-McMoRan by 237.4% in the fourth quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock valued at $351,041,000 after purchasing an additional 6,486,011 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Freeport-McMoRan by 21.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after buying an additional 5,735,171 shares during the last quarter. Amundi boosted its stake in shares of Freeport-McMoRan by 30.2% in the fourth quarter. Amundi now owns 21,580,960 shares of the natural resource company's stock worth $857,305,000 after buying an additional 5,001,531 shares during the last quarter. Arrowstreet Capital Limited Partnership grew its holdings in Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company's stock worth $619,682,000 after acquiring an additional 4,488,210 shares during the period. Finally, Assenagon Asset Management S.A. raised its position in Freeport-McMoRan by 142.5% during the fourth quarter. Assenagon Asset Management S.A. now owns 4,279,517 shares of the natural resource company's stock valued at $162,964,000 after acquiring an additional 2,515,103 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on FCX shares. Sanford C. Bernstein cut shares of Freeport-McMoRan from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Raymond James restated an "outperform" rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, April 14th. Finally, Argus cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, January 31st. Five equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and three have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $48.09.

Freeport-McMoRan Price Performance

FCX stock traded up $1.22 during trading on Friday, hitting $37.63. The stock had a trading volume of 11,931,176 shares, compared to its average volume of 13,749,615. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24. The company's 50-day moving average price is $36.19 and its two-hundred day moving average price is $39.60. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The stock has a market capitalization of $54.08 billion, a P/E ratio of 29.17, a PEG ratio of 0.87 and a beta of 1.71.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping the consensus estimate of $0.23 by $0.01. Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. The firm had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. During the same period in the previous year, the business earned $0.32 earnings per share. The firm's revenue for the quarter was down 9.4% on a year-over-year basis. As a group, research analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Tuesday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Tuesday, April 15th. This represents a $0.60 dividend on an annualized basis and a yield of 1.59%. Freeport-McMoRan's payout ratio is presently 24.79%.

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.