Freeport-McMoRan Inc. $FCX Shares Sold by Regal Partners Ltd

Regal Partners Ltd trimmed its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 15.2% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,430,795 shares of the natural resource company’s stock after selling 434,918 shares during the period. Freeport-McMoRan makes up about 6.7% of Regal Partners Ltd’s holdings, making the stock its 5th largest holding. Regal Partners Ltd owned about 0.17% of Freeport-McMoRan worth $95,336,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Steigerwald Gordon & Koch Inc. acquired a new position in Freeport-McMoRan during the 3rd quarter worth about $25,000. Twin Peaks Wealth Advisors LLC purchased a new stake in Freeport-McMoRan during the second quarter worth about $28,000. Salomon & Ludwin LLC lifted its position in shares of Freeport-McMoRan by 1,962.9% during the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 687 shares in the last quarter. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Freeport-McMoRan in the third quarter valued at approximately $36,000. Finally, Proffitt & Goodson Inc. grew its holdings in shares of Freeport-McMoRan by 39.8% in the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 278 shares in the last quarter. 80.77% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FCX has been the topic of a number of research reports. Jefferies Financial Group increased their target price on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a report on Tuesday, February 17th. UBS Group increased their price objective on Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, January 23rd. Stifel Nicolaus boosted their target price on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research note on Wednesday, February 11th. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Finally, HSBC boosted their price objective on Freeport-McMoRan from $48.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $62.59.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $59.29 on Friday. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75. The firm’s 50 day moving average is $60.80 and its two-hundred day moving average is $49.34. The firm has a market capitalization of $85.21 billion, a P/E ratio of 39.27, a P/E/G ratio of 0.70 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.28 by $0.19. The business had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company’s revenue for the quarter was down 1.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.31 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Shareholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CFO Maree E. Robertson sold 48,500 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total transaction of $2,985,175.00. Following the transaction, the chief financial officer owned 79,894 shares of the company’s stock, valued at $4,917,475.70. The trade was a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the business’s stock in a transaction that occurred on Wednesday, February 11th. The shares were sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. This represents a 25.49% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 603,140 shares of company stock valued at $37,660,139. 0.75% of the stock is owned by insiders.

Freeport-McMoRan 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.