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

Regal Partners Ltd increased its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 107.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,061,170 shares of the natural resource company's stock after buying an additional 1,069,073 shares during the period. Freeport-McMoRan comprises about 9.1% of Regal Partners Ltd's holdings, making the stock its 2nd largest position. Regal Partners Ltd owned about 0.14% of Freeport-McMoRan worth $102,894,000 at the end of the most recent quarter.

A number of other large investors have also recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company's stock worth $5,675,241,000 after acquiring an additional 1,210,833 shares during the period. Capital Research Global Investors lifted its holdings in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company's stock worth $3,427,583,000 after acquiring an additional 13,143,562 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company's stock worth $1,734,234,000 after acquiring an additional 2,392,800 shares during the period. Capital World Investors lifted its holdings in shares of 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. Finally, Clearbridge Investments LLC lifted its holdings in shares of Freeport-McMoRan by 1.4% during the 1st quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company's stock worth $679,664,000 after acquiring an additional 200,877 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Stock Up 0.3 %

Shares of FCX traded up $0.14 during mid-day trading on Thursday, reaching $43.26. 11,904,294 shares of the stock traded hands, compared to its average volume of 12,931,717. The firm has a market cap of $62.16 billion, a price-to-earnings ratio of 31.58, a P/E/G ratio of 1.88 and a beta of 1.91. The stock has a fifty day simple moving average of $46.58 and a 200 day simple moving average of $47.43. Freeport-McMoRan Inc. has a 12-month low of $35.29 and a 12-month high of $55.24. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts' consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter last year, the company earned $0.39 earnings per share. The business's quarterly revenue was up 16.6% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.69%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's payout ratio is currently 21.90%.

Wall Street Analysts Forecast Growth

FCX has been the topic of several recent analyst reports. 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 report on Wednesday, October 23rd. StockNews.com lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Scotiabank cut their price target on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Royal Bank of Canada restated a "sector perform" rating and issued a $60.00 price target on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, Morgan Stanley cut their price target on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a report on Thursday, September 19th. Six analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently 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.