Regal Investment Advisors LLC Sells 1,931 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Regal Investment Advisors LLC reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 17.8% in the second quarter, HoldingsChannel reports. The firm owned 8,889 shares of the natural resource company’s stock after selling 1,931 shares during the quarter. Regal Investment Advisors LLC’s holdings in Freeport-McMoRan were worth $432,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Spectrum Wealth Counsel LLC bought a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $25,000. Hazlett Burt & Watson Inc. grew its holdings in Freeport-McMoRan by 1,170.7% during the second quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after purchasing an additional 480 shares during the period. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the second quarter worth about $26,000. LRI Investments LLC bought a new position in shares of Freeport-McMoRan in the first quarter worth about $26,000. Finally, RFP Financial Group LLC lifted its position in shares of Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock opened at $50.38 on Wednesday. The firm has a market capitalization of $72.37 billion, a PE ratio of 44.58, a price-to-earnings-growth ratio of 2.89 and a beta of 1.89. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The firm has a 50-day moving average price of $43.83 and a 200-day moving average price of $47.61. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. During the same quarter in the previous year, the business earned $0.35 earnings per share. The company’s revenue for the quarter was up 15.5% compared to the same quarter last year. As a group, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.61 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.60%. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the stock from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James increased their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday, September 26th. Finally, Scotiabank cut Freeport-McMoRan from a “sector outperform” rating to a “sector perform” rating and set a $52.00 target price for the company. in a research report on Monday. Six analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.93.

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.