Royal Palms Capital LLC Purchases New Stake in Freeport-McMoRan Inc. $FCX

Royal Palms Capital LLC acquired a new position in Freeport-McMoRan Inc. (NYSE:FCX) in the 4th quarter, Holdings Channel reports. The firm acquired 29,911 shares of the natural resource company’s stock, valued at approximately $1,519,000. Freeport-McMoRan comprises 1.8% of Royal Palms Capital LLC’s investment portfolio, making the stock its 25th biggest position.

Several other hedge funds also recently added to or reduced their stakes in the business. JPL Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the third quarter worth $33,000. Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Freeport-McMoRan during the third quarter worth $36,000. Kohmann Bosshard Financial Services LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $38,000. Laurel Wealth Advisors LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth $43,000. Finally, YANKCOM Partnership raised its stake in shares of Freeport-McMoRan by 83.3% in the fourth quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock valued at $44,000 after acquiring an additional 395 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on FCX shares. Scotiabank reduced their price objective on Freeport-McMoRan from $71.00 to $67.00 and set a “sector perform” rating on the stock in a research note on Friday, April 24th. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. CICC Research reduced their price objective on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research note on Tuesday, April 28th. Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and four have given a Hold rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $65.72.

Freeport-McMoRan Stock Up 3.8%

FCX opened at $64.32 on Wednesday. The business’s 50-day simple moving average is $61.63 and its 200-day simple moving average is $56.79. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $70.96. The stock has a market capitalization of $92.46 billion, a P/E ratio of 34.21, a price-to-earnings-growth ratio of 0.75 and a beta of 1.32.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The business had revenue of $6.23 billion for the quarter, compared to analysts’ expectations of $5.73 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The business’s revenue was up 8.8% compared to the same quarter last year. Analysts anticipate that Freeport-McMoRan Inc. will post 2.56 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, May 1st. Shareholders of record on Wednesday, April 15th were issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

About Freeport-McMoRan

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.