Royal Palms Capital LLC Takes $1.52 Million Position in Freeport-McMoRan Inc. $FCX

Royal Palms Capital LLC purchased a new stake in Freeport-McMoRan Inc. (NYSE:FCX) during the fourth quarter, according to its most recent filing with the SEC. The firm purchased 29,911 shares of the natural resource company’s stock, valued at approximately $1,519,000. Freeport-McMoRan accounts for 1.8% of Royal Palms Capital LLC’s portfolio, making the stock its 25th biggest holding.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Kohmann Bosshard Financial Services LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $38,000. JPL Wealth Management LLC purchased a new stake in Freeport-McMoRan during the third quarter valued at approximately $33,000. Laurel Wealth Advisors LLC purchased a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $43,000. YANKCOM Partnership grew its stake in Freeport-McMoRan by 83.3% during the 4th quarter. YANKCOM Partnership now owns 869 shares of the natural resource company’s stock worth $44,000 after buying an additional 395 shares during the last quarter. Finally, Elyxium Wealth LLC purchased a new position in Freeport-McMoRan during the 4th quarter worth $45,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Up 3.8%

Shares of FCX opened at $64.32 on Wednesday. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $70.96. The company has a quick ratio of 1.13, a current ratio of 2.39 and a debt-to-equity ratio of 0.28. The company has a market capitalization of $92.46 billion, a price-to-earnings ratio of 34.21, a PEG ratio of 0.75 and a beta of 1.32. The stock’s 50-day moving average price is $61.63 and its 200-day moving average price is $56.79.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. The company had revenue of $6.23 billion during the quarter, compared to analysts’ expectations of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan’s quarterly revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 EPS. On average, sell-side analysts predict 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. The ex-dividend date was Wednesday, April 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is presently 15.96%.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Barclays initiated coverage on Freeport-McMoRan in a research note on Thursday, May 21st. They set an “overweight” rating and a $77.00 target price on the stock. Weiss Ratings upgraded Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Friday. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. Jefferies Financial Group set a $75.00 target price on Freeport-McMoRan in a research note on Thursday, April 23rd. Finally, Deutsche Bank Aktiengesellschaft restated a “buy” rating on shares of Freeport-McMoRan in a research note on Friday, May 15th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $65.72.

Freeport-McMoRan Company 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.