Freeport-McMoRan Inc. (NYSE:FCX) Plans $0.07 Quarterly Dividend

Key Points

• Freeport-McMoRan declared a quarterly dividend of $0.075 per share, equivalent to $0.30 annually and a yield of approximately 0.4%. Shareholders of record on October 15 will be paid on November 2.
• The company’s latest quarterly results beat expectations, reporting adjusted earnings of $0.74 per share versus the $0.62 consensus and revenue of $7.03 billion versus estimates of $6.62 billion.
• FCX shares recently traded at $72.63, while insiders sold 110,398 shares worth $8.4 million over the past 90 days; institutional investors own approximately 80.77% of the stock.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) announced a quarterly dividend on Wednesday, September 23rd. Shareholders of record on Thursday, October 15th will be paid a dividend of 0.075 per share by the natural resource company on Monday, November 2nd. This represents a c) dividend on an annualized basis and a yield of 0.4%. The ex-dividend date is Thursday, October 15th.

Freeport-McMoRan has increased its dividend payment by an average of 0.6%annually over the last three years. Freeport-McMoRan has a dividend payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $3.76 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 8.0%.

Freeport-McMoRan Price Performance

FCX stock traded down $1.72 during trading on Wednesday, hitting $72.63. 8,925,013 shares of the stock traded hands, compared to its average volume of 16,607,674. The stock has a market cap of $104.30 billion, a price-to-earnings ratio of 35.78, a P/E/G ratio of 0.71 and a beta of 1.41. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan has a one year low of $35.15 and a one year high of $80.24. The company has a 50 day simple moving average of $69.12 and a 200 day simple moving average of $64.91.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating analysts' consensus estimates of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The firm had revenue of $7.03 billion during the quarter, compared to analysts' expectations of $6.62 billion. During the same period last year, the firm posted $0.54 EPS. The business's revenue was down 7.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan will post 2.82 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CAO Stephen Higgins sold 14,277 shares of the business's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Douglas Currault, II sold 80,000 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the sale, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. This represents a 27.49% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 110,398 shares of company stock worth $8,387,271 in the last ninety days. 0.73% of the stock is currently owned by corporate insiders.

Institutional Trading of Freeport-McMoRan

Large investors have recently bought and sold shares of the business. Strategic Investment Solutions Inc. IL acquired a new position in Freeport-McMoRan in the 4th quarter worth about $25,000. NBH Bank bought a new stake in shares of Freeport-McMoRan during the second quarter worth about $28,000. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock valued at $29,000 after buying an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in Freeport-McMoRan in the 1st quarter valued at approximately $29,000. Finally, SHP Wealth Management bought a new position in Freeport-McMoRan in the 4th quarter valued at approximately $30,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.

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