Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) announced a quarterly dividend on Wednesday, June 25th, RTT News reports. Shareholders of record on Tuesday, July 15th will be given a dividend of 0.15 per share by the natural resource company on Friday, August 1st. This represents a $0.60 annualized dividend and a yield of 1.37%.
Freeport-McMoRan has a dividend payout ratio of 13.6% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Freeport-McMoRan to earn $2.16 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 13.9%.
Freeport-McMoRan Trading Down 1.4%
NYSE FCX traded down $0.63 during trading on Friday, hitting $43.83. 13,658,987 shares of the company's stock traded hands, compared to its average volume of 13,403,291. The stock has a fifty day moving average of $39.22 and a two-hundred day moving average of $38.18. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.32 and a quick ratio of 1.13. Freeport-McMoRan has a 12-month low of $27.66 and a 12-month high of $52.61. The firm has a market cap of $62.99 billion, a P/E ratio of 36.23, a PEG ratio of 0.87 and a beta of 1.64.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings data on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The firm had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.11% and a return on equity of 7.03%. The company's quarterly revenue was down 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.32 earnings per share. As a group, sell-side analysts expect that Freeport-McMoRan will post 1.68 EPS for the current year.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on the stock. Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price objective for the company in a research note on Thursday, March 6th. JPMorgan Chase & Co. lowered their price objective on shares of Freeport-McMoRan from $52.00 to $42.00 and set an "overweight" rating for the company in a research note on Thursday, April 10th. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a research note on Monday, March 10th. Raymond James Financial reaffirmed an "outperform" rating and set a $52.00 price objective on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Royal Bank Of Canada increased their price target on shares of Freeport-McMoRan from $52.00 to $54.00 and gave the stock a "sector perform" rating in a research note on Wednesday, June 4th. Four investment analysts have rated the stock with a hold rating, nine have given a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $48.27.
Check Out Our Latest Report on FCX
Insider Buying and Selling at Freeport-McMoRan
In other news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction that occurred on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer now directly owns 48,333 shares in the company, valued at approximately $1,934,286.66. This trade represents a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.75% of the company's stock.
Hedge Funds Weigh In On Freeport-McMoRan
A hedge fund recently raised its stake in Freeport-McMoRan stock. Bison Wealth LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 5.6% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 9,616 shares of the natural resource company's stock after purchasing an additional 507 shares during the period. Bison Wealth LLC's holdings in Freeport-McMoRan were worth $366,000 as of its most recent SEC filing. Institutional investors and hedge funds own 80.77% of the company's stock.
About Freeport-McMoRan
(
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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.
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