Freeport-McMoRan Inc. Declares Quarterly Dividend of $0.15 (NYSE:FCX)

Key Points

• Freeport-McMoRan Inc. announced a quarterly dividend of $0.15 per share to be paid on November 3rd to shareholders on record by October 15th, yielding an annualized dividend of 1.5%.
• The company reported earnings of $0.54 per share for the previous quarter, surpassing estimates, with a significant revenue of $7.58 billion, which was a 14.5% increase year-over-year.
• Despite reporting positive earnings, shares of Freeport-McMoRan fell 10.5% during midday trading, lowering the stock price to $40.59 amid a high trading volume.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) announced a quarterly dividend on Wednesday, September 24th, RTT News reports. Stockholders of record on Wednesday, October 15th will be paid a dividend of 0.15 per share by the natural resource company on Monday, November 3rd. This represents a c) annualized dividend and a dividend yield of 1.5%.

Freeport-McMoRan has a payout ratio of 13.6% meaning its dividend is sufficiently covered by earnings. Equities 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 10.5%

Shares of FCX traded down $4.77 during midday trading on Wednesday, hitting $40.59. The stock had a trading volume of 20,236,562 shares, compared to its average volume of 15,341,223. Freeport-McMoRan has a 1 year low of $27.66 and a 1 year high of $52.61. The firm has a market cap of $58.28 billion, a PE ratio of 30.75, a price-to-earnings-growth ratio of 0.84 and a beta of 1.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.47 and a quick ratio of 1.21. The stock's 50 day moving average is $43.59 and its 200 day moving average is $40.54.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. The business had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The business's revenue for the quarter was up 14.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.46 earnings per share. As a group, analysts forecast that Freeport-McMoRan will post 1.68 EPS for the current fiscal year.

Institutional Trading of Freeport-McMoRan

Several institutional investors and hedge funds have recently bought and sold shares of FCX. Stratos Investment Management LLC increased its holdings in shares of Freeport-McMoRan by 238.5% during the 1st quarter. Stratos Investment Management LLC now owns 64,519 shares of the natural resource company's stock valued at $2,443,000 after purchasing an additional 45,458 shares in the last quarter. Community Bank N.A. increased its holdings in Freeport-McMoRan by 18.5% in the 1st quarter. Community Bank N.A. now owns 39,571 shares of the natural resource company's stock worth $1,498,000 after acquiring an additional 6,188 shares in the last quarter. Arizona State Retirement System increased its holdings in Freeport-McMoRan by 2.2% in the 1st quarter. Arizona State Retirement System now owns 421,469 shares of the natural resource company's stock worth $15,957,000 after acquiring an additional 8,989 shares in the last quarter. Financial Sense Advisors Inc. increased its holdings in Freeport-McMoRan by 527.9% in the 1st quarter. Financial Sense Advisors Inc. now owns 76,127 shares of the natural resource company's stock worth $2,882,000 after acquiring an additional 64,003 shares in the last quarter. Finally, Anderson Hoagland & Co. increased its holdings in Freeport-McMoRan by 27.6% in the 1st quarter. Anderson Hoagland & Co. now owns 109,565 shares of the natural resource company's stock worth $4,148,000 after acquiring an additional 23,695 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.