Freeport-McMoRan (NYSE:FCX) CAO Sells 7,550 Shares of Stock

Key Points

• Freeport-McMoRan CAO Stephen Higgins sold 7,550 shares at an average price of $63, generating $475,650. Following the transaction, he retained 68,895 shares, a 9.88% reduction in his ownership.
• The company reported quarterly earnings of $0.74 per share, exceeding the $0.62 consensus estimate, while revenue of $7.03 billion also topped expectations. However, revenue declined 7.3% year over year.
• Analysts maintain a generally positive view, with a consensus “Moderate Buy” rating and an average price target of $70.27. Freeport-McMoRan also declared a quarterly dividend of $0.075 per share, equivalent to a 0.5% annual yield.

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) CAO Stephen Higgins sold 7,550 shares of the firm's stock in a transaction that occurred on Thursday, July 30th. The shares were sold at an average price of $63.00, for a total value of $475,650.00. Following the completion of the sale, the chief accounting officer directly owned 68,895 shares in the company, valued at approximately $4,340,385. The trade was a 9.88% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $1.01 on Monday, reaching $63.64. The company's stock had a trading volume of 8,949,370 shares, compared to its average volume of 17,419,682. The company has a market capitalization of $91.48 billion, a P/E ratio of 31.35, a PEG ratio of 0.63 and a beta of 1.37. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The stock has a 50-day moving average price of $63.69 and a 200-day moving average price of $62.59. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period in the prior year, the company posted $0.54 EPS. The business's quarterly revenue was down 7.3% on a year-over-year basis. Analysts expect that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th will be given a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan's dividend payout ratio is currently 14.78%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. BMO Capital Markets reiterated an "outperform" rating and issued a $78.00 target price on shares of Freeport-McMoRan in a research report on Thursday, July 23rd. Raymond James Financial reduced their price target on shares of Freeport-McMoRan from $72.00 to $68.00 and set an "outperform" rating for the company in a research report on Friday, April 24th. Sanford C. Bernstein raised their price target on shares of Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research note on Wednesday, June 10th. Morgan Stanley raised their price target on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an "equal weight" rating in a research note on Wednesday, July 8th. Finally, Weiss Ratings upgraded Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $70.27.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. KBC Group NV boosted its position in shares of Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company's stock valued at $11,267,000 after acquiring an additional 73,002 shares during the last quarter. Fifth Third Bancorp increased its position in Freeport-McMoRan by 34.5% during the first quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company's stock worth $62,478,000 after purchasing an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. acquired a new stake in Freeport-McMoRan during the fourth quarter worth about $8,857,000. Franklin Resources Inc. raised its stake in Freeport-McMoRan by 31.2% during the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company's stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Freeport-McMoRan by 205.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company's stock worth $16,122,000 after purchasing an additional 213,477 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

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.

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