Freeport-McMoRan Inc. (NYSE:FCX) CEO Sells $2,781,271.38 in Stock

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) CEO Richard C. Adkerson sold 54,771 shares of the firm's stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the transaction, the chief executive officer now directly owns 3,652,478 shares in the company, valued at $185,472,832.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

Freeport-McMoRan Trading Up 0.8 %

NYSE FCX traded up $0.40 during trading hours on Tuesday, hitting $51.39. 13,065,642 shares of the company's stock were exchanged, compared to its average volume of 14,290,874. The firm has a market cap of $73.71 billion, a price-to-earnings ratio of 45.13, a PEG ratio of 8.19 and a beta of 2.02. The stock has a 50-day simple moving average of $46.12 and a 200 day simple moving average of $41.02. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $52.52.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. Freeport-McMoRan's revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. On average, equities analysts forecast that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were given a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 26.55%.

Analysts Set New Price Targets

Several brokerages have commented on FCX. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $55.00 to $53.00 and set a "sector outperform" rating for the company in a research report on Wednesday, April 24th. Argus raised their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a "buy" rating in a research report on Thursday, April 25th. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price target for the company in a report on Tuesday, April 9th. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a "hold" rating in a research note on Tuesday, April 23rd. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a "neutral" rating for the company in a report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $50.07.

Institutional Trading of Freeport-McMoRan

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FCX. CM Management LLC increased its holdings in shares of Freeport-McMoRan by 80.0% during the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company's stock valued at $1,342,000 after acquiring an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC increased its stake in Freeport-McMoRan by 6.4% during the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company's stock valued at $14,726,000 after purchasing an additional 20,894 shares in the last quarter. Cadinha & Co. LLC raised its holdings in Freeport-McMoRan by 59.0% during the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company's stock worth $27,572,000 after buying an additional 240,340 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of Freeport-McMoRan by 1.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company's stock valued at $279,977,000 after buying an additional 102,466 shares in the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its holdings in shares of Freeport-McMoRan by 57.4% during the third quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company's stock valued at $201,039,000 after buying an additional 1,965,987 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

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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