Freeport-McMoRan Inc (NYSE:FCX) Director Courtney Mather sold 75,000 shares of the company’s stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total transaction of $836,250.00. Following the completion of the sale, the director now directly owns 152,133 shares of the company’s stock, valued at approximately $1,696,282.95. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Shares of FCX stock opened at $12.24 on Friday. The company has a quick ratio of 1.78, a current ratio of 2.84 and a debt-to-equity ratio of 0.83. The stock has a market cap of $16.53 billion, a price-to-earnings ratio of 10.46 and a beta of 2.48. Freeport-McMoRan Inc has a 1-year low of $10.59 and a 1-year high of $20.25.
Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The company had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.50 billion. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. Freeport-McMoRan’s revenue was up 13.9% compared to the same quarter last year. During the same quarter last year, the firm posted $0.34 earnings per share. Equities research analysts anticipate that Freeport-McMoRan Inc will post 1.66 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were paid a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.63%. The ex-dividend date of this dividend was Friday, October 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.
A number of equities research analysts recently issued reports on FCX shares. ValuEngine lowered shares of Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Tuesday, October 2nd. Deutsche Bank raised shares of Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Thursday, July 26th. Barclays started coverage on shares of Freeport-McMoRan in a report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price objective for the company. Bank of America raised shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 price objective for the company in a report on Thursday, August 2nd. Finally, Citigroup dropped their price objective on shares of Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a report on Wednesday, October 17th. Three analysts have rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $17.18.
A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. boosted its stake in Freeport-McMoRan by 27.2% during the second quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock worth $283,000 after buying an additional 3,200 shares during the period. Independent Advisor Alliance boosted its stake in Freeport-McMoRan by 9.6% during the second quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock worth $583,000 after buying an additional 3,311 shares during the period. Atlas Capital Advisors LLC boosted its stake in Freeport-McMoRan by 34.2% during the second quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock worth $227,000 after buying an additional 3,445 shares during the period. Gibraltar Capital Management Inc. boosted its stake in Freeport-McMoRan by 1.1% during the second quarter. Gibraltar Capital Management Inc. now owns 365,060 shares of the natural resource company’s stock worth $6,301,000 after buying an additional 3,950 shares during the period. Finally, Oakbrook Investments LLC boosted its stake in Freeport-McMoRan by 4.2% during the second quarter. Oakbrook Investments LLC now owns 112,030 shares of the natural resource company’s stock worth $1,934,000 after buying an additional 4,480 shares during the period. 71.83% of the stock is owned by institutional investors.
Freeport-McMoRan Company Profile
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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