Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) CAO Stephen T. Higgins sold 42,767 shares of the company's stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company's stock, valued at $5,255,381.95. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.
Freeport-McMoRan Stock Performance
Shares of FCX stock opened at $50.46 on Friday. The firm has a market cap of $72.38 billion, a PE ratio of 44.66, a P/E/G ratio of 7.92 and a beta of 2.02. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The company's fifty day simple moving average is $45.86 and its 200-day simple moving average is $40.84. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping the consensus estimate of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analysts' expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company's revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
Forget the “Magnificent 7” Tech Companies, Buy This AI Stock Instead
From Banyan Hill Publishing | Ad
The AI boom continues to snowball with no signs of slowing...
Google CEO, Sundar Pichai, made waves during a recent call with analysts, reminding them that the search engine company has been “AI first” since 2016.
Get the full story here.
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a yield of 1.19%. Freeport-McMoRan's dividend payout ratio is 26.55%.
Analysts Set New Price Targets
Several equities research analysts have commented on the stock. StockNews.com raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Thursday, April 25th. Raymond James upped their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an "outperform" rating in a research report on Wednesday, April 24th. Bernstein Bank lifted their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an "overweight" rating in a report on Tuesday, April 23rd. HSBC increased their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a "hold" rating in a report on Tuesday, April 23rd. Finally, Argus lifted their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, April 25th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $50.07.
Read Our Latest Stock Report on FCX
Institutional Investors Weigh In On Freeport-McMoRan
Institutional investors and hedge funds have recently made changes to their positions in the stock. CM Management LLC lifted its position in shares of Freeport-McMoRan by 80.0% in the third quarter. CM Management LLC now owns 36,000 shares of the natural resource company's stock valued at $1,342,000 after buying an additional 16,000 shares during the last quarter. Signature Estate & Investment Advisors LLC boosted its position in Freeport-McMoRan by 6.4% during the fourth quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company's stock worth $14,726,000 after purchasing an additional 20,894 shares during the period. Cadinha & Co. LLC increased its holdings in shares of Freeport-McMoRan by 59.0% in the fourth quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company's stock valued at $27,572,000 after purchasing an additional 240,340 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position 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 purchasing an additional 102,466 shares during the period. Finally, Alphinity Investment Management Pty Ltd lifted its stake in shares of Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company's stock worth $201,039,000 after buying an additional 1,965,987 shares during the last quarter. Institutional investors own 80.77% of the company's stock.
About Freeport-McMoRan
(
Get Free Report)
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.
Further Reading
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. This story was reviewed by InsiderTrades.com's editorial team prior to publication. Please send any questions or comments about this story to [email protected].
