Key Points
- CAO Stephen Higgins sold 28,423 shares on December 11 at an average price of $47.99 for a total of $1.36M, trimming his stake by 21.26% to 105,294 shares (≈$5.05M).
- Freeport beat quarterly expectations, reporting EPS of $0.50 versus $0.41 expected and revenue of $6.97B, and recently paid a $0.15 quarterly dividend ($0.60 annualized, 1.3% yield).
- Analysts maintain a consensus "Buy" with an average price target of $48.30; the stock trades near its 12‑month high (~$49) and has a market cap of about $68.1B.
Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) CAO Ellie Mikes sold 9,572 shares of the firm's stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the completion of the sale, the chief accounting officer owned 38,761 shares of the company's stock, valued at approximately $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink.
Freeport-McMoRan Stock Down 1.5%
NYSE FCX opened at $47.41 on Friday. The company has a quick ratio of 1.19, a current ratio of 2.45 and a debt-to-equity ratio of 0.29. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.12. The firm has a market capitalization of $68.08 billion, a price-to-earnings ratio of 33.39, a PEG ratio of 1.09 and a beta of 1.49. The company has a fifty day moving average of $41.92 and a two-hundred day moving average of $42.43.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The firm had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter last year, the business earned $0.38 EPS. The business's revenue was up 2.7% on a year-over-year basis. On average, analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.
Freeport-McMoRan Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 annualized dividend and a yield of 1.3%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 21.13%.
Institutional Inflows and Outflows
Several institutional investors have recently bought and sold shares of the company. Allworth Financial LP raised its position in Freeport-McMoRan by 14.4% during the 3rd quarter. Allworth Financial LP now owns 26,167 shares of the natural resource company's stock valued at $1,026,000 after purchasing an additional 3,302 shares in the last quarter. Cantor Fitzgerald L. P. bought a new position in shares of Freeport-McMoRan during the 3rd quarter worth $1,883,000. Strategic Advocates LLC increased its stake in shares of Freeport-McMoRan by 5.8% during the third quarter. Strategic Advocates LLC now owns 18,184 shares of the natural resource company's stock valued at $713,000 after buying an additional 993 shares during the period. Oarsman Capital Inc. raised its holdings in shares of Freeport-McMoRan by 4.8% in the third quarter. Oarsman Capital Inc. now owns 52,211 shares of the natural resource company's stock valued at $2,048,000 after acquiring an additional 2,405 shares in the last quarter. Finally, Danske Bank A S bought a new stake in shares of Freeport-McMoRan in the third quarter valued at about $652,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts have recently commented on FCX shares. Sanford C. Bernstein cut their target price on Freeport-McMoRan from $48.50 to $45.00 and set an "outperform" rating on the stock in a research note on Tuesday, October 14th. BNP Paribas Exane decreased their price target on Freeport-McMoRan from $58.00 to $56.00 and set an "outperform" rating for the company in a research note on Friday, December 5th. Jefferies Financial Group upped their price objective on Freeport-McMoRan from $50.00 to $55.00 and gave the company a "buy" rating in a research report on Monday, December 8th. UBS Group increased their target price on Freeport-McMoRan from $55.00 to $60.00 and gave the stock a "buy" rating in a research note on Friday. Finally, HSBC decreased their target price on Freeport-McMoRan from $50.00 to $48.00 and set a "buy" rating for the company in a research report on Wednesday, November 19th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $48.30.
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Freeport-McMoRan Company Profile
(
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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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