Key Points
- Freeport-McMoRan CAO Stephen Higgins sold 7,550 shares at an average price of $63.00, generating $475,650. After the sale, he directly owned 68,895 shares, a 9.88% reduction in his holdings.
- The company reported quarterly EPS of $0.74, beating estimates of $0.62, while revenue reached $7.03 billion versus the $6.62 billion consensus estimate. However, revenue declined 7.3% year over year.
- Analyst sentiment remains favorable, with a consensus “Moderate Buy” rating and an average price target of $70.27, compared with the stock’s reported opening price of $63.64.
Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) CAO Stephen Higgins sold 7,550 shares of the business's stock in a transaction on Thursday, July 30th. The shares were sold at an average price of $63.00, for a total transaction of $475,650.00. Following the completion of the sale, the chief accounting officer directly owned 68,895 shares in the company, valued at $4,340,385. This represents a 9.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.
Freeport-McMoRan Price Performance
Shares of NYSE FCX opened at $63.64 on Tuesday. The firm has a market cap of $91.48 billion, a PE ratio of 31.35, a PEG ratio of 0.63 and a beta of 1.37. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a fifty day moving average price of $63.73 and a 200 day moving average price of $62.62.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter last year, the business posted $0.54 EPS. The company's revenue for the quarter was down 7.3% on a year-over-year basis. Research analysts predict that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current fiscal year.
Freeport-McMoRan Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were issued a dividend of $0.075 per share. The ex-dividend date was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 14.78%.
Analyst Ratings Changes
A number of research firms have weighed in on FCX. Sanford C. Bernstein upped their price target on Freeport-McMoRan from $53.50 to $58.50 and gave the stock a "market perform" rating in a research report on Wednesday, June 10th. HSBC lifted their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. Wells Fargo & Company increased their target price on shares of Freeport-McMoRan from $68.00 to $70.00 and gave the stock an "overweight" rating in a report on Friday, July 24th. UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a "buy" rating in a research report on Tuesday, June 30th. Finally, Citigroup reiterated a "positive" rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of "Moderate Buy" and a consensus price target of $70.27.
Get Our Latest Stock Analysis on Freeport-McMoRan
Institutional Inflows and Outflows
Hedge funds have recently bought and sold shares of the stock. Arrowstreet Capital Limited Partnership lifted its holdings in Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company's stock valued at $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. boosted its position 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. Amundi increased its holdings in shares of Freeport-McMoRan by 102.5% in the fourth quarter. Amundi now owns 14,211,579 shares of the natural resource company's stock valued at $721,806,000 after purchasing an additional 7,192,955 shares during the last quarter. Bank of America Corp DE increased its holdings in shares of Freeport-McMoRan by 20.0% in the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company's stock valued at $2,489,069,000 after purchasing an additional 7,044,775 shares during the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Freeport-McMoRan by 101.2% in the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company's stock valued at $675,896,000 after purchasing an additional 5,784,156 shares during the period. 80.77% of the stock is currently owned by institutional investors.
Freeport-McMoRan Company Profile
(
Get Free Report)
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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