Key Points
- Freeport-McMoRan EVP Douglas Currault II sold 80,000 shares at an average price of $78.56, generating $6.28 million and reducing his stake by 27.49% to 211,016 shares.
- The company reported quarterly EPS of $0.74, beating estimates of $0.62, while revenue reached $7.03 billion. Revenue nevertheless declined 7.3% year over year.
- Analysts maintain a broadly positive outlook, with a consensus “Moderate Buy” rating, while institutional investors own 80.77% of the stock. Freeport-McMoRan also pays a quarterly dividend of $0.075 per share.
Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) EVP Douglas Currault II sold 80,000 shares of the company's stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website.
Freeport-McMoRan Stock Performance
Shares of Freeport-McMoRan stock opened at $79.05 on Thursday. The company has a 50 day moving average price of $65.11 and a 200 day moving average price of $63.80. The firm has a market capitalization of $113.52 billion, a P/E ratio of 38.94, a PEG ratio of 0.79 and a beta of 1.37. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan Inc. has a 52 week low of $35.15 and a 52 week high of $80.24.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the previous year, the firm earned $0.54 EPS. Freeport-McMoRan's revenue was down 7.3% compared to the same quarter last year. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.79 EPS for the current year.
Freeport-McMoRan Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Wednesday, July 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. The ex-dividend date of this dividend was Wednesday, July 15th. Freeport-McMoRan's dividend payout ratio is presently 14.78%.
Institutional Investors Weigh In On Freeport-McMoRan
Several hedge funds have recently bought and sold shares of FCX. Amundi grew its stake in shares of Freeport-McMoRan by 10.5% during the 2nd quarter. Amundi now owns 11,819,898 shares of the natural resource company's stock worth $743,353,000 after purchasing an additional 1,125,982 shares during the period. HighTower Advisors LLC increased its holdings in shares of Freeport-McMoRan by 17.1% during the 2nd quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company's stock valued at $78,604,000 after purchasing an additional 182,714 shares in the last quarter. Groupe la Francaise increased its holdings in shares of Freeport-McMoRan by 13.5% during the 2nd quarter. Groupe la Francaise now owns 210,000 shares of the natural resource company's stock valued at $13,218,000 after purchasing an additional 25,000 shares in the last quarter. California State Teachers Retirement System lifted its stake in shares of Freeport-McMoRan by 6,434.3% in the 2nd quarter. California State Teachers Retirement System now owns 142,181,964 shares of the natural resource company's stock valued at $8,941,824,000 after purchasing an additional 140,006,047 shares during the period. Finally, Ameritas Advisory Services LLC boosted its holdings in Freeport-McMoRan by 89.8% during the second quarter. Ameritas Advisory Services LLC now owns 12,008 shares of the natural resource company's stock worth $755,000 after buying an additional 5,682 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have weighed in on FCX shares. Royal Bank Of Canada boosted their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the company a "sector perform" rating in a research note on Friday, July 24th. BNP Paribas Exane lifted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a report on Thursday, June 18th. Sanford C. Bernstein upped their target price on Freeport-McMoRan from $53.50 to $58.50 and gave the company a "market perform" rating in a research report on Wednesday, June 10th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Freeport-McMoRan from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Friday, July 31st. One equities research 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's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $70.27.
Get Our Latest Analysis on Freeport-McMoRan
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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