Freeport-McMoRan Inc. Declares Quarterly Dividend of $0.15 (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCXGet Rating) declared a quarterly dividend on Wednesday, June 22nd, RTT News reports. Investors of record on Friday, July 15th will be given a dividend of 0.15 per share by the natural resource company on Monday, August 1st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.76%.

Freeport-McMoRan has raised its dividend payment by an average of 23.3% annually over the last three years and has increased its dividend every year for the last 1 years. Freeport-McMoRan has a payout ratio of 19.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Freeport-McMoRan to earn $3.14 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 19.1%.

Freeport-McMoRan stock opened at $34.03 on Wednesday. The company has a quick ratio of 1.68, a current ratio of 2.37 and a debt-to-equity ratio of 0.34. Freeport-McMoRan has a 12-month low of $30.02 and a 12-month high of $51.99. The firm’s fifty day moving average is $39.98 and its 200 day moving average is $42.39. The company has a market capitalization of $49.32 billion, a PE ratio of 9.86, a PEG ratio of 0.30 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings data on Thursday, April 21st. The natural resource company reported $1.07 earnings per share for the quarter, topping the consensus estimate of $0.88 by $0.19. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The firm had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.29 billion. During the same quarter in the prior year, the company posted $0.51 earnings per share. The business’s revenue was up 36.1% on a year-over-year basis. Sell-side analysts expect that Freeport-McMoRan will post 3.92 EPS for the current fiscal year.

Several analysts have recently issued reports on FCX shares. Stifel Nicolaus upped their target price on shares of Freeport-McMoRan from $49.00 to $54.00 in a research note on Thursday, March 17th. Raymond James set a $59.00 target price on shares of Freeport-McMoRan and gave the stock an “outperform” rating in a research note on Friday, April 22nd. Exane BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 target price for the company. in a research note on Tuesday, April 5th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $43.00 to $39.00 and set an “equal weight” rating for the company in a research report on Monday, April 25th. Finally, Barclays increased their price target on shares of Freeport-McMoRan from $28.00 to $29.00 in a research report on Thursday, April 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Hold” and an average price target of $48.00.

In other news, Director Hugh Grant purchased 12,300 shares of the stock in a transaction dated Monday, April 25th. The shares were purchased at an average cost of $40.75 per share, with a total value of $501,225.00. Following the completion of the acquisition, the director now owns 15,776 shares in the company, valued at approximately $642,872. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Dustan E. Mccoy sold 8,200 shares of the stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total transaction of $321,768.00. Following the completion of the sale, the director now directly owns 134,400 shares in the company, valued at $5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in FCX. Raleigh Capital Management Inc. purchased a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $25,000. Fairfield Bush & CO. purchased a new stake in Freeport-McMoRan in the first quarter valued at approximately $26,000. Parkside Financial Bank & Trust raised its stake in Freeport-McMoRan by 48.7% in the first quarter. Parkside Financial Bank & Trust now owns 1,887 shares of the natural resource company’s stock valued at $95,000 after purchasing an additional 618 shares in the last quarter. Covestor Ltd raised its stake in shares of Freeport-McMoRan by 18.6% during the first quarter. Covestor Ltd now owns 2,725 shares of the natural resource company’s stock worth $136,000 after acquiring an additional 428 shares in the last quarter. Finally, Penserra Capital Management LLC purchased a new position in shares of Freeport-McMoRan during the fourth quarter worth approximately $191,000. 77.37% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan (Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

See Also

Dividend History for Freeport-McMoRan (NYSE:FCX)

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