Freeport-McMoRan (NYSE:FCX) Shares Gap Up After Dividend Announcement

Freeport-McMoRan Inc. (NYSE:FCXGet Rating)’s share price gapped up before the market opened on Thursday following a dividend announcement from the company. The stock had previously closed at $28.10, but opened at $28.91. Freeport-McMoRan shares last traded at $28.35, with a volume of 106,300 shares.

The newly announced dividend which will be paid on Tuesday, November 1st. Investors of record on Friday, October 14th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.12%. The ex-dividend date is Thursday, October 13th. Freeport-McMoRan’s payout ratio is 9.12%.

Analyst Upgrades and Downgrades

FCX has been the topic of several research analyst reports. Credit Suisse Group lowered their price objective on Freeport-McMoRan to $34.00 in a report on Friday, July 22nd. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a report on Thursday, June 23rd. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a report on Tuesday, June 14th. Citigroup boosted their target price on Freeport-McMoRan from $28.00 to $29.00 in a report on Friday, July 22nd. Finally, Raymond James cut their target price on Freeport-McMoRan from $59.00 to $52.00 and set an “outperform” rating on the stock in a research report on Monday, July 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and nine have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $42.00.

Freeport-McMoRan Price Performance

The stock has a market capitalization of $40.52 billion, a price-to-earnings ratio of 8.62, a price-to-earnings-growth ratio of 0.38 and a beta of 2.00. The business’s 50 day simple moving average is $29.85 and its 200-day simple moving average is $36.76. The company has a debt-to-equity ratio of 0.42, a quick ratio of 1.94 and a current ratio of 2.73.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings results on Thursday, July 21st. The natural resource company reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a return on equity of 22.04% and a net margin of 20.08%. The company had revenue of $5.42 billion for the quarter, compared to the consensus estimate of $6.20 billion. During the same quarter last year, the firm posted $0.77 earnings per share. The firm’s quarterly revenue was down 5.8% compared to the same quarter last year. Research analysts anticipate that Freeport-McMoRan Inc. will post 2.69 earnings per share for the current year.

Insider Buying and Selling

In other Freeport-McMoRan news, Director Ryan Michael Lance bought 31,000 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The shares were acquired at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the acquisition, the director now directly owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. In other Freeport-McMoRan news, Director Ryan Michael Lance bought 31,000 shares of the company’s stock in a transaction that occurred on Monday, August 29th. The shares were acquired at an average cost of $31.88 per share, for a total transaction of $988,280.00. Following the acquisition, the director now directly owns 32,132 shares of the company’s stock, valued at $1,024,368.16. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Sara Grootwassink Lewis bought 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 3rd. The stock was acquired at an average price of $28.79 per share, for a total transaction of $86,370.00. Following the completion of the acquisition, the director now directly owns 13,800 shares in the company, valued at $397,302. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Institutional Trading of Freeport-McMoRan

A number of hedge funds and other institutional investors have recently made changes to their positions in FCX. Public Investment Fund purchased a new position in shares of Freeport-McMoRan in the second quarter worth approximately $377,321,000. Capital Research Global Investors increased its position in shares of Freeport-McMoRan by 19.5% in the fourth quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock worth $3,080,385,000 after acquiring an additional 12,060,475 shares in the last quarter. Eubel Brady & Suttman Asset Management Inc. purchased a new position in shares of Freeport-McMoRan in the first quarter worth approximately $7,657,000. Amundi increased its position in shares of Freeport-McMoRan by 233.8% in the second quarter. Amundi now owns 10,779,807 shares of the natural resource company’s stock worth $270,468,000 after acquiring an additional 7,550,525 shares in the last quarter. Finally, 1832 Asset Management L.P. increased its position in shares of Freeport-McMoRan by 652,966.4% in the first quarter. 1832 Asset Management L.P. now owns 6,582,909 shares of the natural resource company’s stock worth $322,939,000 after acquiring an additional 6,581,901 shares in the last quarter. 77.38% of the stock is currently owned by institutional investors.

Freeport-McMoRan Company Profile

(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.

Further Reading

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