Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson Sells 169,229 Shares

Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson sold 169,229 shares of the company’s stock in a transaction that occurred on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $49.91 on Thursday. The firm has a market capitalization of $71.59 billion, a price-to-earnings ratio of 44.04, a price-to-earnings-growth ratio of 8.49 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The business has a fifty day moving average of $45.21 and a 200 day moving average of $40.62. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.52.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The company had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business posted $0.52 EPS. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.20%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Analyst Ratings Changes

Several research analysts recently issued reports on FCX shares. Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a research note on Thursday, January 25th. JPMorgan Chase & Co. dropped their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a research note on Wednesday, April 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Scotiabank dropped their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday, April 24th. Finally, Bernstein Bank increased their price objective on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Tompkins Financial Corp grew its position in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 200 shares during the period. MV Capital Management Inc. grew its position in Freeport-McMoRan by 38.6% during the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares during the period. Mather Group LLC. grew its position in Freeport-McMoRan by 1.3% during the 1st quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock worth $819,000 after purchasing an additional 222 shares during the period. Archford Capital Strategies LLC grew its position in Freeport-McMoRan by 1.3% during the 1st quarter. Archford Capital Strategies LLC now owns 18,489 shares of the natural resource company’s stock worth $869,000 after purchasing an additional 237 shares during the period. Finally, Hartford Financial Management Inc. grew its position in Freeport-McMoRan by 1.5% during the 1st quarter. Hartford Financial Management Inc. now owns 16,302 shares of the natural resource company’s stock worth $767,000 after purchasing an additional 247 shares during the period. 80.77% of the stock is owned by institutional investors and hedge funds.

About Freeport-McMoRan

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.