Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson Sells 54,771 Shares of Stock

Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction that occurred on Monday, May 6th. The stock was sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the sale, the chief executive officer now directly owns 3,652,478 shares of the company’s stock, valued at approximately $185,472,832.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Freeport-McMoRan Price Performance

Shares of NYSE FCX opened at $51.39 on Wednesday. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.52. The firm’s 50-day simple moving average is $46.38 and its 200 day simple moving average is $41.14. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The stock has a market cap of $73.71 billion, a P/E ratio of 45.48, a P/E/G ratio of 8.19 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the business earned $0.52 earnings per share. The company’s revenue was up 17.3% on a year-over-year basis. Equities analysts expect that Freeport-McMoRan Inc. will post 1.66 EPS for the current year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Institutional Investors Weigh In On Freeport-McMoRan

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Tompkins Financial Corp raised its position in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in Freeport-McMoRan by 0.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC raised its position in Freeport-McMoRan by 0.5% in the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after acquiring an additional 207 shares in the last quarter. MV Capital Management Inc. raised its position in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 221 shares in the last quarter. Finally, Mather Group LLC. raised its position in Freeport-McMoRan by 1.3% in the first quarter. Mather Group LLC. now owns 17,417 shares of the natural resource company’s stock worth $819,000 after acquiring an additional 222 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on FCX shares. Argus raised their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a report on Wednesday, April 24th. Raymond James lifted their price objective on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. JPMorgan Chase & Co. decreased their price objective on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a report on Wednesday, April 24th. Finally, HSBC lifted their price objective on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Company Profile

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.