Freeport-McMoRan Inc. (FCX) To Go Ex-Dividend on July 15th

Freeport-McMoRan Inc. (NYSE:FCX) declared a quarterly dividend on Wednesday, June 26th, RTT News reports. Shareholders of record on Monday, July 15th will be paid a dividend of 0.15 per share by the natural resource company on Thursday, August 1st. This represents a $0.60 annualized dividend and a yield of 1.24%. The ex-dividend date of this dividend is Monday, July 15th.

Freeport-McMoRan has increased its dividend payment by an average of 81.7% annually over the last three years. Freeport-McMoRan has a payout ratio of 13.3% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Freeport-McMoRan to earn $2.32 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 12.9%.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock opened at $48.34 on Friday. The firm has a market capitalization of $69.43 billion, a P/E ratio of 42.77, a P/E/G ratio of 2.13 and a beta of 1.96. The business has a fifty day simple moving average of $50.60 and a two-hundred day simple moving average of $45.00. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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 for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. Freeport-McMoRan’s revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.52 EPS. On average, equities analysts forecast that Freeport-McMoRan will post 1.73 earnings per share for the current fiscal year.

Insider Activity

In related news, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at $5,430,735.31. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Richard C. Adkerson sold 54,771 shares of the firm’s stock in a transaction on Monday, May 6th. The stock was sold at an average price of $50.78, for a total value of $2,781,271.38. Following the completion of the sale, the chief executive officer now directly owns 3,652,478 shares in the company, valued at $185,472,832.84. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 80,000 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,430,735.31. The disclosure for this sale can be found here. In the last ninety days, insiders sold 445,667 shares of company stock worth $22,755,070. 0.79% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on FCX. JPMorgan Chase & Co. lowered their target price on shares of 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 upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. Argus upped their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. HSBC upped their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, UBS Group upped their price target on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $52.93.

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.