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

Shares of Freeport-McMoRan Inc. (NYSE:FCXGet Rating) gapped up prior to trading on Thursday after the company announced a dividend. 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 changing hands.

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Morgan Stanley restated an “equal weight” rating on shares of Freeport-McMoRan in a research note on Thursday, June 23rd. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Freeport-McMoRan from $37.00 to $35.00 in a report on Friday, July 22nd. Citigroup upped their target price on shares of Freeport-McMoRan from $28.00 to $29.00 in a report on Friday, July 22nd. Exane BNP Paribas raised shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 target price on the stock in a report on Wednesday, July 13th. Finally, Wolfe Research lowered shares of Freeport-McMoRan from an “outperform” rating to a “peer perform” rating in a report on Thursday, July 7th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $42.00.

Freeport-McMoRan Stock Up 0.9 %

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

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

Insider Activity

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

Institutional Trading of Freeport-McMoRan

Several hedge funds have recently bought and sold shares of the stock. Brown Advisory Inc. raised its holdings in Freeport-McMoRan by 37.3% during the 2nd quarter. Brown Advisory Inc. now owns 20,316 shares of the natural resource company’s stock worth $594,000 after buying an additional 5,522 shares during the period. Amundi raised its holdings in Freeport-McMoRan by 233.8% during the 2nd quarter. Amundi now owns 10,779,807 shares of the natural resource company’s stock worth $270,468,000 after buying an additional 7,550,525 shares during the period. Cim Investment Management Inc. acquired a new stake in Freeport-McMoRan during the 2nd quarter worth approximately $672,000. Verition Fund Management LLC raised its holdings in Freeport-McMoRan by 139.4% during the 2nd quarter. Verition Fund Management LLC now owns 24,317 shares of the natural resource company’s stock worth $711,000 after buying an additional 86,017 shares during the period. Finally, Captrust Financial Advisors grew its stake in shares of Freeport-McMoRan by 0.9% during the 2nd quarter. Captrust Financial Advisors now owns 687,588 shares of the natural resource company’s stock worth $20,119,000 after acquiring an additional 6,159 shares in the last quarter. 77.38% of the stock is currently owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

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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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