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

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

Freeport-McMoRan Trading Down 2.3 %

FCX opened at $48.78 on Friday. The company has a market cap of $69.97 billion, a P/E ratio of 44.17, a PEG ratio of 8.09 and a beta of 2.02. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $45.43 and its 200-day moving average is $40.68. 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 for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the business posted $0.52 earnings per share. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 annualized dividend and a yield of 1.23%. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

Institutional Trading of Freeport-McMoRan

Several hedge funds and other institutional investors have recently made changes to their positions in FCX. Tompkins Financial Corp boosted 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 buying an additional 200 shares during the period. MV Capital Management Inc. grew its stake in shares of 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 purchasing an additional 221 shares during the last quarter. Mather Group LLC. increased its holdings 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 valued at $819,000 after purchasing an additional 222 shares during the period. Archford Capital Strategies LLC raised 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 last quarter. Finally, Hartford Financial Management Inc. lifted its holdings 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 buying an additional 247 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of a number of research reports. HSBC lifted their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a report on Tuesday, April 23rd. Argus increased their target price 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. Raymond James lifted their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research report on Wednesday, April 24th. Bank of America raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target on the stock in a research report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. cut their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Five investment analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average 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.