Insider Selling: Freeport-McMoRan Inc. (NYSE:FCX) CEO Sells 54,771 Shares of Stock

Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson sold 54,771 shares of the company’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.78, for a total value of $2,781,271.38. Following the transaction, the chief executive officer now directly owns 3,652,478 shares in the company, valued at approximately $185,472,832.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Freeport-McMoRan Stock Performance

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

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating the consensus estimate of $0.27 by $0.05. The business 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%. The firm’s revenue was up 17.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.52 EPS. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.66 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. Freeport-McMoRan’s payout ratio is presently 26.55%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on FCX shares. Argus upped their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday, April 25th. 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 note on Tuesday, April 9th. HSBC upped their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Raymond James increased their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday, April 24th. Finally, Scotiabank cut their target price 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. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $50.07.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently bought and sold shares of FCX. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan in the fourth quarter valued at approximately $27,000. BluePath Capital Management LLC bought a new position in Freeport-McMoRan in the third quarter valued at $28,000. Jones Financial Companies Lllp increased its stake in Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after buying an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in Freeport-McMoRan during the 4th quarter worth about $32,000. Finally, EdgeRock Capital LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $35,000. Institutional investors own 80.77% of the company’s stock.

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.