Freeport-McMoRan (NYSE:FCX) CAO Sells $456,201.52 in Stock

Freeport-McMoRan Inc. (NYSE:FCX) CAO Ellie Mikes sold 9,572 shares of the business’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.66, for a total transaction of $456,201.52. Following the completion of the sale, the chief accounting officer owned 38,761 shares in the company, valued at $1,847,349.26. This represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $47.41 on Monday. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $68.08 billion, a P/E ratio of 33.39, a price-to-earnings-growth ratio of 1.07 and a beta of 1.49. The firm has a 50-day moving average price of $41.92 and a two-hundred day moving average price of $42.48. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $49.12.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, October 23rd. The natural resource company reported $0.50 EPS for the quarter, beating the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The business had revenue of $6.97 billion for the quarter, compared to analyst estimates of $6.74 billion. During the same period in the prior year, the business earned $0.38 earnings per share. The company’s quarterly revenue was up 2.7% on a year-over-year basis. As a group, research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio is currently 21.13%.

Wall Street Analyst Weigh In

A number of analysts recently commented on FCX shares. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Morgan Stanley lowered their price target on shares of Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Wednesday, November 19th. Wells Fargo & Company raised shares of Freeport-McMoRan to a “strong-buy” rating in a research note on Wednesday, October 8th. Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a research report on Wednesday, October 8th. Finally, BNP Paribas Exane cut their price target on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Friday, December 5th. Four research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $48.30.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently bought and sold shares of the stock. Callan Family Office LLC boosted its stake in Freeport-McMoRan by 229.9% during the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after purchasing an additional 18,803 shares in the last quarter. New York Life Investment Management LLC raised its stake in shares of Freeport-McMoRan by 11.8% in the 2nd quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after buying an additional 22,766 shares in the last quarter. Bourgeon Capital Management LLC lifted its holdings in shares of Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after buying an additional 24,803 shares during the period. Arrow Capital Pty Ltd boosted its stake in Freeport-McMoRan by 88.5% during the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after buying an additional 53,100 shares in the last quarter. Finally, Mercuria Capital Strategies LLC acquired a new position in Freeport-McMoRan during the second quarter worth about $9,970,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

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.