Freeport-McMoRan Inc. (NYSE:FCX) CEO Sells $8,556,218.24 in Stock

Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson sold 169,229 shares of the business’s stock in a transaction 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 transaction, the chief executive officer now directly owns 3,707,249 shares of the company’s stock, valued at approximately $187,438,509.44. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link.

Freeport-McMoRan Trading Down 0.1 %

Shares of NYSE:FCX traded down $0.03 during trading on Wednesday, reaching $49.91. The stock had a trading volume of 19,245,771 shares, compared to its average volume of 14,221,957. Freeport-McMoRan Inc. has a 52 week low of $32.83 and a 52 week high of $52.52. The firm’s fifty day moving average is $45.21 and its 200 day moving average is $40.62. The stock has a market cap of $71.59 billion, a price-to-earnings ratio of 44.04, a P/E/G ratio of 8.49 and a beta of 2.04. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion during the quarter, compared to the consensus estimate of $5.70 billion. During the same period last year, the business posted $0.52 EPS. The business’s revenue was up 17.3% compared to the same quarter last year. As a group, equities analysts forecast that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 26.55%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Freeport-McMoRan by 22.8% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,766,480 shares of the natural resource company’s stock valued at $130,080,000 after buying an additional 513,298 shares during the period. Prosperity Consulting Group LLC grew its stake in Freeport-McMoRan by 26.3% in the first quarter. Prosperity Consulting Group LLC now owns 9,151 shares of the natural resource company’s stock valued at $430,000 after acquiring an additional 1,903 shares during the period. Avior Wealth Management LLC raised its position in shares of Freeport-McMoRan by 3,084.6% during the first quarter. Avior Wealth Management LLC now owns 53,502 shares of the natural resource company’s stock worth $2,516,000 after purchasing an additional 51,822 shares during the period. Worth Financial Advisory Group LLC lifted its holdings in shares of Freeport-McMoRan by 31.1% in the 1st quarter. Worth Financial Advisory Group LLC now owns 22,872 shares of the natural resource company’s stock worth $1,075,000 after purchasing an additional 5,426 shares in the last quarter. Finally, Diversify Advisory Services LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at $1,416,000. 80.77% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. JPMorgan Chase & Co. lowered their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Raymond James upped their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an “outperform” rating in a report on Wednesday, April 24th. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their target price for the company from $41.00 to $48.50 in a research report on Monday, January 8th. Finally, Bernstein Bank boosted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock 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.