Freeport-McMoRan Inc. (NYSE:FCX) Declares $0.15 Quarterly Dividend

Freeport-McMoRan Inc. (NYSE:FCX) announced a quarterly dividend on Wednesday, June 25th, RTT News reports. Shareholders of record on Tuesday, July 15th will be paid a dividend of 0.15 per share by the natural resource company on Friday, August 1st. This represents a $0.60 annualized dividend and a yield of 1.44%.

Freeport-McMoRan has a payout ratio of 13.6% meaning its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $2.16 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 13.9%.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $41.64 on Thursday. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30. The company has a 50-day moving average price of $38.77 and a 200-day moving average price of $38.17. The company has a market cap of $59.84 billion, a price-to-earnings ratio of 34.41, a price-to-earnings-growth ratio of 0.82 and a beta of 1.64. Freeport-McMoRan has a 12 month low of $27.66 and a 12 month high of $52.61.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analyst estimates of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm’s revenue was down 9.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.32 earnings per share. As a group, equities analysts anticipate that Freeport-McMoRan will post 1.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on FCX shares. Hsbc Global Res raised shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 14th. UBS Group reduced their target price on Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating on the stock in a report on Tuesday, April 15th. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. Raymond James Financial restated an “outperform” rating and set a $52.00 price target on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Wall Street Zen cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Tuesday, April 8th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $48.27.

Insider Transactions at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The shares were sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the transaction, the chief accounting officer now directly owns 48,333 shares of the company’s stock, valued at approximately $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.75% of the stock is owned by insiders.

Institutional Investors Weigh In On Freeport-McMoRan

A hedge fund recently raised its stake in Freeport-McMoRan stock. Bison Wealth LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 5.6% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,616 shares of the natural resource company’s stock after purchasing an additional 507 shares during the period. Bison Wealth LLC’s holdings in Freeport-McMoRan were worth $366,000 at the end of the most recent quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.