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 Freeport-McMoRan stock in a transaction on Monday, May 6th. The shares were sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the completion of the sale, the chief executive officer now directly owns 3,652,478 shares in the company, valued at approximately $185,472,832.84. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website.

Freeport-McMoRan Stock Up 2.2 %

Shares of FCX opened at $51.08 on Friday. 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 stock has a market capitalization of $73.27 billion, a PE ratio of 45.20, a P/E/G ratio of 8.19 and a beta of 2.02. The company’s 50-day simple moving average is $46.90 and its 200-day simple moving average is $41.27. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $52.52.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (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 return on equity of 7.17% and a net margin of 6.97%. The company’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same period last year, the firm earned $0.52 earnings per share. Analysts forecast that Freeport-McMoRan Inc. will post 1.66 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were issued a $0.15 dividend. 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 26.55%.

Institutional Investors Weigh In On Freeport-McMoRan

Several institutional investors have recently modified their holdings of the company. Tompkins Financial Corp raised its stake in Freeport-McMoRan by 33.8% in the first quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after buying an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. raised its position in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC lifted its stake in Freeport-McMoRan by 0.5% during the first quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock worth $1,885,000 after purchasing an additional 207 shares during the last quarter. Kingsview Wealth Management LLC boosted its holdings in Freeport-McMoRan by 4.3% in the first quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock valued at $247,000 after purchasing an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. increased its stake in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 221 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on FCX. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 target price on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Scotiabank lowered their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a report on Wednesday, April 24th. Raymond James increased their target price on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a 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 note on Tuesday, April 9th. Finally, Argus boosted their price target on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a research report on Thursday, April 25th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target 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.