Freeport-McMoRan (NYSE:FCX) EVP Douglas Currault II Sells 80,000 Shares of Stock

Freeport-McMoRan Inc. (NYSE:FCX) EVP Douglas Currault II sold 80,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the completion of the sale, the executive vice president directly owned 211,016 shares in the company, valued at approximately $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this link.

Freeport-McMoRan Stock Performance

Shares of FCX traded down $0.86 during mid-day trading on Wednesday, reaching $79.05. The company’s stock had a trading volume of 18,321,404 shares, compared to its average volume of 17,109,145. The business has a 50-day simple moving average of $64.90 and a two-hundred day simple moving average of $63.66. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. The stock has a market cap of $113.52 billion, a P/E ratio of 38.94, a PEG ratio of 0.77 and a beta of 1.37. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. Freeport-McMoRan’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter last year, the company posted $0.54 EPS. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Analyst Ratings Changes

FCX has been the topic of a number of research analyst reports. JPMorgan Chase & Co. raised their target price on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. The Goldman Sachs Group lowered their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a report on Wednesday, July 8th. Stifel Nicolaus lifted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a “buy” rating in a research report on Tuesday, July 21st. Royal Bank Of Canada lifted their target price on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the stock a “sector perform” rating in a research note on Friday, July 24th. Finally, Jefferies Financial Group lifted their price objective on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. One investment analyst has rated the stock with a Strong Buy rating, nineteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Strategic Investment Solutions Inc. IL bought a new position in shares of Freeport-McMoRan in the fourth quarter valued at approximately $25,000. NBH Bank purchased a new stake in shares of Freeport-McMoRan during the 2nd quarter valued at $28,000. Steph & Co. raised its stake in shares of Freeport-McMoRan by 43.7% during the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares during the period. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter worth $29,000. Finally, Kemnay Advisory Services Inc. purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth about $29,000. 80.77% of the stock is owned by institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.