Insider Selling: 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 dated Tuesday, April 30th. The stock was sold at an average price of $50.56, for a total transaction of $8,556,218.24. Following the completion of the sale, 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 hyperlink.

Freeport-McMoRan Stock Up 3.4 %

NYSE FCX opened at $50.46 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The company’s 50 day simple moving average is $45.63 and its 200 day simple moving average is $40.74. Freeport-McMoRan Inc. has a 12 month low of $32.83 and a 12 month high of $52.52. The company has a market capitalization of $72.38 billion, a P/E ratio of 44.66, a PEG ratio of 7.98 and a beta of 2.02.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The business had revenue of $6.32 billion for the quarter, compared to the consensus estimate of $5.70 billion. During the same period in the previous year, the firm earned $0.52 EPS. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities research analysts expect that Freeport-McMoRan Inc. will post 1.69 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th were issued a dividend of $0.15 per share. The ex-dividend date of this dividend was Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on FCX shares. Argus lifted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. HSBC lifted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a report on Tuesday, April 23rd. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Raymond James lifted their price target on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a report on Wednesday, April 24th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research note on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus price target of $50.07.

Institutional Investors Weigh In On Freeport-McMoRan

Large investors have recently made changes to their positions in the company. Bruce G. Allen Investments LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter valued at approximately $27,000. Jones Financial Companies Lllp raised its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares during the period. American National Bank grew its position in Freeport-McMoRan by 348.8% during the first quarter. American National Bank now owns 745 shares of the natural resource company’s stock valued at $35,000 after purchasing an additional 579 shares in the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan in the 4th quarter valued at approximately $32,000. Finally, BluePath Capital Management LLC acquired a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $28,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

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.