Freeport-McMoRan (NYSE:FCX) Chairman Richard Adkerson Sells 248,031 Shares

Freeport-McMoRan Inc. (NYSE:FCX) Chairman Richard Adkerson sold 248,031 shares of the company’s stock in a transaction on Tuesday, February 10th. The stock was sold at an average price of $62.80, for a total transaction of $15,576,346.80. Following the completion of the transaction, the chairman owned 3,509,119 shares of the company’s stock, valued at $220,372,673.20. This trade represents a 6.60% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Freeport-McMoRan Trading Up 3.4%

Shares of FCX traded up $2.15 during trading hours on Wednesday, reaching $65.41. 15,482,619 shares of the company traded hands, compared to its average volume of 23,777,887. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $69.44. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company’s fifty day moving average price is $54.83 and its two-hundred day moving average price is $46.45. The company has a market capitalization of $93.92 billion, a price-to-earnings ratio of 43.32, a price-to-earnings-growth ratio of 0.74 and a beta of 1.47.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The company had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. During the same period in the prior year, the firm earned $0.31 earnings per share. Freeport-McMoRan’s revenue was down 1.5% on a year-over-year basis. Equities research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were paid a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 19.87%.

Analyst Ratings Changes

A number of research firms have issued reports on FCX. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. Wells Fargo & Company upped their target price on shares of Freeport-McMoRan from $55.00 to $64.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 13th. Stifel Nicolaus increased their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a research note on Wednesday. Morgan Stanley set a $70.00 price target on shares of Freeport-McMoRan in a research report on Tuesday, January 27th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat, Freeport-McMoRan has a consensus rating of “Moderate Buy” and a consensus target price of $59.35.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Stifel Nicolaus raised its price target on FCX from $52 to $76 and reiterated a “buy” rating — the new target implies roughly a mid-teens upside from the current price, a clear catalyst for buyer interest. BayStreet.CA
• Positive Sentiment: Zacks reports that earnings estimate revisions for FCX have been trending upward (“Surging Earnings Estimates”), supporting the case for further near-term share gains as consensus earnings projections get bumped higher. Surging Earnings Estimates Signal Upside for Freeport-McMoRan (FCX) Stock
• Neutral Sentiment: Zacks notes FCX is attracting investor attention and is among the most-watched stocks on its site, reflecting elevated retail and professional interest but not a specific new fundamental change. Freeport-McMoRan Inc. (FCX) is Attracting Investor Attention
• Neutral Sentiment: Pieces comparing FCX to peers and profiling it as a long-term value (including FCX vs SCCO and why it may be a top value stock) provide framing for investors weighing sector-relative value but contain no new company-specific catalysts. Is FreeportMcMoRan (FCX) Stock Outpacing Its Basic Materials Peers This Year?
• Neutral Sentiment: Short takes on weekly momentum and buy-side optimism summarize positive market attention and analyst bullishness but are more descriptive than catalytic. Freeport-McMoRan (FCX) Is Up 0.73% in One Week
• Neutral Sentiment: Zacks’ overview of Wall Street optimism highlights how analyst narratives and ratings influence flows; helpful context but not a fresh company development. Wall Street Bulls Look Optimistic About Freeport-McMoRan (FCX)

Hedge Funds Weigh In On Freeport-McMoRan

Several large investors have recently modified their holdings of FCX. Great Lakes Advisors LLC raised its holdings in Freeport-McMoRan by 8.0% in the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock worth $60,840,000 after purchasing an additional 115,285 shares during the period. New York Life Investment Management LLC increased its position in Freeport-McMoRan by 11.8% in the second quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock worth $9,323,000 after buying an additional 22,766 shares in the last quarter. Summit Global Investments increased its position in Freeport-McMoRan by 278.4% in the third quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock worth $1,810,000 after buying an additional 33,959 shares in the last quarter. Arrow Capital Pty Ltd raised its stake in shares of Freeport-McMoRan by 88.5% in the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after buying an additional 53,100 shares during the period. Finally, Foster Victor Wealth Advisors LLC lifted its position in shares of Freeport-McMoRan by 5.7% during the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after buying an additional 20,586 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

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.