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 Freeport-McMoRan stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total value of $6,284,800.00. Following the sale, the executive vice president directly owned 211,016 shares in the company, valued at $16,577,416.96. This trade represents a 27.49% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this link.

Freeport-McMoRan Trading Down 1.1%

FCX stock opened at $79.05 on Thursday. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $80.24. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The company has a market capitalization of $113.52 billion, a price-to-earnings ratio of 38.94, a PEG ratio of 0.79 and a beta of 1.37. The business has a 50 day simple moving average of $65.11 and a two-hundred day simple moving average of $63.80.

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

Freeport-McMoRan Announces Dividend

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

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently bought and sold shares of the business. California State Teachers Retirement System raised its stake in shares of Freeport-McMoRan by 6,434.3% during the 2nd quarter. California State Teachers Retirement System now owns 142,181,964 shares of the natural resource company’s stock worth $8,941,824,000 after acquiring an additional 140,006,047 shares in the last quarter. Jupiter Topco LLC acquired a new position in shares of Freeport-McMoRan during the second quarter worth $739,890,000. Arrowstreet Capital Limited Partnership lifted its holdings in shares of Freeport-McMoRan by 98.8% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 19,973,108 shares of the natural resource company’s stock valued at $1,014,434,000 after purchasing an additional 9,924,573 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Freeport-McMoRan by 31.2% in the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares in the last quarter. Finally, Amundi grew its stake in Freeport-McMoRan by 102.5% during the 4th quarter. Amundi now owns 14,211,579 shares of the natural resource company’s stock worth $721,806,000 after buying an additional 7,192,955 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have commented on FCX shares. Royal Bank Of Canada boosted their price target 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. JPMorgan Chase & Co. raised their price objective on Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Scotiabank lifted their target price on Freeport-McMoRan from $67.00 to $77.00 and gave the stock a “sector outperform” rating in a report on Monday, June 15th. BNP Paribas Exane boosted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. Finally, Barclays increased their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

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.