Ellie Mikes Sells 9,572 Shares of Freeport-McMoRan (NYSE:FCX) Stock

Freeport-McMoRan Inc. (NYSE:FCX) CAO Ellie Mikes sold 9,572 shares of the company’s stock in a transaction that occurred on Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer directly owned 38,761 shares in the company, valued at approximately $1,847,349.26. This trade represents a 19.80% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Freeport-McMoRan Trading Down 1.5%

Shares of Freeport-McMoRan stock opened at $47.41 on Friday. The stock has a market capitalization of $68.08 billion, a PE ratio of 33.39, a price-to-earnings-growth ratio of 1.07 and a beta of 1.49. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.12. The stock has a 50 day moving average price of $41.92 and a two-hundred day moving average price of $42.45. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.41 by $0.09. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The company had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. During the same period last year, the business earned $0.38 EPS. Freeport-McMoRan’s quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Steigerwald Gordon & Koch Inc. bought a new stake in shares of Freeport-McMoRan during the 3rd quarter worth $25,000. Twin Peaks Wealth Advisors LLC purchased a new stake in Freeport-McMoRan during the second quarter worth about $28,000. Salomon & Ludwin LLC raised its position in Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 687 shares during the period. JPL Wealth Management LLC purchased a new position in Freeport-McMoRan in the third quarter valued at about $33,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in Freeport-McMoRan in the third quarter valued at about $36,000. Institutional investors own 80.77% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on FCX. JPMorgan Chase & Co. boosted their target price on shares of Freeport-McMoRan from $50.00 to $58.00 and gave the stock an “overweight” rating in a research report on Friday, December 5th. Jefferies Financial Group increased their price objective on Freeport-McMoRan from $50.00 to $55.00 and gave the stock a “buy” rating in a research note on Monday, December 8th. Citigroup raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $48.00 target price on the stock in a research report on Wednesday, October 8th. Morgan Stanley dropped their price objective on Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 19th. Finally, Raymond James Financial reduced their target price on shares of Freeport-McMoRan from $46.00 to $45.00 and set an “outperform” rating for the company in a research note on Wednesday, November 19th. Four analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $48.30.

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.