Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson Sells 169,229 Shares

Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson sold 169,229 shares of the stock in a transaction on Tuesday, April 30th. The shares were sold at an average price of $50.56, for a total value of $8,556,218.24. Following the completion of the transaction, the chief executive officer now directly owns 3,707,249 shares in the company, valued at approximately $187,438,509.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Freeport-McMoRan Stock Down 0.1 %

Shares of NYSE:FCX opened at $49.91 on Thursday. The stock has a fifty day simple moving average of $45.21 and a two-hundred day simple moving average of $40.62. The stock has a market capitalization of $71.59 billion, a price-to-earnings ratio of 44.04, a PEG ratio of 8.49 and a beta of 2.04. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $52.52. The company has a current ratio of 2.35, a quick ratio of 1.41 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last posted 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. The business had revenue of $6.32 billion during the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.52 EPS. On average, research analysts anticipate that Freeport-McMoRan Inc. will post 1.67 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s payout ratio is 26.55%.

Institutional Trading of Freeport-McMoRan

A number of institutional investors and hedge funds have recently modified their holdings of FCX. Bruce G. Allen Investments LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth $27,000. BluePath Capital Management LLC bought a new stake in shares of Freeport-McMoRan in the 3rd quarter worth $28,000. Jones Financial Companies Lllp increased its holdings in shares of Freeport-McMoRan by 422.2% in the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after purchasing an additional 532 shares in the last quarter. Vermillion & White Wealth Management Group LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $32,000. Finally, EdgeRock Capital LLC bought a new stake in shares of Freeport-McMoRan in the fourth quarter worth $35,000. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently weighed in on FCX. Royal Bank of Canada reaffirmed a “sector perform” rating and set a $55.00 target price on shares of Freeport-McMoRan in a research note on Thursday, January 25th. Argus upped their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their target price for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.07.

About Freeport-McMoRan

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.