Freeport-McMoRan Copper & Gold Chairman Acquires $56,175,000 in Stock (FCX)
Freeport-McMoRan Copper & Gold (NYSE:FCX) Chairman James Flores purchased 1,500,000 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were purchased at an average price of $37.45 per share, with a total value of $56,175,000.00. Following the acquisition, the chairman now directly owns 4,345,083 shares in the company, valued at approximately $162,723,358. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Shares of Freeport-McMoRan Copper & Gold (NYSE:FCX) traded down 0.45% on Monday, hitting $37.27. 10,693,067 shares of the company’s stock traded hands. Freeport-McMoRan Copper & Gold has a 1-year low of $26.37 and a 1-year high of $42.89. The stock has a 50-day moving average of $30.74 and a 200-day moving average of $30.65. The company has a market cap of $38.686 billion and a P/E ratio of 13.68.
Freeport-McMoRan Copper & Gold (NYSE:FCX) last released its earnings data on Tuesday, October 22nd. The company reported $0.79 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.62 by $0.17. The company had revenue of $6.17 billion for the quarter, compared to the consensus estimate of $5.68 billion. During the same quarter last year, the company posted $0.86 earnings per share. Freeport-McMoRan Copper & Gold’s revenue was up 39.6% compared to the same quarter last year. On average, analysts predict that Freeport-McMoRan Copper & Gold will post $2.55 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Friday, November 1st. Stockholders of record on Tuesday, October 15th will be given a dividend of $0.31 per share. This represents a $1.25 dividend on an annualized basis and a yield of 3.35%. The ex-dividend date of this dividend is Thursday, October 10th.
A number of research firms have recently commented on FCX. Analysts at RBC Capital raised their price target on shares of Freeport-McMoRan Copper & Gold from $36.00 to $40.00 in a research note to investors on Wednesday, October 23rd. Separately, analysts at FBR Capital Markets raised their price target on shares of Freeport-McMoRan Copper & Gold from $38.00 to $40.00 in a research note to investors on Wednesday, October 23rd. They now have an “outperform” rating on the stock. Finally, analysts at Credit Suisse raised their price target on shares of Freeport-McMoRan Copper & Gold from $39.00 to $42.00 in a research note to investors on Wednesday, October 23rd. They now have an “outperform” rating on the stock. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $38.63.
Freeport-McMoRan Copper & Gold Inc (NYSE:FCX) is an international mining company.
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