Freeport-McMoRan Inc. (NYSE:FCX) to Issue $0.15 Quarterly Dividend

Freeport-McMoRan Inc. (NYSE:FCXGet Rating) declared a quarterly dividend on Wednesday, June 22nd, RTT News reports. Stockholders of record on Friday, July 15th will be given a dividend of 0.15 per share by the natural resource company on Monday, August 1st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.92%. The ex-dividend date of this dividend is Thursday, July 14th.

Freeport-McMoRan has increased its dividend by an average of 23.3% annually over the last three years and has raised its dividend annually for the last 1 consecutive years. Freeport-McMoRan has a payout ratio of 19.2% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Freeport-McMoRan to earn $3.15 per share next year, which means the company should continue to be able to cover its $0.60 annual dividend with an expected future payout ratio of 19.0%.

Freeport-McMoRan stock opened at $31.32 on Thursday. The company has a market capitalization of $45.39 billion, a P/E ratio of 9.08, a P/E/G ratio of 0.30 and a beta of 2.02. The firm’s fifty day simple moving average is $39.61 and its 200-day simple moving average is $42.31. The company has a current ratio of 2.37, a quick ratio of 1.68 and a debt-to-equity ratio of 0.34. Freeport-McMoRan has a 1-year low of $30.02 and a 1-year high of $51.99.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings results on Thursday, April 21st. The natural resource company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.19. The business had revenue of $6.60 billion for the quarter, compared to the consensus estimate of $6.29 billion. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. Freeport-McMoRan’s revenue for the quarter was up 36.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.51 EPS. On average, equities research analysts predict that Freeport-McMoRan will post 3.92 earnings per share for the current year.

In related news, Director Hugh Grant bought 12,300 shares of the company’s stock in a transaction on Monday, April 25th. The stock was bought at an average cost of $40.75 per share, with a total value of $501,225.00. Following the completion of the purchase, the director now owns 15,776 shares in the company, valued at approximately $642,872. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Dustan E. Mccoy sold 8,200 shares of the business’s stock in a transaction dated Tuesday, May 31st. The stock was sold at an average price of $39.24, for a total transaction of $321,768.00. Following the completion of the transaction, the director now directly owns 134,400 shares of the company’s stock, valued at $5,273,856. The disclosure for this sale can be found here. Company insiders own 0.72% of the company’s stock.

Large investors have recently modified their holdings of the company. Frontier Wealth Management LLC grew its position in shares of Freeport-McMoRan by 6.6% during the 1st quarter. Frontier Wealth Management LLC now owns 7,349 shares of the natural resource company’s stock worth $353,000 after buying an additional 452 shares during the period. Proficio Capital Partners LLC acquired a new stake in shares of Freeport-McMoRan during the 1st quarter worth approximately $339,000. Brown Brothers Harriman & Co. grew its holdings in Freeport-McMoRan by 110.6% during the first quarter. Brown Brothers Harriman & Co. now owns 6,729 shares of the natural resource company’s stock valued at $335,000 after purchasing an additional 3,534 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC grew its holdings in Freeport-McMoRan by 10.1% during the first quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC now owns 6,562 shares of the natural resource company’s stock valued at $325,000 after purchasing an additional 604 shares during the period. Finally, Range Financial Group LLC acquired a new position in Freeport-McMoRan during the first quarter valued at approximately $312,000. Institutional investors own 77.37% of the company’s stock.

A number of research firms recently issued reports on FCX. Exane BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 target price on the stock. in a research note on Tuesday, April 5th. Raymond James set a $59.00 target price on shares of Freeport-McMoRan and gave the company an “outperform” rating in a research note on Friday, April 22nd. Stifel Nicolaus raised their target price on shares of Freeport-McMoRan from $49.00 to $54.00 in a research note on Thursday, March 17th. Royal Bank of Canada raised their target price on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the company a “sector perform” rating in a research note on Friday, April 22nd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “hold” rating on the stock in a research note on Friday, April 22nd. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $47.31.

Freeport-McMoRan Company Profile (Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

Further Reading

Dividend History for Freeport-McMoRan (NYSE:FCX)

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