Insider Selling: Freeport-McMoRan (NYSE:FCX) CAO Sells 9,572 Shares of Stock

by · The Markets Daily

Freeport-McMoRan Inc. (NYSE:FCX – Get Free Report) CAO Ellie Mikes sold 9,572 shares of the stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $47.66, for a total value of $456,201.52. Following the completion of the transaction, the chief accounting officer owned 38,761 shares of the company’s stock, valued at $1,847,349.26. The trade was a 19.80% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink.

Freeport-McMoRan Price Performance

FCX stock traded down $0.70 during midday trading on Friday, reaching $47.41. 16,644,711 shares of the stock were exchanged, compared to its average volume of 16,495,912. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $49.12. The company has a fifty day moving average price of $41.77 and a 200 day moving average price of $42.38. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The stock has a market capitalization of $68.08 billion, a PE ratio of 33.39, a P/E/G ratio of 1.05 and a beta of 1.49.

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

Freeport-McMoRan Dividend Announcement

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

Hedge Funds Weigh In On Freeport-McMoRan

Several institutional investors have recently added to or reduced their stakes in the business. Steigerwald Gordon & Koch Inc. acquired a new stake in shares of Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC bought a new position in Freeport-McMoRan during the second quarter worth $28,000. Salomon & Ludwin LLC grew its holdings 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 purchasing an additional 687 shares during the period. JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan in the third quarter worth $33,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in Freeport-McMoRan in the third quarter valued at $36,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent research reports. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Dbs Bank lowered their target price on Freeport-McMoRan from $51.00 to $48.00 in a research report on Thursday, October 2nd. Jefferies Financial Group upped their price target on Freeport-McMoRan from $50.00 to $55.00 and gave the company a “buy” rating in a research report on Monday. Royal Bank Of Canada decreased their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating for the company in a research note on Wednesday, October 1st. Finally, Wall Street Zen lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, November 8th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $48.30.

Check Out Our Latest Stock Report on Freeport-McMoRan

About Freeport-McMoRan

(Get Free Report)

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.

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