Richard C. Adkerson Sells 54,771 Shares of Freeport-McMoRan Inc. (NYSE:FCX) Stock

Freeport-McMoRan Inc. (NYSE:FCX) CEO Richard C. Adkerson sold 54,771 shares of the business’s stock in a transaction that occurred on Monday, May 6th. The shares were sold at an average price of $50.78, for a total transaction of $2,781,271.38. Following the transaction, the chief executive officer now directly owns 3,652,478 shares in the company, valued at $185,472,832.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Freeport-McMoRan Stock Performance

NYSE:FCX opened at $49.96 on Thursday. The firm has a market capitalization of $71.66 billion, a PE ratio of 44.21, a PEG ratio of 8.19 and a beta of 2.02. 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 Inc. has a 1 year low of $32.83 and a 1 year high of $52.52. The firm’s fifty day simple moving average is $46.63 and its 200 day simple moving average is $41.20.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data 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 for 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 firm’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.52 earnings per share. On average, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 1.66 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Argus boosted their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. HSBC boosted 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. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research report on Tuesday, April 9th. Finally, Scotiabank decreased their target price on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday, April 24th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Hedge Funds Weigh In On Freeport-McMoRan

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bruce G. Allen Investments LLC acquired a new stake in Freeport-McMoRan in the 4th quarter worth $27,000. BluePath Capital Management LLC acquired a new position in Freeport-McMoRan in the 3rd quarter valued at approximately $28,000. Jones Financial Companies Lllp lifted its position in Freeport-McMoRan by 422.2% in the fourth 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 during the period. Vermillion & White Wealth Management Group LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter worth about $32,000. Finally, EdgeRock Capital LLC acquired a new stake in Freeport-McMoRan during the fourth quarter valued at approximately $35,000. Institutional investors own 80.77% of the company’s stock.

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.