Ellie Mikes Sells 11,000 Shares of Freeport-McMoRan (NYSE:FCX) Stock

by · The Markets Daily

Freeport-McMoRan Inc. (NYSE:FCX – Get Free Report) CAO Ellie Mikes sold 11,000 shares of the business’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the transaction, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink.

Freeport-McMoRan Price Performance

Shares of FCX stock traded up $1.47 on Wednesday, reaching $62.56. The company had a trading volume of 17,240,572 shares, compared to its average volume of 22,909,543. The business’s 50-day moving average is $56.63 and its 200 day moving average is $47.20. Freeport-McMoRan Inc. has a one year low of $27.66 and a one year high of $69.44. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The stock has a market capitalization of $89.84 billion, a PE ratio of 41.43, a price-to-earnings-growth ratio of 0.69 and a beta of 1.47.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business had revenue of $5.63 billion during the quarter, compared to the consensus estimate of $5.42 billion. During the same quarter in the prior year, the firm earned $0.31 EPS. The firm’s revenue was down 1.5% compared to the same quarter last year. Equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Investors of record on Thursday, January 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Analysts Set New Price Targets

Several research firms have recently weighed in on FCX. HSBC boosted their price target on Freeport-McMoRan from $48.00 to $69.00 and gave the stock a “buy” rating in a report on Tuesday, January 20th. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Morgan Stanley set a $70.00 price target on Freeport-McMoRan in a research report on Tuesday, January 27th. BMO Capital Markets upped their target price on Freeport-McMoRan from $55.00 to $68.00 and gave the company an “outperform” rating in a report on Wednesday, January 14th. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a “buy” rating on shares of Freeport-McMoRan in a research note on Wednesday, November 26th. One research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $60.64.

Read Our Latest Research Report on Freeport-McMoRan

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in Freeport-McMoRan by 24.2% in the fourth quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock valued at $564,000 after acquiring an additional 2,882 shares during the period. Bison Wealth LLC increased its stake in Freeport-McMoRan by 5.6% during the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock valued at $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC acquired a new position in Freeport-McMoRan during the second quarter worth $560,000. Stratos Wealth Partners LTD. lifted its stake in shares of Freeport-McMoRan by 13.3% in the second quarter. Stratos Wealth Partners LTD. now owns 44,643 shares of the natural resource company’s stock valued at $1,935,000 after buying an additional 5,227 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Freeport-McMoRan in the second quarter valued at $487,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

(Get Free Report)

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.

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