Freeport-McMoRan Inc (FCX) to Issue Quarterly Dividend of $0.05 on August 1st

Freeport-McMoRan Inc (NYSE:FCX) declared a quarterly dividend on Wednesday, June 26th, RTT News reports. Investors of record on Monday, July 15th will be given a dividend of 0.05 per share by the natural resource company on Thursday, August 1st. This represents a $0.20 annualized dividend and a dividend yield of 1.84%. The ex-dividend date of this dividend is Friday, July 12th.

Freeport-McMoRan has decreased its dividend by an average of 31.3% annually over the last three years. Freeport-McMoRan has a payout ratio of 10.4% meaning its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $0.70 per share next year, which means the company should continue to be able to cover its $0.20 annual dividend with an expected future payout ratio of 28.6%.

Freeport-McMoRan stock opened at $10.87 on Wednesday. The firm has a 50 day moving average price of $10.71. The company has a debt-to-equity ratio of 0.56, a quick ratio of 1.41 and a current ratio of 2.79. The firm has a market cap of $16.38 billion, a PE ratio of 7.15 and a beta of 2.32. Freeport-McMoRan has a 12 month low of $9.47 and a 12 month high of $18.14.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 25th. The natural resource company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.03). The firm had revenue of $3.79 billion during the quarter, compared to analyst estimates of $3.77 billion. Freeport-McMoRan had a net margin of 9.09% and a return on equity of 10.31%. The company’s revenue was down 22.1% on a year-over-year basis. During the same period last year, the company earned $0.46 EPS. As a group, sell-side analysts expect that Freeport-McMoRan will post 0.31 earnings per share for the current year.

Several research firms have commented on FCX. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a report on Tuesday. ValuEngine raised Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Monday, June 3rd. BMO Capital Markets set a $14.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a report on Friday, April 26th. Zacks Investment Research raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Monday, April 8th. Finally, Raymond James reaffirmed a “market perform” rating and issued a $14.00 price target on shares of Freeport-McMoRan in a report on Friday, April 26th. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $14.81.

In related news, CFO Kathleen L. Quirk acquired 50,000 shares of the stock in a transaction dated Friday, June 7th. The shares were bought at an average cost of $10.49 per share, for a total transaction of $524,500.00. Following the purchase, the chief financial officer now owns 920,769 shares in the company, valued at approximately $9,658,866.81. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, Vice Chairman Richard C. Adkerson acquired 172,000 shares of the stock in a transaction dated Thursday, June 6th. The stock was bought at an average price of $10.14 per share, for a total transaction of $1,744,080.00. The disclosure for this purchase can be found here. Corporate insiders own 0.98% of the company’s stock.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Dividend History for Freeport-McMoRan (NYSE:FCX)

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