Freeport-McMoRan Inc Announces Quarterly Dividend of $0.05 (FCX)

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Freeport-McMoRan Inc (NYSE:FCX) announced a quarterly dividend on Wednesday, December 19th, RTT News reports. Shareholders of record on Tuesday, January 15th will be paid a dividend of 0.05 per share by the natural resource company on Friday, February 1st. This represents a $0.20 dividend on an annualized basis and a yield of 1.83%.

Freeport-McMoRan has a payout ratio of 10.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $0.84 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 23.8%.

Shares of NYSE FCX traded up $0.30 during trading on Wednesday, hitting $10.90. The stock had a trading volume of 306,355 shares, compared to its average volume of 17,601,716. Freeport-McMoRan has a 12 month low of $10.39 and a 12 month high of $20.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.84 and a quick ratio of 1.78. The firm has a market cap of $15.35 billion, a price-to-earnings ratio of 9.29 and a beta of 2.45.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. Freeport-McMoRan had a net margin of 15.80% and a return on equity of 22.63%. The firm had revenue of $4.91 billion during the quarter, compared to analyst estimates of $4.50 billion. During the same quarter in the prior year, the business posted $0.34 EPS. The business’s revenue was up 13.9% compared to the same quarter last year. On average, research analysts anticipate that Freeport-McMoRan will post 1.69 EPS for the current fiscal year.

Several analysts have recently issued reports on FCX shares. TheStreet lowered shares of Freeport-McMoRan from a “b-” rating to a “c+” rating in a research note on Monday, November 19th. ValuEngine raised shares of Freeport-McMoRan from a “strong sell” rating to a “sell” rating in a report on Friday, September 21st. Deutsche Bank set a $15.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a report on Tuesday, October 2nd. Barclays initiated coverage on shares of Freeport-McMoRan in a report on Wednesday, October 10th. They issued an “underweight” rating and a $12.00 price target on the stock. Finally, B. Riley cut their price target on shares of Freeport-McMoRan from $19.00 to $18.00 and set a “buy” rating on the stock in a report on Wednesday, September 19th. Four investment analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $16.71.

In other news, Director Courtney Mather sold 75,000 shares of the stock in a transaction dated Tuesday, October 30th. The shares were sold at an average price of $11.15, for a total value of $836,250.00. Following the sale, the director now directly owns 152,133 shares of the company’s stock, valued at $1,696,282.95. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.05% of the stock is owned by corporate insiders.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. 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 and El Abra mines in South America.

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Dividend History for Freeport-McMoRan (NYSE:FCX)

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