Freeport-McMoRan Inc. (NYSE:FCX) Director Sara Grootwassink Lewis Purchases 3,000 Shares

Financial News Live · Aug 5, 2022 20:11

Freeport-McMoRan Inc. (NYSE:FCX – Get Rating) Director Sara Grootwassink Lewis bought 3,000 shares of the firm's stock in a transaction on Wednesday, August 3rd. The stock was bought at an average cost of $28.79 per share, for a total transaction of $86,370.00. Following the transaction, the director now directly owns 13,800 shares of the company's stock, valued at $397,302. The purchase was disclosed in a filing with the SEC, which is available through this link.

Freeport-McMoRan Price Performance

Shares of FCX opened at $28.76 on Friday. Freeport-McMoRan Inc. has a 1-year low of $24.80 and a 1-year high of $51.99. The stock has a market cap of $41.68 billion, a PE ratio of 8.74, a price-to-earnings-growth ratio of 0.30 and a beta of 2.01. The company has a debt-to-equity ratio of 0.42, a current ratio of 2.73 and a quick ratio of 1.94. The firm has a fifty day moving average price of $32.33 and a 200 day moving average price of $39.73.

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Freeport-McMoRan (NYSE:FCX – Get Rating) last announced its quarterly earnings results on Thursday, July 21st. The natural resource company reported $0.58 earnings per share for the quarter, missing analysts' consensus estimates of $0.89 by ($0.31). Freeport-McMoRan had a net margin of 20.08% and a return on equity of 22.04%. The company had revenue of $5.42 billion during the quarter, compared to analysts' expectations of $6.20 billion. During the same period last year, the firm earned $0.77 earnings per share. Freeport-McMoRan's revenue was down 5.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 3.24 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, August 1st. Stockholders of record on Friday, July 15th were issued a $0.15 dividend. The ex-dividend date was Thursday, July 14th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 2.09%. Freeport-McMoRan's payout ratio is 9.12%.

Institutional Investors Weigh In On Freeport-McMoRan

A number of institutional investors and hedge funds have recently made changes to their positions in the business. St. Johns Investment Management Company LLC purchased a new position in Freeport-McMoRan during the first quarter worth about $25,000. Fairfield Bush & CO. acquired a new position in Freeport-McMoRan during the first quarter worth about $26,000. GHP Investment Advisors Inc. acquired a new position in Freeport-McMoRan during the first quarter worth about $26,000. FNY Investment Advisers LLC grew its position in Freeport-McMoRan by 1,250.0% during the first quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company's stock worth $26,000 after buying an additional 500 shares during the period. Finally, Core Alternative Capital grew its position in Freeport-McMoRan by 444.7% during the first quarter. Core Alternative Capital now owns 561 shares of the natural resource company's stock worth $28,000 after buying an additional 458 shares during the period. 77.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have commented on the stock. BMO Capital Markets decreased their target price on shares of Freeport-McMoRan from $62.00 to $56.00 and set an "outperform" rating on the stock in a research report on Friday, April 22nd. BNP Paribas raised shares of Freeport-McMoRan from a "neutral" rating to an "outperform" rating and set a $34.00 price target on the stock in a research report on Wednesday, July 13th. StockNews.com cut shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research report on Friday, July 8th. Clarkson Capital reissued a "neutral" rating on shares of Freeport-McMoRan in a research report on Tuesday, June 14th. Finally, Deutsche Bank Aktiengesellschaft reduced their price target on shares of Freeport-McMoRan from $37.00 to $35.00 in a research report on Friday, July 22nd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have given a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $42.00.

About Freeport-McMoRan

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

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