Freeport-McMoRan Inc. Plans Quarterly Dividend of $0.15 (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Get Free Report) declared a quarterly dividend on Wednesday, March 26th, RTT News reports. Stockholders of record on Tuesday, April 15th will be paid a dividend of 0.15 per share by the natural resource company on Thursday, May 1st. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Tuesday, April 15th.

Freeport-McMoRan has a payout ratio of 13.2% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Freeport-McMoRan to earn $2.16 per share next year, which means the company should continue to be able to cover its $0.30 annual dividend with an expected future payout ratio of 13.9%.

Freeport-McMoRan Price Performance

Freeport-McMoRan stock traded down $1.62 during mid-day trading on Friday, reaching $38.36. 20,221,875 shares of the company were exchanged, compared to its average volume of 13,413,076. The firm has a market cap of $55.13 billion, a PE ratio of 29.74, a PEG ratio of 0.87 and a beta of 1.87. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.42 and a quick ratio of 1.18. The company has a fifty day simple moving average of $38.14 and a 200-day simple moving average of $41.97. Freeport-McMoRan has a 12 month low of $33.98 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last issued its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts' consensus estimates of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. As a group, equities research analysts expect that Freeport-McMoRan will post 1.68 earnings per share for the current fiscal year.

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Analysts Set New Price Targets

Several research analysts recently issued reports on the company. JPMorgan Chase & Co. raised Freeport-McMoRan from a "neutral" rating to an "overweight" rating and raised their target price for the stock from $48.00 to $52.00 in a research report on Thursday, March 20th. Scotiabank reduced their target price on Freeport-McMoRan from $48.00 to $45.00 and set a "sector perform" rating on the stock in a report on Friday, January 24th. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 price target for the company in a report on Thursday, March 6th. BMO Capital Markets decreased their target price on Freeport-McMoRan from $54.00 to $50.00 and set an "outperform" rating for the company in a research note on Friday, January 24th. Finally, Sanford C. Bernstein cut Freeport-McMoRan from an "outperform" rating to a "market perform" rating and cut their price target for the stock from $51.00 to $46.00 in a report on Tuesday, January 7th. Six analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.04.

Institutional Investors Weigh In On Freeport-McMoRan

A hedge fund recently raised its stake in Freeport-McMoRan stock. Brighton Jones LLC increased its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 24.2% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,807 shares of the natural resource company's stock after buying an additional 2,882 shares during the quarter. Brighton Jones LLC's holdings in Freeport-McMoRan were worth $564,000 as of its most recent filing with the Securities and Exchange Commission (SEC). 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

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.