Freeport-McMoRan Inc. (FCX) to Issue Quarterly Dividend of $0.07 on August 3rd

Freeport-McMoRan Inc. (NYSE:FCX) announced a quarterly dividend on Wednesday, June 24th. Shareholders of record on Wednesday, July 15th will be paid a dividend of 0.075 per share by the natural resource company on Monday, August 3rd. This represents a c) annualized dividend and a yield of 0.5%. The ex-dividend date of this dividend is Wednesday, July 15th.

Freeport-McMoRan has increased its dividend payment by an average of 0.6%annually over the last three years. Freeport-McMoRan has a payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $3.55 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 8.5%.

Freeport-McMoRan Stock Down 0.1%

Freeport-McMoRan stock opened at $61.44 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13. The stock has a market capitalization of $88.32 billion, a PE ratio of 32.68, a price-to-earnings-growth ratio of 0.62 and a beta of 1.37. The business has a 50 day simple moving average of $63.85 and a 200-day simple moving average of $61.73. Freeport-McMoRan has a 12 month low of $35.15 and a 12 month high of $72.28.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. During the same quarter last year, the firm posted $0.24 EPS. The business’s revenue was up 8.8% on a year-over-year basis. On average, analysts anticipate that Freeport-McMoRan will post 2.68 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in FCX. Vanguard Group Inc. grew its stake in shares of Freeport-McMoRan by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares in the last quarter. Fisher Asset Management LLC boosted its holdings in Freeport-McMoRan by 1.0% in the fourth quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after purchasing an additional 622,343 shares during the period. State Street Corp grew its stake in Freeport-McMoRan by 0.6% during the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock worth $3,193,327,000 after purchasing an additional 395,226 shares in the last quarter. Bank of America Corp DE grew its stake in Freeport-McMoRan by 20.0% during the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after purchasing an additional 7,044,775 shares in the last quarter. Finally, Franklin Resources Inc. increased its holdings in Freeport-McMoRan by 31.2% during the 4th quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.