Freeport-McMoRan Inc. (FCX) To Go Ex-Dividend on October 15th

Freeport-McMoRan Inc. (NYSE:FCX) declared a quarterly dividend on Wednesday, September 23rd. Investors of record on Thursday, October 15th will be paid a dividend of $0.0750 per share by the natural resource company on Monday, November 2nd. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date of this dividend is Thursday, October 15th.

Freeport-McMoRan has raised its dividend by an average of 0.6%annually over the last three years. Freeport-McMoRan has a dividend payout ratio of 13.6% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Freeport-McMoRan to earn $3.76 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 8.0%.

Freeport-McMoRan Price Performance

NYSE FCX opened at $72.05 on Friday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $103.46 billion, a PE ratio of 35.49, a price-to-earnings-growth ratio of 0.73 and a beta of 1.41. The company has a 50 day moving average price of $69.62 and a two-hundred day moving average price of $65.07. Freeport-McMoRan has a 12-month low of $35.15 and a 12-month high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same quarter in the prior year, the business posted $0.54 EPS. Freeport-McMoRan’s quarterly revenue was down 7.3% on a year-over-year basis. As a group, equities analysts predict that Freeport-McMoRan will post 2.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

FCX has been the topic of several recent research reports. Jefferies Financial Group boosted their price target on Freeport-McMoRan from $75.00 to $85.00 and gave the stock a “buy” rating in a research report on Monday, June 8th. UBS Group raised their target price on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the company a “buy” rating in a research note on Tuesday, June 30th. Erste Group Bank initiated coverage on shares of Freeport-McMoRan in a report on Thursday, August 27th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. upped their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Thursday, July 9th. Finally, Freedom Broker cut Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a research report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $70.29.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a global mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical wiring, construction, transportation, industrial equipment and renewable-energy technologies. The company also produces gold as a byproduct of its copper operations and molybdenum, an alloying metal used in steelmaking and other industrial applications.

Freeport-McMoRan operates major mining and processing assets in North America, South America and Indonesia.