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

Freeport-McMoRan Inc. (NYSE:FCX) announced a quarterly dividend on Wednesday, September 25th, Zacks reports. Stockholders of record on Tuesday, October 15th will be given a dividend of 0.075 per share by the natural resource company on Friday, November 1st. This represents a $0.30 annualized dividend and a dividend yield of 0.58%. The ex-dividend date of this dividend is Tuesday, October 15th.

Freeport-McMoRan has increased its dividend by an average of 81.7% per year over the last three years. Freeport-McMoRan has a dividend payout ratio of 13.5% meaning its dividend is sufficiently covered by earnings. Analysts expect Freeport-McMoRan to earn $2.22 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 13.5%.

Freeport-McMoRan Price Performance

NYSE FCX opened at $51.90 on Friday. The company has a market cap of $74.57 billion, a PE ratio of 45.93, a P/E/G ratio of 2.89 and a beta of 1.89. The firm’s 50 day moving average price is $43.54 and its 200-day moving average price is $47.37. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to the consensus estimate of $6 billion. During the same quarter in the previous year, the firm earned $0.35 EPS. The company’s quarterly revenue was up 15.5% compared to the same quarter last year. Sell-side analysts forecast that Freeport-McMoRan will post 1.61 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

FCX has been the subject of several research analyst reports. Morgan Stanley decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and increased their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday. Royal Bank of Canada reissued a “sector perform” rating and set a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Finally, BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Five investment analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $52.93.

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.