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

Freeport-McMoRan Inc. (NYSE:FCX) announced a quarterly dividend on Wednesday, March 26th. Shareholders registered by Tuesday, April 15th, will receive a payment of $0.15 per share on Thursday, May 1st. This decision reflects an annualized dividend of $0.60 and translates to a dividend yield of 1.41%.

Dividend Information

The dividend payout ratio for Freeport-McMoRan stands at 13.2%, suggesting that the company is generating enough earnings to support its dividend payments. Analysts forecast that the company is expected to earn $2.16 per share in the upcoming year, indicating that it will continue to maintain its dividend level with an anticipated future payout ratio of 13.9%.

Current Stock Performance

As of Wednesday, NYSE:FCX opened at $42.47. The company's fifty-day simple moving average is $38.15, while the two-hundred day simple moving average sits at $42.00. Over the past year, Freeport-McMoRan's stock has experienced a low of $33.98 and a high of $55.24. The market capitalization of the company is approximately $61.03 billion, with a price-to-earnings ratio of 33.22.

Financial Metrics

Freeport-McMoRan showcases a PEG ratio of 0.87, a current ratio of 2.42, a quick ratio of 1.18, along with a debt-to-equity ratio of 0.31. The company reported earnings of $0.31 per share in its latest earnings announcement on January 23rd, missing the expected estimate by $0.05, resulting in a net margin of 7.42% and a return on equity of 7.50%. Analysts predict that Freeport-McMoRan will achieve an earnings per share of 1.68 for the current fiscal year.

Investments and Hedge Fund Activity

Brighton Jones LLC has recently increased its investment in Freeport-McMoRan, raising its stake by 24.2% during the fourth quarter. Following this acquisition, the hedge fund now holds 14,807 shares valued at approximately $564,000, as per its most recent disclosure to the SEC. Currently, institutional investors and hedge funds own about 80.77% of Freeport-McMoRan's stock.

Analyst Outlook

Several analysts have provided insights regarding Freeport-McMoRan's stock. BMO Capital Markets adjusted their target price down from $54.00 to $50.00 while maintaining an "outperform" rating. On the other hand, JPMorgan Chase upgraded the stock from "neutral" to "overweight," increasing their price target from $48.00 to $52.00. Additionally, Argus downgraded the stock from a "buy" to a "hold" rating, while Deutsche Bank upgraded it from a "hold" to a "buy" with a price target of $47.00. Overall, Freeport-McMoRan currently holds an average rating of "Moderate Buy" from analysts with a price target of $52.04.

Freeport-McMoRan Overview

Freeport-McMoRan Inc. specializes in the mining of various mineral properties located in North America, South America, and Indonesia. The company focuses on the exploration and extraction of copper, gold, molybdenum, silver, and other metals, possessing significant assets like the Grasberg minerals district in Indonesia and several mining locations in Arizona and New Mexico.

This announcement serves as a reminder of Freeport-McMoRan's ongoing commitment to its shareholders through consistent dividend payments, while also highlighting the potential for company growth as anticipated earnings support its financial stability.

Freeport-McMoRan, dividend, investment