On April 20, 2023 at 10:37:28 ET an unusually large $592.50K block of Put contracts in Freeport-McMoRan (FCX) was bought, with a strike price of $39.00 / share, expiring in 29 day(s) (on May 19, 2023). Fintel tracks all large options trades, and the premium spent on this trade was 1.59 sigmas above the mean, placing it in the 95.48th percentile of all recent large trades made in FCX options.

This trade was first picked up on Fintel’s real time Unusual Option Trades tool, where unusual option trades are highlighted.

What is the Fund Sentiment?

There are 2179 funds or institutions reporting positions in Freeport-McMoRan. This is an increase of 103 owner(s) or 4.96% in the last quarter. Average portfolio weight of all funds dedicated to FCX is 0.43%, an increase of 11.16%. Total shares owned by institutions increased in the last three months by 3.04% to 1,345,438K shares. The put/call ratio of FCX is 1.09, indicating a bearish outlook.

Analyst Price Forecast Suggests 11.59% Upside

As of April 6, 2023, the average one-year price target for Freeport-McMoRan is $46.75. The forecasts range from a low of $24.24 to a high of $63.00. The average price target represents an increase of 11.59% from its latest reported closing price of $41.89.

See our leaderboard of companies with the largest price target upside.

The projected annual revenue for Freeport-McMoRan is $22,165MM, a decrease of 2.70%. The projected annual non-GAAP EPS is $1.74.

What are Other Shareholders Doing?

Siemens Fonds Invest holds 12K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 14K shares, representing a decrease of 15.48%. The firm increased its portfolio allocation in FCX by 4.95% over the last quarter.

WMLIX – Wilmington Large-Cap Strategy Fund Class I Shares holds 18K shares representing 0.00% ownership of the company. In it’s prior filing, the firm reported owning 19K shares, representing a decrease of 2.45%. The firm increased its portfolio allocation in FCX by 34.75% over the last quarter.

Axq Capital holds 16K shares representing 0.00% ownership of the company.

Holowesko Partners holds 506K shares representing 0.04% ownership of the company. In it’s prior filing, the firm reported owning 387K shares, representing an increase of 23.52%. The firm increased its portfolio allocation in FCX by 54.89% over the last quarter.

PACIFIC SELECT FUND – Equity Index Portfolio Class I holds 161K shares representing 0.01% ownership of the company. In it’s prior filing, the firm reported owning 158K shares, representing an increase of 2.06%. The firm increased its portfolio allocation in FCX by 32.43% over the last quarter.

Freeport-McMoRan Declares $0.08 Dividend

On March 22, 2023 the company declared a regular quarterly dividend of $0.08 per share ($0.30 annualized). Shareholders of record as of April 14, 2023 will receive the payment on May 1, 2023. Previously, the company paid $0.08 per share.

At the current share price of $41.89 / share, the stock’s dividend yield is 0.72%. Looking back five years and taking a sample every week, the average dividend yield has been 1.43%, the lowest has been 0.60%, and the highest has been 3.21%. The standard deviation of yields is 0.49 (n=193).

The current dividend yield is 1.47 standard deviations below the historical average.

Additionally, the company’s dividend payout ratio is 0.25. The payout ratio tells us how much of a company’s income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company’s income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend – not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.

Freeport-McMoRan Background Information
(This description is provided by the company.)

FCX is a leading international mining company with headquarters in Phoenix, Arizona. FCX operates large, long-lived, geographically diverse assets with significant proven and probable reserves of copper, gold and molybdenum. FCX is one of the world’s largest publicly traded copper producers. FCX’s portfolio of assets includes the Grasberg minerals district in Indonesia, one of the world’s largest copper and gold deposits; and significant mining operations in North America and South America, including the large-scale Morenci minerals district in Arizona and the Cerro Verde operation in Peru. By supplying responsibly produced copper, FCX is proud to be a positive contributor to the world well beyond its operational boundaries. Additional information about FCX is available on FCX’s website at ‘fcx.com.’

See all Freeport-McMoRan regulatory filings.

This article originally appeared on Fintel

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