A pair of managers at Freeport-McMoRan Inc. (FCX, Financial) have acquired shares of their own company, according to recent filings by the Securities and Exchange Commission.
The following transactions were executed in accordance with rules that allow executives to acquire shares of ordinary stock for their annual retainer fee instead of cash. The information is vital to investors because it can predict the next movement in the share price of the stock.
Courtney Mather is a director at Freeport-McMoRan Inc. Mather also is a former manager at Icahn Capital LP and Goldman Sachs & Co. Mather acquired 1,267 shares for a price of $17.26. Following the transaction, Mather has a direct ownership that amounts to 225,562 shares. The volume incorporates 24,700 Restricted Stock Units (RSUs) of ordinary stock.
Gerald J. Ford, who serves as a non-executive chairman of the board of directors, acquired 2,208 shares at a price of $17.26. The grant was also for a compensation fee that the chairman receives through quarterly payments. Ford now holds 299,909 of Freeport-McMoRan, including 13,375 RSUs of the common share. The chairman has also an indirect ownership in the company, which amounts to 2,020,000 shares.
Stock movement
In early afternoon trading on Tuesday, the stock in Freeport-McMoRan Inc. stood at $17.20 per share or about 0.23% up. The company has a market capitalization of $25.02 billion.
The share price is above the 200 and 50-SMA lines but below the 100-SMA line:
The 52-week range is $11.71 to $20.25 per share. The price-book ratio is 2.89 times and the enterprise value to earnings before interest, taxes, depreciation and amortization ratio. r Ebitda, is 5.81 times.
The average target price is $19.33, and the recommendation rating is 2.7 out of 5.
(Disclosure: I have no positions in Freeport-McMoRan Inc.)
