Copper mining giant Freeport-McMoRan Copper & Gold Inc. (
) on Thursday said its board of directors has approved a
two-for-one stock split and declared a special $1 dividend.
The Phoenix-based company said the split would take place on
Feb. 1 for shareholders of record as of Jan. 15.
It will also pay a special one-time $1 per-share dividend on
Dec. 30 to shareholders of record as of Dec. 20. This payment will
be separate from the company's regular quarterly dividend.
"The authorization of this supplemental dividend reflects the
strong current cash position and significant cash flows being
generated by our global operations," said the company in a
statement. "The board's decision to split the stock reflects the
strong share price performance of our shares and positive outlook
for our business."
Freeport-McMoRan shares rose $3.72, or +3.4%, in premarket
The Bottom Line
Shares of Freeport McMoran (
) have a 1.84% dividend yield, based on last night's closing stock
price of $108.60. The stock has technical support in the $97-$100
price area. If the shares can build momentum on this morning's
news, we see overhead resistance around the $120 price levels.
Freeport-McMoRan Copper & Gold Inc. (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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