Freeport-McMoRan to Split 2-for-1; Announces Special $1 Dividend (FCX)

By Staff,

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Copper mining giant Freeport-McMoRan Copper & Gold Inc. ( FCX ) 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 trading Thursday.

The Bottom Line
Shares of Freeport McMoran ( FCX ) 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. ( FCX ) is not recommended at this time, holding a DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: FCX

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