Open Question
selling some of my FCX at 60 been holding on for months need to trim position.
whats the deal with the dividend is that still being taken away, and do they
plan on re-instating it soon?
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It will probably be next year at the soonest before Freeport-McMoran Copper and
Gold (FCX) earns enough to justify thoughts of a dividend. Analysts expect it to
recover from a steep deficit to a profit of $1.44 per share for the current
year—probably too slim for a dividend—to $3.03 next year. The leaves FCX
priced at 50x rcurrent year’s estimated net and 19 times next year’s
projected EPS, which seems fully priced. TheStreet.com Ratings grades the stock
a D-minus for its reward potential and a D for riskiness. Its overall mark of D
makes it a “sell” recommendation.
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Trimmed mine at $47. Nice job on being patient. I'm holding the rest till it
gets closer to $75ish. It's a solid pillar of my portfolio for now.
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they cut the divy when they thought they might have some issues with covenants
when the stock crashed. gotta feel they won't be in any hurry to reinstate it.
good trade my friend. mike
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