Diversified U.S. mining and energy company Freeport-McMoRan Inc slashed its quarterly dividend by 84 percent on Tuesday in response to the impact of lower commodity prices. The company said it is cutting its dividend to 5 cents a share from $0.3125 a share, adding it will increase cash returns to shareholders as market and business conditions warrant.
Freeport-McMoRan Inc. is a natural resource company with an industry portfolio of mineral assets, oil and natural gas resources and a production profile. Shares of FCX traded higher by 5.0% or $0.92/share to $19.33. In the past year, the shares have traded as low as $16.43 and as high as $39.32. On average, 19770600 shares of FCX exchange hands on a given day and today's volume is recorded at 23226402.