Freeport-McMoRan Inc (NYSE:FCX) – Gabelli issued their FY2021 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued on Wednesday, November 7th. Gabelli analyst C. Mancini anticipates that the natural resource company will post earnings of $1.90 per share for the year.
Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 24th. The natural resource company reported $0.35 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The firm had revenue of $4.91 billion during the quarter, compared to analysts’ expectations of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The company’s quarterly revenue was up 13.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.34 EPS.
Several other analysts have also recently weighed in on the company. ValuEngine cut Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a report on Thursday. Royal Bank of Canada cut Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 price target for the company. in a research note on Tuesday. They noted that the move was a valuation call. B. Riley lowered their price target on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a research note on Thursday, October 25th. BMO Capital Markets set a $13.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research note on Thursday, October 25th. Finally, Raymond James set a $16.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research note on Wednesday, October 24th. Four research analysts have rated the stock with a sell rating, eleven have given a hold rating and six have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $16.67.
Shares of NYSE:FCX opened at $11.35 on Thursday. The stock has a market cap of $17.87 billion, a price-to-earnings ratio of 9.70 and a beta of 2.40. Freeport-McMoRan has a 1-year low of $10.59 and a 1-year high of $20.25. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.84 and a quick ratio of 1.78.
Institutional investors and hedge funds have recently modified their holdings of the stock. Jennison Associates LLC grew its position in shares of Freeport-McMoRan by 36.0% in the 2nd quarter. Jennison Associates LLC now owns 1,118,042 shares of the natural resource company’s stock valued at $19,297,000 after purchasing an additional 296,228 shares during the period. Intrust Bank NA acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $265,000. Achmea Investment Management B.V. grew its position in shares of Freeport-McMoRan by 6.2% in the 2nd quarter. Achmea Investment Management B.V. now owns 126,793 shares of the natural resource company’s stock valued at $2,187,000 after purchasing an additional 7,366 shares during the period. State Board of Administration of Florida Retirement System grew its position in shares of Freeport-McMoRan by 3.9% in the 2nd quarter. State Board of Administration of Florida Retirement System now owns 1,996,247 shares of the natural resource company’s stock valued at $34,455,000 after purchasing an additional 75,434 shares during the period. Finally, Confluence Investment Management LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $175,000. Institutional investors and hedge funds own 73.10% of the company’s stock.
In related news, Director Courtney Mather sold 75,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the completion of the transaction, the director now directly owns 152,133 shares in the company, valued at approximately $1,696,282.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.05% of the company’s stock.
The business also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Stockholders of record on Monday, October 15th were paid a $0.05 dividend. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.76%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 17.09%.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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