Wall Street brokerages expect that Freeport-McMoRan Inc (NYSE:FCX) will post $4.03 billion in sales for the current quarter, according to Zacks. Three analysts have made estimates for Freeport-McMoRan’s earnings. The lowest sales estimate is $3.93 billion and the highest is $4.19 billion. Freeport-McMoRan reported sales of $5.04 billion during the same quarter last year, which indicates a negative year over year growth rate of 20%. The firm is scheduled to issue its next quarterly earnings results on Thursday, January 24th.
According to Zacks, analysts expect that Freeport-McMoRan will report full year sales of $19.05 billion for the current financial year, with estimates ranging from $18.86 billion to $19.47 billion. For the next fiscal year, analysts expect that the firm will report sales of $15.31 billion, with estimates ranging from $13.93 billion to $16.52 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that cover Freeport-McMoRan.
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, beating analysts’ consensus estimates of $0.33 by $0.02. The business had revenue of $4.91 billion for the quarter, compared to analyst estimates of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. The company’s revenue was up 13.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.34 earnings per share.
A number of analysts have recently commented on the company. ValuEngine downgraded Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research note on Thursday, November 8th. Royal Bank of Canada downgraded Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 target price on the stock. in a research note on Tuesday, November 6th. They noted that the move was a valuation call. B. Riley lowered their target price on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating on the stock in a research note on Thursday, October 25th. BMO Capital Markets set a $13.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Thursday, October 25th. Finally, Raymond James set a $16.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, October 24th. Four research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $16.67.
Shares of FCX stock traded up $0.09 during mid-day trading on Thursday, reaching $11.25. The stock had a trading volume of 17,214,575 shares, compared to its average volume of 18,609,947. 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 quick ratio of 1.78 and a current ratio of 2.84. The firm has a market capitalization of $16.45 billion, a PE ratio of 9.62 and a beta of 2.40.
The firm also recently declared a quarterly dividend, which was paid on Thursday, November 1st. Shareholders of record on Monday, October 15th were given a dividend of $0.05 per share. The ex-dividend date of this dividend was Friday, October 12th. This represents a $0.20 dividend on an annualized basis and a yield of 1.78%. Freeport-McMoRan’s dividend payout ratio is currently 17.09%.
In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of the stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total transaction of $836,250.00. Following the transaction, the director now owns 152,133 shares in the company, valued at $1,696,282.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.05% of the company’s stock.
A number of hedge funds have recently modified their holdings of FCX. IFM Investors Pty Ltd boosted its position in Freeport-McMoRan by 46.0% during the second quarter. IFM Investors Pty Ltd now owns 62,309 shares of the natural resource company’s stock worth $1,075,000 after purchasing an additional 19,623 shares in the last quarter. State of Alaska Department of Revenue lifted its position in shares of Freeport-McMoRan by 45.2% in the second quarter. State of Alaska Department of Revenue now owns 255,026 shares of the natural resource company’s stock valued at $4,401,000 after acquiring an additional 79,430 shares in the last quarter. Gibraltar Capital Management Inc. lifted its position in shares of Freeport-McMoRan by 1.1% in the second quarter. Gibraltar Capital Management Inc. now owns 365,060 shares of the natural resource company’s stock valued at $6,301,000 after acquiring an additional 3,950 shares in the last quarter. Gateway Investment Advisers LLC purchased a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $1,123,000. Finally, BLB&B Advisors LLC purchased a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $4,895,000. Institutional investors own 72.58% of the company’s stock.
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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