Brokerages expect Freeport-McMoRan Inc (NYSE:FCX) to post sales of $3.76 billion for the current fiscal quarter, according to Zacks Investment Research. Three analysts have issued estimates for Freeport-McMoRan’s earnings, with the lowest sales estimate coming in at $3.57 billion and the highest estimate coming in at $4.00 billion. Freeport-McMoRan posted sales of $4.87 billion in the same quarter last year, which suggests a negative year over year growth rate of 22.8%. The firm is scheduled to announce its next earnings results on Tuesday, April 23rd.
On average, analysts expect that Freeport-McMoRan will report full year sales of $14.84 billion for the current financial year, with estimates ranging from $13.98 billion to $15.75 billion. For the next financial year, analysts anticipate that the firm will post sales of $15.33 billion, with estimates ranging from $14.50 billion to $16.55 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research firms that that provide coverage for Freeport-McMoRan.
Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 24th. The natural resource company reported $0.11 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.18 by ($0.07). The business had revenue of $3.68 billion for the quarter, compared to analysts’ expectations of $3.86 billion. Freeport-McMoRan had a return on equity of 15.77% and a net margin of 12.12%. The business’s revenue for the quarter was down 26.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.51 EPS.
Several research firms have recently weighed in on FCX. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and raised their target price for the company from $14.00 to $16.00 in a research report on Tuesday, February 19th. Zacks Investment Research upgraded Freeport-McMoRan from a “strong sell” rating to a “hold” rating in a research report on Thursday, February 14th. Morgan Stanley downgraded Freeport-McMoRan from an “overweight” rating to an “equal weight” rating in a research report on Wednesday, February 13th. ValuEngine upgraded Freeport-McMoRan from a “sell” rating to a “hold” rating in a research report on Wednesday, January 30th. Finally, Raymond James decreased their target price on Freeport-McMoRan from $14.50 to $14.00 and set a “market perform” rating on the stock in a research report on Friday, January 25th. Three analysts have rated the stock with a sell rating, ten have given a hold rating and seven have given a buy rating to the stock. Freeport-McMoRan has an average rating of “Hold” and an average price target of $16.13.
Shares of NYSE FCX traded down $0.22 during midday trading on Monday, hitting $12.09. The stock had a trading volume of 16,283,281 shares, compared to its average volume of 26,151,038. The company has a market cap of $17.52 billion, a PE ratio of 7.95 and a beta of 2.20. Freeport-McMoRan has a 1 year low of $9.60 and a 1 year high of $19.70. The company has a debt-to-equity ratio of 0.62, a current ratio of 3.22 and a quick ratio of 1.80.
In related news, VP C Donald Whitmire, Jr. sold 7,425 shares of Freeport-McMoRan stock in a transaction that occurred on Tuesday, February 12th. The stock was sold at an average price of $11.58, for a total transaction of $85,981.50. Following the transaction, the vice president now owns 67,974 shares in the company, valued at $787,138.92. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.05% of the company’s stock.
A number of institutional investors have recently made changes to their positions in the stock. Rational Advisors LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $26,000. Lindbrook Capital LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $28,000. JOYN Advisors Inc. increased its stake in Freeport-McMoRan by 141.1% during the fourth quarter. JOYN Advisors Inc. now owns 2,806 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 1,642 shares during the last quarter. Athena Capital Advisors LLC acquired a new stake in Freeport-McMoRan during the fourth quarter worth $30,000. Finally, Essex Savings Bank acquired a new stake in Freeport-McMoRan during the fourth quarter worth $44,000. Hedge funds and other institutional investors own 70.02% 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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