Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Investment analysts at Zacks Research lifted their Q3 2024 earnings estimates for shares of Freeport-McMoRan in a report issued on Monday, August 5th. Zacks Research analyst A. Barman now expects that the natural resource company will post earnings per share of $0.42 for the quarter, up from their prior forecast of $0.39. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.67 per share. Zacks Research also issued estimates for Freeport-McMoRan's Q4 2024 earnings at $0.43 EPS, Q2 2025 earnings at $0.52 EPS, Q3 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.59 EPS, FY2025 earnings at $2.13 EPS, Q2 2026 earnings at $0.58 EPS and FY2026 earnings at $2.41 EPS.
FCX has been the subject of several other research reports. Morgan Stanley upgraded Freeport-McMoRan from an "equal weight" rating to an "overweight" rating and boosted their target price for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. StockNews.com raised Freeport-McMoRan from a "hold" rating to a "buy" rating in a research note on Thursday, April 25th. Argus increased their price target on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a "buy" rating in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft upped their target price on Freeport-McMoRan from $48.00 to $51.00 and gave the company a "hold" rating in a report on Monday, June 10th. Finally, Bernstein Bank upped their price target on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an "overweight" rating in a report on Tuesday, April 23rd. Five investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of "Moderate Buy" and a consensus target price of $53.07.
Read Our Latest Stock Report on Freeport-McMoRan
Freeport-McMoRan Stock Down 3.7 %
NYSE:FCX traded down $1.52 during midday trading on Wednesday, reaching $39.52. The company had a trading volume of 14,511,115 shares, compared to its average volume of 13,755,196. The stock's fifty day simple moving average is $48.07 and its 200-day simple moving average is $46.21. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $55.24. The firm has a market capitalization of $56.77 billion, a price-to-earnings ratio of 34.97, a PEG ratio of 2.07 and a beta of 1.92.
Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to analyst estimates of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. During the same quarter last year, the firm posted $0.35 earnings per share. Freeport-McMoRan's revenue was up 15.5% compared to the same quarter last year.
Freeport-McMoRan Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were given a $0.15 dividend. The ex-dividend date was Monday, July 15th. This represents a $0.60 annualized dividend and a yield of 1.52%. Freeport-McMoRan's payout ratio is 26.55%.
Insider Activity
In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value of $4,162,400.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 0.79% of the stock is currently owned by corporate insiders.
Institutional Inflows and Outflows
A number of institutional investors have recently bought and sold shares of FCX. Capital Research Global Investors grew its holdings in shares of Freeport-McMoRan by 22.0% during the first quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company's stock worth $3,427,583,000 after buying an additional 13,143,562 shares in the last quarter. Capital International Investors acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $417,752,000. Boston Partners raised its holdings in Freeport-McMoRan by 13,248.4% in the 4th quarter. Boston Partners now owns 5,351,630 shares of the natural resource company's stock valued at $227,747,000 after acquiring an additional 5,311,538 shares during the period. Capital World Investors increased its position in Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company's stock worth $712,600,000 after buying an additional 4,396,309 shares during the period. Finally, Asia Research & Capital Management Ltd bought a new position in shares of Freeport-McMoRan during the first quarter worth approximately $197,966,000. Institutional investors and hedge funds own 80.77% of the company's stock.
About Freeport-McMoRan
(Get Free Report)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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