Brokerages Expect Freeport-McMoRan Inc. (NYSE:FCX) Will Post Earnings of $0.53 Per Share


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Equities research analysts expect Freeport-McMoRan Inc. (NYSE:FCX) to post earnings of $0.53 per share for the current quarter, according to Zacks. Three analysts have made estimates for Freeport-McMoRan’s earnings, with estimates ranging from $0.40 to $0.74. Freeport-McMoRan posted earnings of ($0.16) per share in the same quarter last year, which would indicate a positive year over year growth rate of 431.3%. The business is expected to report its next earnings report on Friday, April 23rd.

According to Zacks, analysts expect that Freeport-McMoRan will report full year earnings of $2.55 per share for the current fiscal year, with EPS estimates ranging from $2.00 to $3.10. For the next year, analysts expect that the firm will report earnings of $3.00 per share, with EPS estimates ranging from $2.27 to $4.31. Zacks Investment Research’s EPS calculations are an average based on a survey of sell-side research firms that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Monday, January 25th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.01. Freeport-McMoRan had a negative net margin of 0.73% and a positive return on equity of 1.56%. The company had revenue of $4.50 billion during the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter in the previous year, the company posted $0.02 earnings per share. Freeport-McMoRan’s quarterly revenue was up 14.9% compared to the same quarter last year.

A number of analysts recently weighed in on FCX shares. Morgan Stanley reissued an “equal weight” rating on shares of Freeport-McMoRan in a report on Tuesday, March 30th. B. Riley raised their price target on shares of Freeport-McMoRan from $32.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, February 23rd. Raymond James raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and raised their price target for the company from $36.00 to $41.00 in a report on Tuesday. Citigroup raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 price target for the company in a report on Tuesday, February 16th. Finally, TheStreet raised shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a report on Tuesday, January 26th. Four research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and two have issued a strong buy rating to the company’s stock. Freeport-McMoRan has an average rating of “Buy” and a consensus target price of $24.38.

Shares of Freeport-McMoRan stock traded up $0.53 during midday trading on Friday, reaching $34.51. The company had a trading volume of 606,845 shares, compared to its average volume of 24,735,588. The company has a current ratio of 2.61, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. The company has a market capitalization of $50.33 billion, a price-to-earnings ratio of -374.40 and a beta of 2.27. The stock has a fifty day simple moving average of $34.81 and a 200 day simple moving average of $26.15. Freeport-McMoRan has a 1-year low of $7.30 and a 1-year high of $39.10.

The company also recently declared a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.87%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.05. The ex-dividend date is Wednesday, April 14th.

In other news, VP C Donald Whitmire, Jr. sold 48,240 shares of Freeport-McMoRan stock in a transaction on Friday, February 12th. The shares were sold at an average price of $30.84, for a total transaction of $1,487,721.60. Following the transaction, the vice president now directly owns 85,492 shares of the company’s stock, valued at $2,636,573.28. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Gerald J. Ford sold 2,020,000 shares of Freeport-McMoRan stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $34.93, for a total transaction of $70,558,600.00. Over the last three months, insiders have sold 2,128,794 shares of company stock worth $74,168,434. Insiders own 1.00% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC lifted its position in Freeport-McMoRan by 15.4% in the 4th quarter. FMR LLC now owns 56,365,482 shares of the natural resource company’s stock valued at $1,466,630,000 after acquiring an additional 7,504,643 shares in the last quarter. Itau Unibanco Holding S.A. lifted its position in Freeport-McMoRan by 736,350.9% in the 4th quarter. Itau Unibanco Holding S.A. now owns 53,760,919 shares of the natural resource company’s stock valued at $2,731,000 after acquiring an additional 53,753,619 shares in the last quarter. Fisher Asset Management LLC lifted its position in Freeport-McMoRan by 5.9% in the 4th quarter. Fisher Asset Management LLC now owns 42,857,825 shares of the natural resource company’s stock valued at $1,115,161,000 after acquiring an additional 2,403,986 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in Freeport-McMoRan by 45.6% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,978,663 shares of the natural resource company’s stock valued at $910,145,000 after acquiring an additional 10,954,358 shares in the last quarter. Finally, Morgan Stanley lifted its position in Freeport-McMoRan by 42.9% in the 4th quarter. Morgan Stanley now owns 13,652,639 shares of the natural resource company’s stock valued at $355,241,000 after acquiring an additional 4,096,921 shares in the last quarter. 72.30% of the stock is currently owned by institutional investors and hedge funds.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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