Jefferies Group Analysts Lift Earnings Estimates for Freeport-McMoRan Inc (FCX)
Freeport-McMoRan Inc (NYSE:FCX) – Investment analysts at Jefferies Group boosted their FY2018 earnings per share estimates for shares of Freeport-McMoRan in a note issued to investors on Wednesday. Jefferies Group analyst C. Lafemina now forecasts that the natural resource company will earn $2.29 per share for the year, up from their previous forecast of $2.27. Jefferies Group also issued estimates for Freeport-McMoRan’s FY2019 earnings at $1.95 EPS.
Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.49 by $0.02. The firm had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.89 billion. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The firm’s quarterly revenue was up 15.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 earnings per share.
Freeport-McMoRan (NYSE FCX) traded down $0.42 during trading on Friday, reaching $16.74. 15,384,020 shares of the company’s stock traded hands, compared to its average volume of 22,152,533. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.37 and a current ratio of 2.14. The firm has a market capitalization of $24,390.00, a price-to-earnings ratio of 13.95 and a beta of 2.48. Freeport-McMoRan has a 12-month low of $11.05 and a 12-month high of $20.25.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction on Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total transaction of $419,035.00. Following the completion of the transaction, the vice president now owns 70,239 shares of the company’s stock, valued at approximately $1,368,958.11. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 1.29% of the stock is owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in the business. Thrivent Financial For Lutherans lifted its holdings in Freeport-McMoRan by 4.2% in the second quarter. Thrivent Financial For Lutherans now owns 50,732 shares of the natural resource company’s stock valued at $609,000 after buying an additional 2,060 shares during the period. Advisor Partners LLC raised its stake in Freeport-McMoRan by 5.2% in the fourth quarter. Advisor Partners LLC now owns 52,835 shares of the natural resource company’s stock valued at $1,055,000 after purchasing an additional 2,610 shares in the last quarter. Wesbanco Bank Inc. raised its stake in Freeport-McMoRan by 19.8% in the fourth quarter. Wesbanco Bank Inc. now owns 17,615 shares of the natural resource company’s stock valued at $334,000 after purchasing an additional 2,911 shares in the last quarter. Point View Wealth Management Inc. raised its stake in Freeport-McMoRan by 17.0% in the fourth quarter. Point View Wealth Management Inc. now owns 21,554 shares of the natural resource company’s stock valued at $409,000 after purchasing an additional 3,135 shares in the last quarter. Finally, Grassi Investment Management raised its stake in Freeport-McMoRan by 6.1% in the fourth quarter. Grassi Investment Management now owns 62,800 shares of the natural resource company’s stock valued at $1,191,000 after purchasing an additional 3,600 shares in the last quarter. 68.21% of the stock is owned by hedge funds and other institutional investors.
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Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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