Raymond James Equities Analysts Raise Earnings Estimates for Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Raymond James lifted their Q3 2021 earnings per share estimates for Freeport-McMoRan in a research note issued to investors on Wednesday, October 13th. Raymond James analyst B. Macarthur now anticipates that the natural resource company will earn $0.80 per share for the quarter, up from their prior forecast of $0.79. Raymond James currently has a “Outperform” rating and a $44.00 target price on the stock. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2021 earnings at $0.79 EPS and FY2021 earnings at $2.85 EPS.

Other analysts have also recently issued reports about the company. BNP Paribas upgraded Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price target on the stock in a research report on Wednesday, October 6th. Barclays cut Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and set a $29.00 price target on the stock. in a research report on Thursday, July 8th. Exane BNP Paribas upgraded Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price target on the stock in a research report on Wednesday, October 6th. Zacks Investment Research cut Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price target on the stock. in a research report on Thursday, August 26th. Finally, Royal Bank of Canada raised their target price on Freeport-McMoRan from $39.00 to $42.00 and gave the company a “sector perform” rating in a research report on Friday, July 23rd. Three analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $38.25.

Shares of Freeport-McMoRan stock opened at $35.82 on Thursday. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41. The business’s 50 day simple moving average is $34.72 and its 200-day simple moving average is $36.77. The stock has a market capitalization of $52.59 billion, a price-to-earnings ratio of 18.75 and a beta of 2.08. Freeport-McMoRan has a twelve month low of $16.50 and a twelve month high of $46.10.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.75 by $0.02. Freeport-McMoRan had a return on equity of 15.07% and a net margin of 14.98%. The firm had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.83 billion. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 88.2% compared to the same quarter last year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Freeport-McMoRan by 23.2% during the 2nd quarter. FMR LLC now owns 76,932,435 shares of the natural resource company’s stock worth $2,854,963,000 after acquiring an additional 14,464,226 shares in the last quarter. State Street Corp boosted its stake in shares of Freeport-McMoRan by 6.1% during the 2nd quarter. State Street Corp now owns 68,422,655 shares of the natural resource company’s stock worth $2,539,165,000 after acquiring an additional 3,948,847 shares in the last quarter. Fisher Asset Management LLC boosted its stake in shares of Freeport-McMoRan by 2.9% during the 2nd quarter. Fisher Asset Management LLC now owns 45,599,712 shares of the natural resource company’s stock worth $1,692,205,000 after acquiring an additional 1,301,128 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of Freeport-McMoRan by 3.8% during the 1st quarter. Geode Capital Management LLC now owns 26,513,198 shares of the natural resource company’s stock worth $870,890,000 after acquiring an additional 969,125 shares in the last quarter. Finally, Putnam Investments LLC boosted its stake in shares of Freeport-McMoRan by 4.0% during the 1st quarter. Putnam Investments LLC now owns 18,740,974 shares of the natural resource company’s stock worth $617,140,000 after acquiring an additional 713,012 shares in the last quarter. 76.90% of the stock is owned by institutional investors and hedge funds.

The company also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 15th will be paid a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a yield of 0.84%. The ex-dividend date of this dividend is Thursday, October 14th. Freeport-McMoRan’s payout ratio is currently 55.56%.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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

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