Zacks Research Cuts Earnings Estimates for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX) – Stock analysts at Zacks Research lowered their Q4 2027 earnings per share estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, May 19th. Zacks Research analyst Team now forecasts that the natural resource company will post earnings of $0.97 per share for the quarter, down from their prior forecast of $0.98. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $2.56 per share.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, topping analysts’ consensus estimates of $0.47 by $0.10. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.The firm had revenue of $6.23 billion for the quarter, compared to the consensus estimate of $5.73 billion. During the same quarter in the prior year, the business earned $0.24 EPS. The business’s revenue for the quarter was up 8.8% on a year-over-year basis.

A number of other research analysts also recently weighed in on the company. CICC Research reduced their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $76.00 to $73.00 and set an “overweight” rating on the stock in a report on Monday, April 27th. The Goldman Sachs Group reduced their target price on Freeport-McMoRan from $70.00 to $68.00 and set a “buy” rating on the stock in a report on Friday, April 24th. Stifel Nicolaus upped their target price on Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. Finally, BNP Paribas Exane reduced their target price on Freeport-McMoRan from $75.00 to $71.00 and set an “outperform” rating on the stock in a report on Tuesday, April 28th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan presently has an average rating of “Moderate Buy” and a consensus price target of $65.14.

Freeport-McMoRan Stock Up 3.7%

FCX stock opened at $60.88 on Thursday. Freeport-McMoRan has a fifty-two week low of $35.15 and a fifty-two week high of $70.96. The business’s 50 day moving average price is $61.41 and its two-hundred day moving average price is $56.17. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.13 and a current ratio of 2.39. The company has a market capitalization of $87.52 billion, a price-to-earnings ratio of 32.38, a price-to-earnings-growth ratio of 0.71 and a beta of 1.32.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Wednesday, April 15th were given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date of this dividend was Wednesday, April 15th. Freeport-McMoRan’s payout ratio is currently 15.96%.

Insider Activity at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 29,654 shares of the business’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total value of $1,868,202.00. Following the sale, the chief accounting officer directly owned 76,445 shares of the company’s stock, valued at $4,816,035. The trade was a 27.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.75% of the stock is currently owned by corporate insiders.

Institutional Trading of Freeport-McMoRan

A number of hedge funds have recently made changes to their positions in FCX. Brighton Jones LLC boosted its position in shares of Freeport-McMoRan by 24.2% in the 4th quarter. Brighton Jones LLC now owns 14,807 shares of the natural resource company’s stock worth $564,000 after purchasing an additional 2,882 shares in the last quarter. Bison Wealth LLC boosted its position in shares of Freeport-McMoRan by 5.6% in the 4th quarter. Bison Wealth LLC now owns 9,616 shares of the natural resource company’s stock worth $366,000 after purchasing an additional 507 shares in the last quarter. Sivia Capital Partners LLC bought a new position in Freeport-McMoRan in the 2nd quarter valued at approximately $560,000. Brown Advisory Inc. lifted its position in Freeport-McMoRan by 27.0% in the 2nd quarter. Brown Advisory Inc. now owns 12,443 shares of the natural resource company’s stock valued at $539,000 after acquiring an additional 2,648 shares in the last quarter. Finally, Jump Financial LLC lifted its position in Freeport-McMoRan by 42.7% in the 2nd quarter. Jump Financial LLC now owns 50,114 shares of the natural resource company’s stock valued at $2,172,000 after acquiring an additional 14,992 shares in the last quarter. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.