Erste Group Bank Has Negative Opinion of FCX FY2027 Earnings

Freeport-McMoRan Inc. (NYSE:FCX) – Equities researchers at Erste Group Bank decreased their FY2027 earnings estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Wednesday, October 21st. Erste Group Bank analyst H. Engel now anticipates that the natural resource company will earn $4.28 per share for the year, down from their previous forecast of $4.32. Erste Group Bank has a “Buy” rating on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $3.05 per share.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.82 by $0.06. The company had revenue of $7.55 billion during the quarter, compared to analyst estimates of $7.36 billion. During the same quarter in the prior year, the business earned $0.50 earnings per share. The business’s revenue for the quarter was up 8.2% on a year-over-year basis.

FCX has been the topic of a number of other reports. Citigroup lifted their target price on Freeport-McMoRan from $66.00 to $84.00 and gave the stock a “buy” rating in a research report on Monday, October 5th. BMO Capital Markets upped their price target on Freeport-McMoRan from $78.00 to $85.00 and gave the company an “outperform” rating in a report on Tuesday, September 29th. Bank of America raised their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Freedom Broker lowered Freeport-McMoRan from a “strong-buy” rating to a “hold” rating in a report on Thursday, September 3rd. Finally, Royal Bank Of Canada lifted their price objective on Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a report on Wednesday, September 16th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $76.27.

Freeport-McMoRan Stock Performance

Shares of FCX opened at $65.92 on Monday. The company has a 50-day simple moving average of $71.82 and a 200-day simple moving average of $65.11. Freeport-McMoRan has a 52 week low of $38.54 and a 52 week high of $80.24. The firm has a market capitalization of $94.66 billion, a P/E ratio of 32.47 and a beta of 1.39.

Hedge Funds Weigh In On Freeport-McMoRan

Hedge funds and other institutional investors have recently modified their holdings of the stock. Hanseatic Management Services Inc. raised its stake in Freeport-McMoRan by 2.6% during the third quarter. Hanseatic Management Services Inc. now owns 21,681 shares of the natural resource company’s stock worth $1,518,000 after acquiring an additional 543 shares in the last quarter. North Dakota State Investment Board lifted its holdings in shares of Freeport-McMoRan by 3.0% during the third quarter. North Dakota State Investment Board now owns 43,821 shares of the natural resource company’s stock valued at $3,067,000 after acquiring an additional 1,291 shares during the period. North Star Investment Management Corp. lifted its holdings in shares of Freeport-McMoRan by 2.5% during the third quarter. North Star Investment Management Corp. now owns 16,633 shares of the natural resource company’s stock valued at $1,164,000 after acquiring an additional 408 shares during the period. VestGen Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 63.0% during the third quarter. VestGen Advisors LLC now owns 57,016 shares of the natural resource company’s stock valued at $3,991,000 after acquiring an additional 22,029 shares during the period. Finally, Laurel Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 3rd quarter valued at $52,000. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the sale, the chief accounting officer directly owned 54,618 shares in the company, valued at approximately $3,795,951. This represents a 20.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the completion of the transaction, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at approximately $2,520,000. The trade was a 11.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 110,398 shares of company stock worth $8,387,271. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be paid a $0.0750 dividend. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. Freeport-McMoRan’s payout ratio is presently 14.78%.

Key Freeport-McMoRan News

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Q3 earnings and revenue exceeded expectations. Freeport-McMoRan reported adjusted earnings of $0.88 per share, above the $0.82 consensus estimate, while revenue increased 8.2% year over year to $7.55 billion, surpassing the $7.36 billion forecast. Net income rose to approximately $1.2 billion from $674 million a year earlier. Freeport-McMoRan Q3 Net Income Rises to $1.2 Billion From $674 Million
• Positive Sentiment: Higher copper and molybdenum prices drove the beat. Copper prices were reported to be roughly 40% above year-ago levels, helping offset weaker sales volumes and supporting revenue, margins and profitability. FCX Q3 Earnings Beat Estimates on Strong Copper Pricing
• Positive Sentiment: Grasberg recovery and copper-supply concerns provide longer-term support. Management discussed continued recovery efforts at Indonesia’s Grasberg operation, while the chairman warned that global demand will require significantly more copper amid tight future supplies. Freeport tops profit estimates on copper rally as Grasberg recovery continues
• Neutral Sentiment: Analyst sentiment improved. Freeport-McMoRan’s consensus price target was reportedly raised by 10.53%, reflecting increased confidence following the earnings beat, though commodity-price assumptions remain influential. Freeport-McMoRan consensus price target raised
• Negative Sentiment: Operational headwinds temper the positive reaction. Production and sales volumes declined at Indonesian operations, costs increased, and gold sales fell sharply. These issues could pressure margins if copper prices retreat or the Grasberg recovery takes longer than expected. Freeport-McMoRan rises after Q3 earnings topper despite lower production and rising costs

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a global mining company primarily engaged in the exploration, development, and production of copper. Copper is used extensively in electrical wiring, construction, transportation, renewable energy systems, and other industrial applications. The company also produces gold and molybdenum, a metal used in steelmaking and other industrial processes, as well as certain other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America, and Indonesia.