Zacks: Brokerages Expect Freeport-McMoran, Inc. (FCX) Will Announce Quarterly Sales of $3.83 Billion

Analysts expect that Freeport-McMoran, Inc. (NYSE:FCX) will post sales of $3.83 billion for the current quarter, Zacks reports. Four analysts have made estimates for Freeport-McMoran’s earnings, with the highest sales estimate coming in at $4.14 billion and the lowest estimate coming in at $3.49 billion. Freeport-McMoran posted sales of $3.88 billion during the same quarter last year, which suggests a negative year over year growth rate of 1.3%. The firm is scheduled to issue its next quarterly earnings report on Tuesday, October 24th.

On average, analysts expect that Freeport-McMoran will report full-year sales of $3.83 billion for the current financial year, with estimates ranging from $14.32 billion to $15.56 billion. For the next fiscal year, analysts anticipate that the firm will report sales of $16.09 billion per share, with estimates ranging from $14.84 billion to $17.10 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side analysts that cover Freeport-McMoran.

Freeport-McMoran (NYSE:FCX) last issued its earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.21 by $0.04. Freeport-McMoran had a net margin of 5.97% and a return on equity of 10.45%. The firm had revenue of $3.71 billion during the quarter, compared to analyst estimates of $3.67 billion. During the same quarter in the previous year, the business posted ($0.02) EPS. Freeport-McMoran’s revenue was up 11.3% compared to the same quarter last year.

A number of research firms have recently weighed in on FCX. BMO Capital Markets set a $17.00 price target on shares of Freeport-McMoran and gave the stock a “hold” rating in a research note on Wednesday, July 26th. Cowen and Company upped their price target on shares of Freeport-McMoran from $20.00 to $22.00 and gave the stock an “outperform” rating in a research note on Thursday, July 27th. Jefferies Group LLC reaffirmed a “buy” rating and issued a $18.00 price target on shares of Freeport-McMoran in a research note on Thursday, July 27th. FBR & Co reaffirmed a “market perform” rating and issued a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Finally, Berenberg Bank set a $10.00 price target on shares of Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday, July 28th. Three research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $14.32.

Large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its stake in Freeport-McMoran by 4.9% in the second quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after buying an additional 6,510,840 shares during the period. State Street Corp boosted its stake in Freeport-McMoran by 4.6% in the first quarter. State Street Corp now owns 64,979,781 shares of the natural resource company’s stock worth $868,135,000 after buying an additional 2,835,834 shares during the period. FMR LLC boosted its stake in Freeport-McMoran by 104.4% in the first quarter. FMR LLC now owns 42,399,057 shares of the natural resource company’s stock worth $566,451,000 after buying an additional 21,652,647 shares during the period. Bank of New York Mellon Corp boosted its stake in Freeport-McMoran by 39.4% in the second quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after buying an additional 5,810,712 shares during the period. Finally, Geode Capital Management LLC boosted its stake in Freeport-McMoran by 14.7% in the first quarter. Geode Capital Management LLC now owns 12,966,422 shares of the natural resource company’s stock worth $172,986,000 after buying an additional 1,664,093 shares during the period. Institutional investors own 69.94% of the company’s stock.

Freeport-McMoran (NYSE FCX) opened at 13.97 on Wednesday. The firm has a market cap of $20.22 billion, a PE ratio of 19.70 and a beta of 2.59. Freeport-McMoran has a one year low of $9.24 and a one year high of $17.06. The company has a 50-day moving average price of $13.37 and a 200-day moving average price of $13.03.

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About Freeport-McMoran

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

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