Equities analysts expect Freeport-McMoRan Inc (NYSE:FCX) to post $4.92 billion in sales for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Freeport-McMoRan’s earnings, with the highest sales estimate coming in at $5.10 billion and the lowest estimate coming in at $4.81 billion. Freeport-McMoRan reported sales of $3.71 billion during the same quarter last year, which indicates a positive year over year growth rate of 32.6%. The company is expected to issue its next earnings results on Tuesday, July 24th.
According to Zacks, analysts expect that Freeport-McMoRan will report full year sales of $19.21 billion for the current financial year, with estimates ranging from $18.77 billion to $19.70 billion. For the next financial year, analysts anticipate that the firm will post sales of $16.62 billion per share, with estimates ranging from $15.26 billion to $17.64 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Freeport-McMoRan.
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Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, April 24th. The natural resource company reported $0.46 EPS for the quarter, missing the Zacks’ consensus estimate of $0.56 by ($0.10). The company had revenue of $4.87 billion during the quarter, compared to analyst estimates of $4.92 billion. Freeport-McMoRan had a net margin of 12.72% and a return on equity of 19.92%. The firm’s revenue for the quarter was up 45.7% compared to the same quarter last year. During the same period last year, the firm earned $0.15 EPS.
A number of research analysts recently commented on FCX shares. Morgan Stanley boosted their price target on Freeport-McMoRan from $14.00 to $15.00 and gave the company a “hold” rating in a research note on Monday, March 26th. Jefferies Financial Group set a $25.00 price target on Freeport-McMoRan and gave the company a “buy” rating in a research note on Monday, April 9th. B. Riley raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and boosted their price target for the company from $17.00 to $20.00 in a research note on Wednesday, May 23rd. Royal Bank of Canada boosted their target price on Freeport-McMoRan to $22.00 and gave the stock a “sector perform” rating in a research note on Monday, March 12th. Finally, CIBC raised Freeport-McMoRan from a “neutral” rating to a “sector outperform” rating and set a $20.00 target price for the company in a research note on Tuesday, May 1st. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and nine have assigned a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus target price of $17.92.
Freeport-McMoRan traded up $0.08, reaching $16.44, during midday trading on Friday, MarketBeat Ratings reports. The company had a trading volume of 20,612,124 shares, compared to its average volume of 12,909,066. The company has a market cap of $23.70 billion, a PE ratio of 14.05 and a beta of 2.48. Freeport-McMoRan has a 1-year low of $11.35 and a 1-year high of $20.25. The company has a quick ratio of 1.43, a current ratio of 2.33 and a debt-to-equity ratio of 0.93.
Several large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of Freeport-McMoRan by 7.5% during the fourth quarter. Bank of New York Mellon Corp now owns 26,119,382 shares of the natural resource company’s stock worth $495,222,000 after purchasing an additional 1,826,480 shares during the last quarter. Sound Shore Management Inc. CT grew its holdings in shares of Freeport-McMoRan by 24.0% during the first quarter. Sound Shore Management Inc. CT now owns 7,526,256 shares of the natural resource company’s stock worth $132,236,000 after purchasing an additional 1,456,118 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Freeport-McMoRan by 1.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 6,122,916 shares of the natural resource company’s stock worth $107,580,000 after purchasing an additional 61,217 shares during the last quarter. TCW Group Inc. grew its holdings in shares of Freeport-McMoRan by 6.4% during the first quarter. TCW Group Inc. now owns 5,852,938 shares of the natural resource company’s stock worth $102,837,000 after purchasing an additional 352,667 shares during the last quarter. Finally, Sumitomo Mitsui Trust Holdings Inc. grew its holdings in shares of Freeport-McMoRan by 1.2% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 4,446,264 shares of the natural resource company’s stock worth $78,121,000 after purchasing an additional 50,898 shares during the last quarter. Institutional investors own 71.63% of the company’s stock.
Freeport-McMoRan Inc engages in the mining of mineral properties in the United States, Indonesia, Peru, and Chile. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde and El Abra mines in South America.
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