Freeport-McMoRan Inc. (NYSE:FCX) Forecasted to Post FY2024 Earnings of $1.49 Per Share

Freeport-McMoRan logo Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) - Equities researchers at Zacks Research lifted their FY2024 EPS estimates for Freeport-McMoRan in a research report issued on Thursday, May 30th. Zacks Research analyst A.

Barman now forecasts that the natural resource company will post earnings of £1.49 per share for the year, up from their prior forecast of £1.48. The consensus estimate for Freeport-McMoRan's current full-year earnings is £1.66 per share. FCX has been the subject of a number of other reports.

Bernstein Bank upped their target price on shares of Freeport-McMoRan from £52.00 to £52.50 and gave the company an "overweight" rating in a report on Tuesday, April 23rd. Argus upped their target price on shares of Freeport-McMoRan from £44.00 to £54.00 and gave the company a "buy" rating in a report on Thursday, April 25th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from £52.00 to £51.00 and set a "neutral" rating for the company in a report on Wednesday, April 24th.

Scotiabank upped their target price on shares of Freeport-McMoRan from £53.00 to £60.00 and gave the company a "sector outperform" rating in a report on Thursday. Finally, UBS Group boosted their price target on shares of Freeport-McMoRan from £41.00 to £54.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 14th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company's stock.

Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of "Moderate Buy" and a consensus target price of £51.50.

Get Our Latest Report on Freeport-McMoRan[3]

Freeport-McMoRan Price Performance

Shares of NYSE:FCX[4] opened at £52.73 on Monday. The company has a 50-day simple moving average of £50.37 and a 200-day simple moving average of £43.46. Freeport-McMoRan has a one year low of £32.83 and a one year high of £55.24.

The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. The stock has a market capitalization of £75.64 billion, a price-to-earnings ratio of 46.66, a PEG ratio of 2.79 and a beta of 2.02. Freeport-McMoRan (NYSE:FCX[5] - Get Free Report[6]) last announced its quarterly earnings results on Tuesday, April 23rd.

The natural resource company reported £0.32 earnings per share for the quarter, beating analysts' consensus estimates of £0.27 by £0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The firm had revenue of £6.32 billion during the quarter, compared to analysts' expectations of £5.70 billion.

During the same period in the previous year, the company earned £0.52 earnings per share. Freeport-McMoRan's quarterly revenue was up 17.3% compared to the same quarter last year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were given a dividend of £0.15 per share.

The ex-dividend date was Friday, April 12th. This represents a £0.60 annualized dividend and a yield of 1.14%. Freeport-McMoRan's payout ratio is currently 26.55%.

Insiders Place Their Bets

In other Freeport-McMoRan news, CAO Stephen T.

Higgins[7] sold 42,767 shares of the company's stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of £50.35, for a total transaction of £2,153,318.45. Following the transaction, the chief accounting officer now directly owns 104,377 shares in the company, valued at £5,255,381.95.

The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link[8]. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company's stock in a transaction dated Friday, May 3rd.

The shares were sold at an average price of £50.35, for a total value of £2,153,318.45. Following the sale, the chief accounting officer now owns 104,377 shares of the company's stock, valued at £5,255,381.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website[9].

Also, CAO Stephen T. Higgins[10] sold 43,900 shares of the company's stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of £51.08, for a total transaction of £2,242,412.00.

Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately £5,331,577.16. The disclosure for this sale can be found here[11]. Over the last three months, insiders have sold 445,667 shares of company stock worth £22,755,070.

0.79% of the stock is owned by company insiders.

Institutional Trading of Freeport-McMoRan

Several institutional investors and hedge funds have recently modified their holdings of the business. Jump Financial LLC purchased a new position in shares of Freeport-McMoRan during the third quarter valued at approximately £253,000. Merit Financial Group LLC lifted its stake in shares of Freeport-McMoRan by 6.5% during the third quarter.

Merit Financial Group LLC now owns 12,663 shares of the natural resource company's stock valued at £472,000 after buying an additional 778 shares during the period. Kingsview Wealth Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately £209,000. Kestra Private Wealth Services LLC raised its stake in Freeport-McMoRan by 11.9% during the third quarter.

Kestra Private Wealth Services LLC now owns 46,836 shares of the natural resource company's stock worth £1,747,000 after purchasing an additional 4,976 shares during the period. Finally, Bryn Mawr Capital Management LLC purchased a new position in Freeport-McMoRan during the third quarter worth approximately £226,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

(Get Free Report[12])

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.

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

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References

  1. ^ NYSE:FCX (www.marketbeat.com)
  2. ^ Free Report (www.marketbeat.com)
  3. ^ Get Our Latest Report on Freeport-McMoRan (www.marketbeat.com)
  4. ^ NYSE:FCX (www.marketbeat.com)
  5. ^ NYSE:FCX (www.marketbeat.com)
  6. ^ Get Free Report (www.marketbeat.com)
  7. ^ Stephen T.

    Higgins (www.insidertrades.com)

  8. ^ this link (www.sec.gov)
  9. ^ the SEC website (www.sec.gov)
  10. ^ Stephen T.

    Higgins (www.insidertrades.com)

  11. ^ here (www.sec.gov)
  12. ^ Get Free Report (www.marketbeat.com)
  13. ^ MarketBeat.com's FREE daily email newsletter (www.defenseworld.net)

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