Freeport-McMoRan Inc. (NYSE:FCX) Expected to Post Earnings of $0.53 Per Share


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Wall Street analysts forecast that Freeport-McMoRan Inc. (NYSE:FCX) will report earnings per share of $0.53 for the current quarter, according to Zacks. Three analysts have made estimates for Freeport-McMoRan’s earnings. The highest EPS estimate is $0.74 and the lowest is $0.40. Freeport-McMoRan reported earnings per share of ($0.16) in the same quarter last year, which suggests a positive year over year growth rate of 431.3%. The company is expected to announce its next earnings report on Friday, April 23rd.

According to Zacks, analysts expect that Freeport-McMoRan will report full-year earnings of $2.55 per share for the current year, with EPS estimates ranging from $2.00 to $3.10. For the next fiscal year, analysts expect that the firm will post earnings of $3.00 per share, with EPS estimates ranging from $2.27 to $4.31. Zacks’ EPS averages are an average based on a survey of analysts that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Monday, January 25th. The natural resource company reported $0.39 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.38 by $0.01. Freeport-McMoRan had a negative net margin of 0.73% and a positive return on equity of 1.56%. The company had revenue of $4.50 billion for the quarter, compared to analysts’ expectations of $4.33 billion. During the same quarter last year, the company posted $0.02 earnings per share. The firm’s quarterly revenue was up 14.9% on a year-over-year basis.

Several equities research analysts recently issued reports on the stock. Johnson Rice assumed coverage on shares of Freeport-McMoRan in a report on Wednesday, December 16th. They issued a “buy” rating on the stock. B. Riley increased their price target on shares of Freeport-McMoRan from $32.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, February 23rd. Argus upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 price target on the stock in a research report on Tuesday, January 5th. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a research report on Tuesday, March 30th. Finally, Citigroup upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 price target on the stock in a research report on Tuesday, February 16th. Four equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and two have issued a strong buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of $24.38.

In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 5,000 shares of Freeport-McMoRan stock in a transaction on Friday, February 19th. The shares were sold at an average price of $35.10, for a total value of $175,500.00. Following the sale, the vice president now directly owns 67,837 shares in the company, valued at approximately $2,381,078.70. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Gerald J. Ford sold 55,554 shares of Freeport-McMoRan stock in a transaction on Monday, March 8th. The stock was sold at an average price of $35.04, for a total transaction of $1,946,612.16. Following the completion of the transaction, the director now directly owns 21,622 shares of the company’s stock, valued at $757,634.88. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,128,794 shares of company stock worth $74,168,434. 1.00% of the stock is currently owned by insiders.

Several large investors have recently modified their holdings of FCX. Chiron Capital Management LLC purchased a new position in shares of Freeport-McMoRan in the 3rd quarter worth $26,000. JustInvest LLC grew its stake in shares of Freeport-McMoRan by 5.6% in the 4th quarter. JustInvest LLC now owns 13,488 shares of the natural resource company’s stock worth $34,000 after buying an additional 721 shares in the last quarter. Capstone Triton Financial Group LLC purchased a new position in shares of Freeport-McMoRan in the 4th quarter worth $35,000. Arkadios Wealth Advisors purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $35,000. Finally, Joseph P. Lucia & Associates LLC purchased a new position in shares of Freeport-McMoRan during the 4th quarter worth about $39,000. 72.30% of the stock is owned by institutional investors and hedge funds.

FCX stock traded up $0.53 on Friday, hitting $34.51. The company had a trading volume of 606,845 shares, compared to its average volume of 24,735,588. Freeport-McMoRan has a 12-month low of $7.30 and a 12-month high of $39.10. The company has a current ratio of 2.61, a quick ratio of 1.35 and a debt-to-equity ratio of 0.57. The stock’s 50-day simple moving average is $34.81 and its 200 day simple moving average is $26.15. The stock has a market cap of $50.33 billion, a price-to-earnings ratio of -374.40 and a beta of 2.27.

The business also recently declared a quarterly dividend, which will be paid on Monday, May 3rd. Shareholders of record on Thursday, April 15th will be issued a $0.075 dividend. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.05. This represents a $0.30 dividend on an annualized basis and a yield of 0.87%. The ex-dividend date of this dividend is Wednesday, April 14th.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

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

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