Freeport-McMoRan Inc. Forecasted to Earn FY2021 Earnings of $2.59 Per Share (NYSE:FCX)


Share on StockTwits

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at B. Riley lifted their FY2021 earnings per share (EPS) estimates for Freeport-McMoRan in a report released on Wednesday, April 7th. B. Riley analyst L. Pipes now forecasts that the natural resource company will earn $2.59 per share for the year, up from their prior forecast of $2.28. B. Riley has a “Buy” rating and a $42.00 price target on the stock. B. Riley also issued estimates for Freeport-McMoRan’s FY2022 earnings at $2.89 EPS.

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

Several other analysts have also recently weighed in on the company. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $30.00 price target for the company in a report on Tuesday, January 5th. Johnson Rice initiated coverage on Freeport-McMoRan in a report on Wednesday, December 16th. They issued a “buy” rating for the company. Citigroup upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $36.00 price target on the stock in a research note on Tuesday, February 16th. TheStreet upgraded Freeport-McMoRan from a “c” rating to a “b-” rating in a research report on Tuesday, January 26th. Finally, Morgan Stanley reaffirmed an “equal weight” rating on shares of Freeport-McMoRan in a report on Tuesday, March 30th. Four 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 company. The stock currently has a consensus rating of “Buy” and an average price target of $24.38.

FCX stock opened at $33.73 on Monday. The company has a quick ratio of 1.35, a current ratio of 2.61 and a debt-to-equity ratio of 0.57. The business has a 50 day moving average price of $34.62 and a two-hundred day moving average price of $26.70. The company has a market cap of $49.19 billion, a price-to-earnings ratio of -374.74 and a beta of 2.27. Freeport-McMoRan has a twelve month low of $7.30 and a twelve month high of $39.10.

The firm also recently announced a quarterly dividend, which will be paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th will be issued a $0.075 dividend. The ex-dividend date of this dividend is Wednesday, April 14th. This is a positive change from Freeport-McMoRan’s previous quarterly dividend of $0.05. This represents a $0.30 annualized dividend and a dividend yield of 0.89%.

In other Freeport-McMoRan news, Director Gerald J. Ford sold 55,554 shares of the 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 sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Gerald J. Ford sold 2,020,000 shares of the stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $34.93, for a total value of $70,558,600.00. Over the last three months, insiders have sold 2,128,794 shares of company stock valued at $74,168,434. 1.00% of the stock is owned by corporate insiders.

Several large investors have recently bought and sold shares of FCX. AQR Capital Management LLC lifted its position in shares of Freeport-McMoRan by 313.9% during the third quarter. AQR Capital Management LLC now owns 124,715 shares of the natural resource company’s stock worth $1,951,000 after acquiring an additional 94,584 shares in the last quarter. California State Teachers Retirement System raised its position in shares of Freeport-McMoRan by 1.5% in the third quarter. California State Teachers Retirement System now owns 2,623,339 shares of the natural resource company’s stock worth $41,029,000 after buying an additional 39,693 shares in the last quarter. Neo Ivy Capital Management raised its position in shares of Freeport-McMoRan by 137.6% in the third quarter. Neo Ivy Capital Management now owns 3,538 shares of the natural resource company’s stock worth $55,000 after buying an additional 2,049 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Freeport-McMoRan by 2.6% in the third quarter. Public Employees Retirement System of Ohio now owns 553,210 shares of the natural resource company’s stock worth $8,652,000 after buying an additional 14,228 shares in the last quarter. Finally, IHT Wealth Management LLC raised its position in shares of Freeport-McMoRan by 8.7% in the third quarter. IHT Wealth Management LLC now owns 19,139 shares of the natural resource company’s stock worth $299,000 after buying an additional 1,539 shares in the last quarter. Hedge funds and other institutional investors own 72.30% of the company’s stock.

About Freeport-McMoRan

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.

Further Reading: Technical Analysis of Stocks and What It Means

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

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.