Brokerages forecast that Freeport-McMoRan Inc (NYSE:FCX) will post earnings of ($0.01) per share for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Freeport-McMoRan’s earnings, with estimates ranging from ($0.08) to $0.02. Freeport-McMoRan reported earnings of $0.35 per share during the same quarter last year, which suggests a negative year over year growth rate of 102.9%. The business is expected to report its next quarterly earnings report before the market opens on Wednesday, October 23rd.
According to Zacks, analysts expect that Freeport-McMoRan will report full year earnings of $0.07 per share for the current fiscal year, with EPS estimates ranging from ($0.09) to $0.21. For the next fiscal year, analysts forecast that the firm will post earnings of $0.43 per share, with EPS estimates ranging from ($0.30) to $0.77. Zacks’ EPS calculations are an average based on a survey of sell-side research analysts that follow Freeport-McMoRan.
Freeport-McMoRan (NYSE:FCX) last released its earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share for the quarter, beating the consensus estimate of ($0.05) by $0.01. The firm had revenue of $3.55 billion during the quarter, compared to analyst estimates of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The firm’s revenue for the quarter was down 31.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.59 earnings per share.
A number of research firms recently commented on FCX. Royal Bank of Canada upgraded Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and increased their price objective for the stock from $12.00 to $14.00 in a report on Wednesday, July 24th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $14.00 to $12.00 and set a “neutral” rating for the company in a research report on Thursday, October 10th. BNP Paribas began coverage on Freeport-McMoRan in a report on Friday, September 20th. They set an “outperform” rating for the company. Clarkson Capital restated a “neutral” rating on shares of Freeport-McMoRan in a research note on Monday, September 23rd. Finally, Deutsche Bank upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating and raised their target price for the company from $12.50 to $13.50 in a research note on Wednesday, July 10th. Nine investment analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $13.38.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wetherby Asset Management Inc. raised its stake in shares of Freeport-McMoRan by 3.8% during the 2nd quarter. Wetherby Asset Management Inc. now owns 26,033 shares of the natural resource company’s stock worth $302,000 after purchasing an additional 963 shares in the last quarter. FLC Capital Advisors raised its stake in shares of Freeport-McMoRan by 7.5% during the 2nd quarter. FLC Capital Advisors now owns 14,248 shares of the natural resource company’s stock worth $160,000 after purchasing an additional 1,000 shares in the last quarter. LS Investment Advisors LLC raised its stake in shares of Freeport-McMoRan by 2.8% during the 2nd quarter. LS Investment Advisors LLC now owns 36,637 shares of the natural resource company’s stock worth $425,000 after purchasing an additional 1,007 shares in the last quarter. Intellectus Partners LLC raised its stake in shares of Freeport-McMoRan by 1.4% during the 2nd quarter. Intellectus Partners LLC now owns 82,532 shares of the natural resource company’s stock worth $958,000 after purchasing an additional 1,155 shares in the last quarter. Finally, Empirical Finance LLC raised its stake in shares of Freeport-McMoRan by 1.0% during the 2nd quarter. Empirical Finance LLC now owns 114,384 shares of the natural resource company’s stock worth $1,328,000 after purchasing an additional 1,175 shares in the last quarter. Hedge funds and other institutional investors own 72.65% of the company’s stock.
Shares of NYSE FCX opened at $9.58 on Wednesday. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56. Freeport-McMoRan has a twelve month low of $8.43 and a twelve month high of $14.68. The company has a market capitalization of $13.70 billion, a price-to-earnings ratio of 20.08 and a beta of 2.40. The firm has a 50-day moving average of $9.62 and a two-hundred day moving average of $10.79.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, October 11th. Freeport-McMoRan’s payout ratio is 13.16%.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.
Further Reading: What is the Beige Book?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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.