$6.67 Billion in Sales Expected for Freeport-McMoRan Inc. (NYSE:FCX) This Quarter

Wall Street brokerages predict that Freeport-McMoRan Inc. (NYSE:FCXGet Rating) will post sales of $6.67 billion for the current quarter, Zacks Investment Research reports. Thirteen analysts have made estimates for Freeport-McMoRan’s earnings. The highest sales estimate is $8.13 billion and the lowest is $5.91 billion. Freeport-McMoRan reported sales of $5.75 billion in the same quarter last year, which would indicate a positive year over year growth rate of 16%. The firm is expected to report its next earnings report on Monday, January 1st.

According to Zacks, analysts expect that Freeport-McMoRan will report full year sales of $26.59 billion for the current financial year, with estimates ranging from $22.70 billion to $31.26 billion. For the next year, analysts anticipate that the firm will report sales of $25.73 billion, with estimates ranging from $19.84 billion to $29.36 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research firms that that provide coverage for Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCXGet Rating) last released its quarterly earnings data on Thursday, April 21st. The natural resource company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.88 by $0.19. The company had revenue of $6.60 billion for the quarter, compared to analyst estimates of $6.29 billion. Freeport-McMoRan had a return on equity of 24.06% and a net margin of 20.79%. The firm’s revenue was up 36.1% compared to the same quarter last year. During the same period last year, the company posted $0.51 earnings per share.

FCX has been the subject of a number of research analyst reports. BMO Capital Markets cut their price objective on shares of Freeport-McMoRan from $62.00 to $56.00 and set an “outperform” rating for the company in a research report on Friday, April 22nd. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, April 5th. BNP Paribas lowered shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $50.00 price objective on the stock. in a report on Tuesday, April 5th. Wolfe Research lowered their price objective on shares of Freeport-McMoRan from $47.00 to $45.00 and set an “outperform” rating for the company in a research report on Thursday, January 27th. Finally, Raymond James set a $59.00 target price on shares of Freeport-McMoRan and gave the company an “outperform” rating in a research report on Friday, April 22nd. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and eight have issued a buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Hold” and a consensus price target of $46.57.

In other Freeport-McMoRan news, Director Hugh Grant purchased 12,300 shares of the firm’s stock in a transaction on Monday, April 25th. The stock was bought at an average cost of $40.75 per share, for a total transaction of $501,225.00. Following the completion of the purchase, the director now owns 15,776 shares in the company, valued at approximately $642,872. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.72% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Morgan Stanley increased its holdings in Freeport-McMoRan by 22.5% during the 2nd quarter. Morgan Stanley now owns 15,548,768 shares of the natural resource company’s stock worth $577,014,000 after purchasing an additional 2,859,755 shares during the period. Healthcare of Ontario Pension Plan Trust Fund purchased a new stake in Freeport-McMoRan during the 3rd quarter worth about $422,000. IndexIQ Advisors LLC increased its holdings in Freeport-McMoRan by 62.6% during the 3rd quarter. IndexIQ Advisors LLC now owns 8,923 shares of the natural resource company’s stock worth $290,000 after purchasing an additional 3,436 shares during the period. CX Institutional increased its holdings in Freeport-McMoRan by 21.4% during the 3rd quarter. CX Institutional now owns 2,826 shares of the natural resource company’s stock worth $92,000 after purchasing an additional 499 shares during the period. Finally, US Bancorp DE increased its holdings in Freeport-McMoRan by 1.5% during the 3rd quarter. US Bancorp DE now owns 120,023 shares of the natural resource company’s stock worth $3,903,000 after purchasing an additional 1,828 shares during the period. Institutional investors own 77.37% of the company’s stock.

NYSE FCX opened at $36.31 on Friday. The firm’s 50 day moving average price is $44.77 and its two-hundred day moving average price is $42.34. The company has a debt-to-equity ratio of 0.34, a quick ratio of 1.68 and a current ratio of 2.37. Freeport-McMoRan has a twelve month low of $30.02 and a twelve month high of $51.99. The stock has a market cap of $52.62 billion, a price-to-earnings ratio of 10.52, a PEG ratio of 0.32 and a beta of 2.01.

The business also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Investors of record on Thursday, April 14th were issued a dividend of $0.15 per share. The ex-dividend date was Wednesday, April 13th. This represents a $0.60 annualized dividend and a yield of 1.65%. Freeport-McMoRan’s payout ratio is presently 8.70%.

About Freeport-McMoRan (Get Rating)

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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