Q2 2024 EPS Estimates for Freeport-McMoRan Inc. Lifted by Zacks Research (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Investment analysts at Zacks Research lifted their Q2 2024 earnings per share estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, May 7th. Zacks Research analyst A. Barman now expects that the natural resource company will earn $0.37 per share for the quarter, up from their prior estimate of $0.36. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.66 per share. Zacks Research also issued estimates for Freeport-McMoRan’s FY2025 earnings at $1.83 EPS.

FCX has been the subject of a number of other reports. Scotiabank decreased their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a report on Wednesday, April 24th. StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday, April 25th. JPMorgan Chase & Co. reduced their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating on the stock in a report on Wednesday, April 24th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective on the stock in a research note on Tuesday, April 9th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Trading Up 2.2 %

Shares of NYSE FCX opened at $51.08 on Thursday. The stock has a market cap of $73.27 billion, a P/E ratio of 45.20, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02. The firm has a 50 day moving average price of $46.90 and a two-hundred day moving average price of $41.27. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.41 and a current ratio of 2.35. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $52.52.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The business’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $0.52 earnings per share.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. NBT Bank N A NY increased its position in Freeport-McMoRan by 87.5% in the third quarter. NBT Bank N A NY now owns 15,278 shares of the natural resource company’s stock worth $570,000 after buying an additional 7,128 shares during the last quarter. Park Avenue Securities LLC lifted its holdings in Freeport-McMoRan by 2.9% during the third quarter. Park Avenue Securities LLC now owns 31,488 shares of the natural resource company’s stock valued at $1,174,000 after purchasing an additional 889 shares during the last quarter. Graypoint LLC boosted its position in Freeport-McMoRan by 9.0% during the third quarter. Graypoint LLC now owns 8,235 shares of the natural resource company’s stock worth $307,000 after purchasing an additional 680 shares during the period. CENTRAL TRUST Co increased its stake in shares of Freeport-McMoRan by 14.2% in the third quarter. CENTRAL TRUST Co now owns 14,814 shares of the natural resource company’s stock worth $552,000 after purchasing an additional 1,839 shares in the last quarter. Finally, TIAA Trust National Association bought a new stake in shares of Freeport-McMoRan in the third quarter valued at approximately $463,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling

In related news, CAO Stephen T. Higgins sold 42,767 shares of the firm’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 transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Freeport-McMoRan news, CAO Stephen T. Higgins 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 value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Stephen T. Higgins sold 42,767 shares of the business’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $50.35, for a total value of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,255,381.95. The disclosure for this sale can be found here. Insiders have sold a total of 365,667 shares of company stock worth $18,592,670 in the last ninety days. Corporate insiders own 0.78% of the company’s stock.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Monday, April 15th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.17%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

Freeport-McMoRan Company Profile

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.