Brokerages Anticipate Freeport-McMoRan Inc. (NYSE:FCX) Will Announce Quarterly Sales of $6.67 Billion

Equities research analysts predict that Freeport-McMoRan Inc. (NYSE:FCXGet Rating) will announce sales of $6.67 billion for the current fiscal quarter, Zacks Investment Research reports. Thirteen analysts have made estimates for Freeport-McMoRan’s earnings, with estimates ranging from $5.91 billion to $8.13 billion. Freeport-McMoRan posted sales of $5.75 billion during the same quarter last year, which would indicate a positive year-over-year growth rate of 16%. The business is scheduled to issue its next quarterly earnings results on Monday, January 1st.

On average, 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 forecast that the business 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 analysts that that provide coverage for Freeport-McMoRan.

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

Several equities analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Freeport-McMoRan from $50.00 to $47.00 and set a “hold” rating on the stock in a report on Friday, April 22nd. BMO Capital Markets decreased their price target on shares of Freeport-McMoRan from $62.00 to $56.00 and set an “outperform” rating for the company in a report on Friday, April 22nd. Stifel Nicolaus boosted their price objective on shares of Freeport-McMoRan from $49.00 to $54.00 in a report on Thursday, March 17th. Royal Bank of Canada upped their target price on Freeport-McMoRan from $46.00 to $47.00 and gave the company a “sector perform” rating in a research report on Friday, April 22nd. Finally, StockNews.com raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, April 5th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $46.57.

In other news, Director Hugh Grant acquired 12,300 shares of the business’s stock in a transaction on Monday, April 25th. The stock was bought at an average price of $40.75 per share, with a total value of $501,225.00. Following the completion of the acquisition, the director now owns 15,776 shares of the company’s stock, valued at $642,872. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.72% of the stock is owned by company insiders.

Hedge funds have recently added to or reduced their stakes in the company. Tompkins Financial Corp boosted its holdings in Freeport-McMoRan by 195.5% in the 4th quarter. Tompkins Financial Corp now owns 591 shares of the natural resource company’s stock worth $25,000 after buying an additional 391 shares during the last quarter. St. Johns Investment Management Company LLC acquired a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $25,000. Raleigh Capital Management Inc. purchased a new stake in shares of Freeport-McMoRan during the fourth quarter worth approximately $25,000. Key Financial Inc raised its stake in Freeport-McMoRan by 526.0% in the 4th quarter. Key Financial Inc now owns 626 shares of the natural resource company’s stock valued at $26,000 after purchasing an additional 526 shares during the last quarter. Finally, FNY Investment Advisers LLC lifted its holdings in Freeport-McMoRan by 1,250.0% in the 1st quarter. FNY Investment Advisers LLC now owns 540 shares of the natural resource company’s stock valued at $26,000 after purchasing an additional 500 shares in the last quarter. 77.37% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan stock traded up $1.16 during midday trading on Friday, reaching $39.65. The company’s stock had a trading volume of 11,914,435 shares, compared to its average volume of 19,030,119. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.37 and a quick ratio of 1.68. The stock has a market capitalization of $57.46 billion, a P/E ratio of 11.49, a PEG ratio of 0.33 and a beta of 2.01. The stock’s 50-day simple moving average is $43.73 and its 200-day simple moving average is $42.36. Freeport-McMoRan has a 52-week low of $30.02 and a 52-week high of $51.99.

The business also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Shareholders of record on Thursday, April 14th were issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date was Wednesday, April 13th. Freeport-McMoRan’s payout ratio is presently 8.70%.

Freeport-McMoRan Company Profile (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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