Raymond James Weighs in on Freeport-McMoRan Inc.’s Q3 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Raymond James upped their Q3 2024 earnings estimates for shares of Freeport-McMoRan in a note issued to investors on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will earn $0.51 per share for the quarter, up from their previous estimate of $0.46. Raymond James has a “Outperform” rating and a $54.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.58 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS and FY2025 earnings at $2.01 EPS.

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

Several other equities research analysts also recently commented on FCX. HSBC upped their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research report on Tuesday. Royal Bank of Canada restated a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price target for the company in a research report on Tuesday, April 9th. Bernstein Bank upped their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Sanford C. Bernstein upgraded shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Five research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $50.07.

Freeport-McMoRan Stock Up 2.4 %

FCX stock opened at $49.40 on Friday. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The firm has a market cap of $70.86 billion, a PE ratio of 43.72, a P/E/G ratio of 2.21 and a beta of 2.04. The firm has a 50 day simple moving average of $44.24 and a 200 day simple moving average of $40.20. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38.

Institutional Investors Weigh In On Freeport-McMoRan

Hedge funds have recently made changes to their positions in the company. Avior Wealth Management LLC increased its position in Freeport-McMoRan by 41.2% in the 3rd quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company’s stock valued at $63,000 after acquiring an additional 490 shares in the last quarter. CX Institutional increased its position in Freeport-McMoRan by 6.2% in the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company’s stock valued at $382,000 after acquiring an additional 597 shares in the last quarter. Czech National Bank increased its position in Freeport-McMoRan by 47.7% in the 3rd quarter. Czech National Bank now owns 250,570 shares of the natural resource company’s stock valued at $9,344,000 after acquiring an additional 80,898 shares in the last quarter. Aaron Wealth Advisors LLC grew its position in shares of Freeport-McMoRan by 4.7% during the 3rd quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company’s stock worth $10,410,000 after buying an additional 12,414 shares during the period. Finally, Simplicity Solutions LLC grew its position in shares of Freeport-McMoRan by 133.2% during the 3rd quarter. Simplicity Solutions LLC now owns 154,649 shares of the natural resource company’s stock worth $5,767,000 after buying an additional 88,344 shares during the period. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Monday, April 15th will be given a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date of this dividend is Friday, April 12th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

About Freeport-McMoRan

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.