Brokerages forecast that Freeport-McMoRan Inc (NYSE:FCX) will announce sales of $4.86 billion for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Freeport-McMoRan’s earnings. The highest sales estimate is $5.02 billion and the lowest is $4.70 billion. Freeport-McMoRan posted sales of $3.34 billion in the same quarter last year, which would indicate a positive year-over-year growth rate of 45.5%. The business is scheduled to announce its next quarterly earnings results on Tuesday, April 24th.
On average, analysts expect that Freeport-McMoRan will report full year sales of $4.86 billion for the current year, with estimates ranging from $18.23 billion to $19.95 billion. For the next year, analysts forecast that the company will post sales of $16.81 billion per share, with estimates ranging from $15.88 billion to $18.14 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Freeport-McMoRan.
Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, January 25th. The natural resource company reported $0.51 earnings per share for the quarter, beating the consensus estimate of $0.49 by $0.02. Freeport-McMoRan had a net margin of 11.08% and a return on equity of 16.57%. The business had revenue of $5.04 billion for the quarter, compared to analyst estimates of $4.89 billion. During the same period in the previous year, the business earned $0.25 EPS. The firm’s revenue was up 15.2% on a year-over-year basis.
A number of equities analysts have commented on the stock. Clarkson Capital upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating in a research report on Wednesday, January 17th. TheStreet upgraded shares of Freeport-McMoRan from a “c” rating to a “b-” rating in a research report on Thursday, January 25th. Royal Bank of Canada boosted their price target on shares of Freeport-McMoRan to $22.00 and gave the company a “sector perform” rating in a research report on Monday, March 12th. ValuEngine upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Tuesday, February 20th. Finally, UBS boosted their price target on shares of Freeport-McMoRan from $14.00 to $18.50 and gave the company a “neutral” rating in a research report on Tuesday, March 6th. Three equities research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus price target of $17.06.
Freeport-McMoRan stock opened at $19.18 on Thursday. The company has a market cap of $26,133.58, a PE ratio of 15.47 and a beta of 2.42. Freeport-McMoRan has a 12-month low of $11.05 and a 12-month high of $20.25. The company has a debt-to-equity ratio of 1.04, a current ratio of 2.14 and a quick ratio of 1.37.
In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 21,500 shares of the business’s stock in a transaction dated Wednesday, January 31st. The shares were sold at an average price of $19.49, for a total value of $419,035.00. Following the completion of the transaction, the vice president now directly owns 70,239 shares of the company’s stock, valued at $1,368,958.11. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.29% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in FCX. Los Angeles Capital Management & Equity Research Inc. raised its stake in shares of Freeport-McMoRan by 141.7% during the fourth quarter. Los Angeles Capital Management & Equity Research Inc. now owns 4,152,745 shares of the natural resource company’s stock worth $78,736,000 after buying an additional 2,434,376 shares during the last quarter. Cornerstone Capital Management Holdings LLC. raised its stake in shares of Freeport-McMoRan by 522.6% during the third quarter. Cornerstone Capital Management Holdings LLC. now owns 2,554,280 shares of the natural resource company’s stock worth $35,861,000 after buying an additional 2,144,008 shares during the last quarter. Bank of New York Mellon Corp raised its stake in shares of Freeport-McMoRan by 7.5% during the fourth quarter. Bank of New York Mellon Corp now owns 26,119,382 shares of the natural resource company’s stock worth $495,222,000 after buying an additional 1,826,480 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its stake in shares of Freeport-McMoRan by 69.2% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 3,427,931 shares of the natural resource company’s stock worth $64,992,000 after buying an additional 1,402,040 shares during the last quarter. Finally, Prince Street Capital Management LLC raised its stake in shares of Freeport-McMoRan by 212.2% during the fourth quarter. Prince Street Capital Management LLC now owns 1,678,200 shares of the natural resource company’s stock worth $31,818,000 after buying an additional 1,140,700 shares during the last quarter. 69.80% of the stock is owned by institutional investors.
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Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.
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