Raymond James Weighs in on Freeport-McMoRan Inc.’s Q3 2021 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Raymond James increased their Q3 2021 earnings estimates for Freeport-McMoRan in a report issued on Tuesday, June 8th. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.73 per share for the quarter, up from their previous forecast of $0.59. Raymond James has a “Outperform” rating and a $47.00 price target on the stock. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2021 earnings at $0.70 EPS, Q3 2022 earnings at $0.75 EPS and Q4 2022 earnings at $0.75 EPS.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Thursday, April 22nd. The natural resource company reported $0.51 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.51. Freeport-McMoRan had a return on equity of 9.85% and a net margin of 11.13%. The business had revenue of $4.85 billion for the quarter, compared to analysts’ expectations of $4.74 billion. During the same period in the previous year, the firm posted ($0.18) EPS. The company’s quarterly revenue was up 73.3% on a year-over-year basis.

A number of other research firms have also commented on FCX. BMO Capital Markets assumed coverage on Freeport-McMoRan in a research note on Friday, April 23rd. They issued a “buy” rating and a $45.00 price objective on the stock. Morgan Stanley reiterated an “equal weight” rating on shares of Freeport-McMoRan in a research note on Tuesday, March 30th. Deutsche Bank Aktiengesellschaft upped their price objective on Freeport-McMoRan from $36.00 to $50.00 and gave the company a “buy” rating in a research note on Wednesday, May 26th. B. Riley upped their price objective on Freeport-McMoRan from $32.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, February 23rd. Finally, UBS Group upped their price objective on Freeport-McMoRan from $30.00 to $36.00 and gave the company a “neutral” rating in a research note on Monday, April 26th. Seven analysts have rated the stock with a hold rating, ten have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average price target of $33.31.

Shares of NYSE:FCX opened at $40.14 on Thursday. Freeport-McMoRan has a fifty-two week low of $9.78 and a fifty-two week high of $46.10. The business has a 50-day moving average of $39.53. The firm has a market capitalization of $58.83 billion, a PE ratio of 33.17, a P/E/G ratio of 0.46 and a beta of 2.15. The company has a quick ratio of 1.46, a current ratio of 2.35 and a debt-to-equity ratio of 0.47.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FCX. Mizuho Securities Co. Ltd. increased its position in shares of Freeport-McMoRan by 120.4% in the 1st quarter. Mizuho Securities Co. Ltd. now owns 787 shares of the natural resource company’s stock valued at $26,000 after buying an additional 430 shares in the last quarter. JFS Wealth Advisors LLC increased its position in shares of Freeport-McMoRan by 83.0% in the 1st quarter. JFS Wealth Advisors LLC now owns 851 shares of the natural resource company’s stock valued at $28,000 after buying an additional 386 shares in the last quarter. Hudock Inc. increased its holdings in Freeport-McMoRan by 76.5% during the 1st quarter. Hudock Inc. now owns 962 shares of the natural resource company’s stock worth $31,000 after purchasing an additional 417 shares in the last quarter. Arkadios Wealth Advisors bought a new position in Freeport-McMoRan during the 4th quarter worth about $35,000. Finally, CVA Family Office LLC bought a new position in Freeport-McMoRan during the 1st quarter worth about $37,000. Institutional investors and hedge funds own 77.18% of the company’s stock.

In related news, Director Gerald J. Ford sold 18,200 shares of the company’s stock in a transaction on Monday, June 7th. The shares were sold at an average price of $40.99, for a total value of $746,018.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP C Donald Whitmire, Jr. sold 42,500 shares of the company’s stock in a transaction on Wednesday, May 5th. The shares were sold at an average price of $41.35, for a total transaction of $1,757,375.00. Following the completion of the sale, the vice president now owns 82,837 shares of the company’s stock, valued at approximately $3,425,309.95. The disclosure for this sale can be found here. In the last three months, insiders sold 84,922 shares of company stock worth $3,535,419. 1.00% of the stock is currently owned by company insiders.

The business also recently declared a quarterly dividend, which was paid on Monday, May 3rd. Stockholders of record on Thursday, April 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, April 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.75%. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.05. Freeport-McMoRan’s dividend payout ratio is 55.56%.

About Freeport-McMoRan

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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