$0.83 Earnings Per Share Expected for Freeport-McMoRan Inc. (NYSE:FCX) This Quarter

Wall Street brokerages forecast that Freeport-McMoRan Inc. (NYSE:FCX) will announce earnings of $0.83 per share for the current quarter, according to Zacks. Eleven analysts have provided estimates for Freeport-McMoRan’s earnings, with the highest EPS estimate coming in at $1.09 and the lowest estimate coming in at $0.70. Freeport-McMoRan reported earnings per share of $0.29 during the same quarter last year, which suggests a positive year-over-year growth rate of 186.2%. The company is expected to report its next earnings results before the market opens on Thursday, October 21st.

On average, analysts expect that Freeport-McMoRan will report full-year earnings of $2.97 per share for the current year, with EPS estimates ranging from $2.61 to $3.74. For the next year, analysts expect that the firm will post earnings of $3.46 per share, with EPS estimates ranging from $2.39 to $6.22. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of research firms that that provide coverage for Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 22nd. The natural resource company reported $0.77 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.02. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The business had revenue of $5.75 billion during the quarter, compared to analyst estimates of $5.83 billion. During the same quarter last year, the business posted $0.03 earnings per share. Freeport-McMoRan’s revenue for the quarter was up 88.2% compared to the same quarter last year.

FCX has been the subject of a number of recent analyst reports. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price target for the company. in a report on Thursday, August 26th. Deutsche Bank Aktiengesellschaft reduced their price target on shares of Freeport-McMoRan from $47.00 to $46.00 and set a “buy” rating for the company in a report on Thursday, September 16th. Exane BNP Paribas raised shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price target on the stock in a research report on Wednesday, October 6th. Credit Suisse Group lowered shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price objective on the stock. in a research report on Friday, September 10th. Finally, Royal Bank of Canada boosted their price objective on shares of Freeport-McMoRan from $39.00 to $42.00 and gave the company a “sector perform” rating in a research note on Friday, July 23rd. Three equities research analysts have rated the stock with a sell rating, three have issued a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $38.25.

Large investors have recently made changes to their positions in the company. Rockefeller Capital Management L.P. boosted its position in shares of Freeport-McMoRan by 61.9% in the first quarter. Rockefeller Capital Management L.P. now owns 53,310 shares of the natural resource company’s stock worth $1,755,000 after buying an additional 20,384 shares during the period. Synovus Financial Corp grew its holdings in shares of Freeport-McMoRan by 2.9% during the first quarter. Synovus Financial Corp now owns 9,038 shares of the natural resource company’s stock valued at $298,000 after purchasing an additional 256 shares during the last quarter. Boston Private Wealth LLC grew its holdings in Freeport-McMoRan by 4.3% in the 1st quarter. Boston Private Wealth LLC now owns 9,969 shares of the natural resource company’s stock worth $328,000 after buying an additional 415 shares in the last quarter. Mercer Global Advisors Inc. ADV boosted its stake in Freeport-McMoRan by 76.8% during the 1st quarter. Mercer Global Advisors Inc. ADV now owns 47,231 shares of the natural resource company’s stock valued at $1,555,000 after purchasing an additional 20,521 shares in the last quarter. Finally, Sei Investments Co. boosted its stake in Freeport-McMoRan by 59.9% during the 1st quarter. Sei Investments Co. now owns 316,094 shares of the natural resource company’s stock valued at $9,720,000 after purchasing an additional 118,472 shares in the last quarter. 76.90% of the stock is owned by institutional investors and hedge funds.

Shares of Freeport-McMoRan stock traded up $1.66 during trading on Friday, hitting $37.48. 1,427,635 shares of the stock were exchanged, compared to its average volume of 22,699,998. Freeport-McMoRan has a 1-year low of $16.50 and a 1-year high of $46.10. The stock has a market capitalization of $55.02 billion, a price-to-earnings ratio of 19.81 and a beta of 2.08. The company has a fifty day moving average price of $34.72 and a 200-day moving average price of $36.77. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41.

The business also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 15th will be paid a $0.075 dividend. The ex-dividend date of this dividend is Thursday, October 14th. This represents a $0.30 annualized dividend and a dividend yield of 0.80%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 55.56%.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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