Zacks: Brokerages Expect Freeport-McMoran, Inc. (FCX) Will Post Quarterly Sales of $3.83 Billion
Equities analysts predict that Freeport-McMoran, Inc. (NYSE:FCX) will post sales of $3.83 billion for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Freeport-McMoran’s earnings, with the highest sales estimate coming in at $4.14 billion and the lowest estimate coming in at $3.49 billion. Freeport-McMoran reported sales of $3.88 billion during the same quarter last year, which indicates a negative year-over-year growth rate of 1.3%. The company is expected to report its next earnings results on Tuesday, October 24th.
According to Zacks, analysts expect that Freeport-McMoran will report full-year sales of $3.83 billion for the current year, with estimates ranging from $14.32 billion to $15.56 billion. For the next fiscal year, analysts forecast that the company will post sales of $16.09 billion per share, with estimates ranging from $14.84 billion to $17.10 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Freeport-McMoran.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 25th. The natural resource company reported $0.17 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by $0.04. The firm had revenue of $3.71 billion for the quarter, compared to the consensus estimate of $3.67 billion. Freeport-McMoran had a return on equity of 10.45% and a net margin of 5.97%. The company’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.02) earnings per share.
A number of equities research analysts have recently commented on FCX shares. Jefferies Group LLC reduced their price objective on shares of Freeport-McMoran from $16.00 to $14.50 and set a “buy” rating on the stock in a research note on Thursday, June 8th. Vetr lowered shares of Freeport-McMoran from a “strong-buy” rating to a “buy” rating and set a $14.50 price objective on the stock. in a research note on Tuesday, April 25th. ValuEngine raised shares of Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Deutsche Bank AG reaffirmed a “hold” rating and issued a $13.00 price objective (down from $14.00) on shares of Freeport-McMoran in a research note on Sunday, June 25th. Finally, BMO Capital Markets reaffirmed a “hold” rating and issued a $15.00 price objective on shares of Freeport-McMoran in a research note on Thursday, June 29th. Three equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. Freeport-McMoran presently has a consensus rating of “Hold” and a consensus price target of $14.32.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Hollencrest Securities LLC increased its position in Freeport-McMoran by 10.1% in the first quarter. Hollencrest Securities LLC now owns 32,825 shares of the natural resource company’s stock valued at $438,000 after buying an additional 3,000 shares during the last quarter. Nationwide Fund Advisors increased its position in Freeport-McMoran by 11.0% in the first quarter. Nationwide Fund Advisors now owns 374,251 shares of the natural resource company’s stock valued at $5,000,000 after buying an additional 36,936 shares during the last quarter. V Wealth Management LLC increased its position in Freeport-McMoran by 15.9% in the first quarter. V Wealth Management LLC now owns 18,554 shares of the natural resource company’s stock valued at $246,000 after buying an additional 2,544 shares during the last quarter. Retirement Systems of Alabama increased its position in Freeport-McMoran by 5.2% in the first quarter. Retirement Systems of Alabama now owns 642,778 shares of the natural resource company’s stock valued at $8,588,000 after buying an additional 31,645 shares during the last quarter. Finally, State of Alaska Department of Revenue acquired a new position in Freeport-McMoran during the first quarter valued at $222,000. Hedge funds and other institutional investors own 69.94% of the company’s stock.
Freeport-McMoran (NYSE FCX) opened at 13.97 on Wednesday. The company has a market capitalization of $20.22 billion, a PE ratio of 19.70 and a beta of 2.59. Freeport-McMoran has a 12 month low of $9.24 and a 12 month high of $17.06. The stock’s 50 day moving average is $13.37 and its 200-day moving average is $13.03.
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Freeport-McMoran Company Profile
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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