Brokerages Anticipate Freeport-McMoran, Inc. (FCX) Will Post Quarterly Sales of $4.38 Billion
Equities research analysts expect Freeport-McMoran, Inc. (NYSE:FCX) to report sales of $4.38 billion for the current quarter, according to Zacks. Four analysts have issued estimates for Freeport-McMoran’s earnings, with estimates ranging from $3.99 billion to $4.61 billion. Freeport-McMoran also reported sales of $4.38 billion during the same quarter last year. The company is expected to issue its next quarterly earnings report on Wednesday, January 24th.
According to Zacks, analysts expect that Freeport-McMoran will report full-year sales of $4.38 billion for the current year, with estimates ranging from $14.93 billion to $16.01 billion. For the next fiscal year, analysts expect that the firm will post sales of $17.13 billion per share, with estimates ranging from $14.97 billion to $19.82 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that follow Freeport-McMoran.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, topping the consensus estimate of $0.31 by $0.03. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.06 billion. During the same period in the prior year, the company earned $0.13 EPS. Freeport-McMoran’s revenue for the quarter was up 11.2% on a year-over-year basis.
Several equities research analysts recently issued reports on FCX shares. ValuEngine raised Freeport-McMoran from a “hold” rating to a “buy” rating in a research note on Thursday, August 31st. Zacks Investment Research raised Freeport-McMoran from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research note on Tuesday, October 10th. Royal Bank Of Canada set a $14.00 price target on Freeport-McMoran and gave the stock a “hold” rating in a research note on Wednesday, October 11th. FBR & Co reaffirmed a “neutral” rating and set a $12.00 price target (down previously from $13.00) on shares of Freeport-McMoran in a research note on Thursday, September 14th. Finally, Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the stock a “sell” rating in a research note on Friday, July 28th. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating, seven have given a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $15.76.
Shares of Freeport-McMoran (NYSE FCX) traded down 0.28% during mid-day trading on Monday, hitting $14.09. The company had a trading volume of 6,036,676 shares. Freeport-McMoran has a one year low of $10.50 and a one year high of $17.06. The company’s 50-day moving average is $14.42 and its 200 day moving average is $13.30. The company has a market capitalization of $20.39 billion, a PE ratio of 19.87 and a beta of 2.54.
In other Freeport-McMoran news, COO Harry M. Iv Conger purchased 36,180 shares of Freeport-McMoran stock in a transaction that occurred on Thursday, September 7th. The shares were bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the acquisition, the chief operating officer now directly owns 73,943 shares in the company, valued at $1,126,151.89. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.29% of the stock is owned by insiders.
Large investors have recently made changes to their positions in the stock. IHT Wealth Management LLC grew its holdings in shares of Freeport-McMoran by 27.1% during the 2nd quarter. IHT Wealth Management LLC now owns 1,758 shares of the natural resource company’s stock worth $843,000 after acquiring an additional 375 shares during the period. Sun Life Financial INC grew its holdings in shares of Freeport-McMoran by 96,340.0% during the 2nd quarter. Sun Life Financial INC now owns 9,644 shares of the natural resource company’s stock worth $116,000 after acquiring an additional 9,634 shares during the period. First Manhattan Co. grew its holdings in shares of Freeport-McMoran by 0.3% during the 2nd quarter. First Manhattan Co. now owns 10,067 shares of the natural resource company’s stock worth $120,000 after acquiring an additional 33 shares during the period. Outfitter Advisors LTD. purchased a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $121,000. Finally, Fisher Asset Management LLC purchased a new position in shares of Freeport-McMoran during the 2nd quarter worth approximately $122,000. Institutional investors own 67.95% of the company’s stock.
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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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