Freeport-McMoran, Inc. (FCX) Expected to Post Quarterly Sales of $4.51 Billion
Analysts expect Freeport-McMoran, Inc. (NYSE:FCX) to report $4.51 billion in sales for the current quarter, according to Zacks Investment Research. Four analysts have made estimates for Freeport-McMoran’s earnings, with the lowest sales estimate coming in at $4.04 billion and the highest estimate coming in at $4.81 billion. Freeport-McMoran reported sales of $4.38 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 3%. The company is scheduled to announce its next quarterly earnings report on Wednesday, January 24th.
On average, analysts expect that Freeport-McMoran will report full year sales of $4.51 billion for the current fiscal year, with estimates ranging from $15.40 billion to $16.60 billion. For the next fiscal year, analysts anticipate that the company will report sales of $17.39 billion per share, with estimates ranging from $15.10 billion to $19.82 billion. Zacks’ sales calculations are a mean average based on a survey of research analysts that follow Freeport-McMoran.
Freeport-McMoran (NYSE:FCX) last issued its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 firm had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.06 billion. During the same period in the previous year, the firm earned $0.13 earnings per share. The company’s revenue was up 11.2% compared to the same quarter last year.
Several equities analysts have issued reports on FCX shares. BMO Capital Markets set a $17.00 price target on Freeport-McMoran and gave the company a “hold” rating in a research note on Wednesday, July 26th. Cowen and Company boosted their price target on Freeport-McMoran from $20.00 to $22.00 and gave the company an “outperform” rating in a research note on Thursday, July 27th. Jefferies Group LLC reissued a “buy” rating and issued a $18.00 price target on shares of Freeport-McMoran in a research note on Thursday, July 27th. FBR & Co reissued a “market perform” rating and issued a $13.00 price target (up from $12.00) on shares of Freeport-McMoran in a research note on Thursday, July 27th. Finally, Berenberg Bank set a $10.00 price target on Freeport-McMoran and gave the company a “sell” rating in a research note on Friday, July 28th. Two investment analysts have rated the stock with a sell rating, thirteen have issued a hold rating, six 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 a consensus price target of $15.54.
In other Freeport-McMoran news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The stock was purchased at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the purchase, the chief operating officer now directly owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. 1.29% of the stock is owned by corporate insiders.
A number of large investors have recently made changes to their positions in FCX. BT Investment Management Ltd bought a new position in Freeport-McMoran in the 2nd quarter valued at $94,821,000. BlueMountain Capital Management LLC grew its stake in shares of Freeport-McMoran by 100.4% during the 2nd quarter. BlueMountain Capital Management LLC now owns 26,461 shares of the natural resource company’s stock worth $318,000 after acquiring an additional 6,651,458 shares during the period. Vanguard Group Inc. grew its stake in shares of Freeport-McMoran by 4.9% during the 2nd quarter. Vanguard Group Inc. now owns 139,502,519 shares of the natural resource company’s stock worth $1,675,425,000 after acquiring an additional 6,510,840 shares during the period. Bank of New York Mellon Corp grew its stake in shares of Freeport-McMoran by 39.4% during the 2nd quarter. Bank of New York Mellon Corp now owns 20,568,631 shares of the natural resource company’s stock worth $247,029,000 after acquiring an additional 5,810,712 shares during the period. Finally, Contrarius Investment Management Ltd grew its stake in shares of Freeport-McMoran by 700.5% during the 2nd quarter. Contrarius Investment Management Ltd now owns 3,543,051 shares of the natural resource company’s stock worth $42,552,000 after acquiring an additional 3,100,466 shares during the period. Hedge funds and other institutional investors own 69.68% of the company’s stock.
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Freeport-McMoran (NYSE FCX) opened at $14.15 on Wednesday. Freeport-McMoran has a 12 month low of $11.05 and a 12 month high of $17.06. The company has a quick ratio of 1.32, a current ratio of 2.02 and a debt-to-equity ratio of 1.23. The stock has a market capitalization of $20,480.00, a P/E ratio of 15.23 and a beta of 2.55.
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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