Q1 2024 EPS Estimates for Freeport-McMoRan Inc. (NYSE:FCX) Cut by Zacks Research

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Zacks Research lowered their Q1 2024 earnings estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Wednesday, April 17th. Zacks Research analyst A. Barman now anticipates that the natural resource company will earn $0.30 per share for the quarter, down from their previous forecast of $0.35. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.55 EPS, Q1 2026 earnings at $0.37 EPS and FY2026 earnings at $2.33 EPS.

A number of other research analysts have also weighed in on FCX. Scotiabank raised their price target on shares of Freeport-McMoRan from $48.00 to $55.00 and gave the company a “sector outperform” rating in a research note on Tuesday, April 9th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $55.00 price objective on shares of Freeport-McMoRan in a report on Thursday, January 25th. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a report on Tuesday, April 9th. JPMorgan Chase & Co. increased their price objective on shares of Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday. Finally, Raymond James increased their price objective on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an “outperform” rating in a report on Thursday, January 4th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Trading Up 0.8 %

Shares of Freeport-McMoRan stock opened at $49.81 on Thursday. The firm has a market capitalization of $71.45 billion, a PE ratio of 39.22, a P/E/G ratio of 2.26 and a beta of 2.04. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.42. The firm’s 50-day moving average price is $43.08 and its 200 day moving average price is $39.75. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.23 by $0.04. The firm had revenue of $5.91 billion for the quarter, compared to analyst estimates of $5.85 billion. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. Freeport-McMoRan’s quarterly revenue was up 2.6% compared to the same quarter last year. During the same period last year, the company posted $0.52 EPS.

Institutional Trading of Freeport-McMoRan

Hedge funds and other institutional investors have recently made changes to their positions in the company. Fairfield Bush & CO. acquired a new stake in Freeport-McMoRan in the 1st quarter valued at approximately $26,000. Synovus Financial Corp increased its holdings in Freeport-McMoRan by 15.2% in the 1st quarter. Synovus Financial Corp now owns 11,101 shares of the natural resource company’s stock valued at $553,000 after purchasing an additional 1,468 shares during the last quarter. Blair William & Co. IL increased its holdings in Freeport-McMoRan by 40.8% in the 1st quarter. Blair William & Co. IL now owns 112,066 shares of the natural resource company’s stock valued at $5,574,000 after purchasing an additional 32,474 shares during the last quarter. Sei Investments Co. increased its holdings in Freeport-McMoRan by 73.6% in the 1st quarter. Sei Investments Co. now owns 132,043 shares of the natural resource company’s stock valued at $6,624,000 after purchasing an additional 55,987 shares during the last quarter. Finally, Baird Financial Group Inc. increased its holdings in Freeport-McMoRan by 22.0% in the 1st quarter. Baird Financial Group Inc. now owns 79,686 shares of the natural resource company’s stock valued at $3,964,000 after purchasing an additional 14,388 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.20%. Freeport-McMoRan’s dividend payout ratio is currently 23.62%.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.