Q3 2024 EPS Estimates for Freeport-McMoRan Inc. Lowered by Analyst (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Raymond James cut their Q3 2024 earnings per share estimates for shares of Freeport-McMoRan in a research note issued to investors on Monday, September 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.42 per share for the quarter, down from their previous forecast of $0.47. Raymond James currently has a “Outperform” rating and a $55.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.61 per share. Raymond James also issued estimates for Freeport-McMoRan’s FY2024 earnings at $1.64 EPS and Q2 2025 earnings at $0.53 EPS.

Other analysts have also issued research reports about the company. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research note on Wednesday, July 24th. Morgan Stanley cut their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a report on Thursday, September 19th. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Thursday. Scotiabank cut their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating for the company in a research note on Monday, August 19th. Finally, Deutsche Bank Aktiengesellschaft raised their price objective on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a research report on Monday, June 10th. Five research analysts have rated the stock with a hold rating, ten have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $52.93.

Freeport-McMoRan Stock Up 7.4 %

Shares of FCX stock opened at $51.90 on Wednesday. Freeport-McMoRan has a 52-week low of $32.83 and a 52-week high of $55.24. The stock has a market cap of $74.57 billion, a price-to-earnings ratio of 45.93, a PEG ratio of 2.89 and a beta of 1.89. The firm’s 50-day moving average is $43.54 and its 200-day moving average is $47.37. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same period in the prior year, the firm posted $0.35 earnings per share. The company’s quarterly revenue was up 15.5% compared to the same quarter last year.

Institutional Trading of Freeport-McMoRan

Several hedge funds and other institutional investors have recently modified their holdings of FCX. Tompkins Financial Corp increased its stake in Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. grew its stake in Freeport-McMoRan by 0.3% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after buying an additional 203 shares in the last quarter. Proficio Capital Partners LLC raised its holdings in shares of Freeport-McMoRan by 0.5% during the 1st quarter. Proficio Capital Partners LLC now owns 40,083 shares of the natural resource company’s stock valued at $1,885,000 after buying an additional 207 shares in the last quarter. Kingsview Wealth Management LLC lifted its position in Freeport-McMoRan by 4.3% in the 1st quarter. Kingsview Wealth Management LLC now owns 5,243 shares of the natural resource company’s stock worth $247,000 after buying an additional 214 shares during the last quarter. Finally, MV Capital Management Inc. boosted its stake in Freeport-McMoRan by 38.6% in the first quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after buying an additional 221 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be paid a $0.075 dividend. The ex-dividend date is Tuesday, October 15th. This represents a $0.30 annualized dividend and a yield of 0.58%. Freeport-McMoRan’s payout ratio is 26.55%.

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.