Wall Street analysts expect Freeport-McMoRan Inc (NYSE:FCX) to post $0.26 earnings per share for the current fiscal quarter, according to Zacks Investment Research. Three analysts have provided estimates for Freeport-McMoRan’s earnings, with the highest EPS estimate coming in at $0.32 and the lowest estimate coming in at $0.20. Freeport-McMoRan reported earnings of $0.51 per share during the same quarter last year, which would suggest a negative year over year growth rate of 49%. The business is scheduled to issue its next earnings results on Thursday, January 24th.

On average, analysts expect that Freeport-McMoRan will report full year earnings of $1.70 per share for the current financial year, with EPS estimates ranging from $1.60 to $1.96. For the next financial year, analysts forecast that the firm will report earnings of $0.93 per share, with EPS estimates ranging from $0.57 to $1.39. Zacks’ earnings per share calculations are an average based on a survey of sell-side analysts that follow Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Wednesday, October 24th. The natural resource company reported $0.35 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.33 by $0.02. The business had revenue of $4.91 billion during the quarter, compared to the consensus estimate of $4.50 billion. Freeport-McMoRan had a return on equity of 22.63% and a net margin of 15.80%. Freeport-McMoRan’s revenue was up 13.9% on a year-over-year basis. During the same quarter last year, the company earned $0.34 EPS.

Several research firms recently commented on FCX. Citigroup cut their target price on Freeport-McMoRan from $18.00 to $14.00 and set a “neutral” rating for the company in a research report on Wednesday, October 17th. Raymond James set a $16.00 target price on Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, October 24th. ValuEngine downgraded Freeport-McMoRan from a “sell” rating to a “strong sell” rating in a research report on Tuesday, October 2nd. B. Riley cut their target price on Freeport-McMoRan from $18.00 to $16.00 and set a “buy” rating for the company in a research report on Thursday, October 25th. Finally, Royal Bank of Canada downgraded Freeport-McMoRan from a “sector perform” rating to an “underperform” rating and set a $12.20 target price for the company. in a research report on Tuesday, November 6th. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, eleven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Freeport-McMoRan presently has an average rating of “Hold” and an average target price of $16.71.

Shares of Freeport-McMoRan stock traded down $0.35 during midday trading on Thursday, hitting $11.15. 25,424,300 shares of the company were exchanged, compared to its average volume of 18,660,900. The company has a debt-to-equity ratio of 0.83, a current ratio of 2.84 and a quick ratio of 1.78. The company has a market capitalization of $16.66 billion, a PE ratio of 9.53 and a beta of 2.45. Freeport-McMoRan has a 52 week low of $10.59 and a 52 week high of $20.25.

In other Freeport-McMoRan news, Director Courtney Mather sold 75,000 shares of Freeport-McMoRan stock in a transaction on Tuesday, October 30th. The stock was sold at an average price of $11.15, for a total value of $836,250.00. Following the completion of the transaction, the director now owns 152,133 shares in the company, valued at approximately $1,696,282.95. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 1.05% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of FCX. Marshall Wace North America L.P. raised its position in Freeport-McMoRan by 511.8% during the 3rd quarter. Marshall Wace North America L.P. now owns 200,043 shares of the natural resource company’s stock worth $2,785,000 after purchasing an additional 167,343 shares during the last quarter. Marshall Wace LLP grew its holdings in Freeport-McMoRan by 22,112.8% in the third quarter. Marshall Wace LLP now owns 2,426,078 shares of the natural resource company’s stock worth $33,771,000 after purchasing an additional 2,415,156 shares during the period. Belpointe Asset Management LLC purchased a new stake in Freeport-McMoRan in the third quarter worth about $118,000. Vanguard Group Inc. grew its holdings in Freeport-McMoRan by 3.6% in the third quarter. Vanguard Group Inc. now owns 154,818,850 shares of the natural resource company’s stock worth $2,155,078,000 after purchasing an additional 5,375,340 shares during the period. Finally, Morgan Stanley grew its holdings in Freeport-McMoRan by 32.1% in the third quarter. Morgan Stanley now owns 6,360,492 shares of the natural resource company’s stock worth $88,539,000 after purchasing an additional 1,546,116 shares during the period. Hedge funds and other institutional investors own 70.43% of the company’s stock.

Freeport-McMoRan Company Profile

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

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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