$3.85 Billion in Sales Expected for Freeport-McMoRan Inc (NYSE:FCX) This Quarter

Wall Street brokerages expect that Freeport-McMoRan Inc (NYSE:FCX) will announce $3.85 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have issued estimates for Freeport-McMoRan’s earnings, with the highest sales estimate coming in at $3.89 billion and the lowest estimate coming in at $3.83 billion. Freeport-McMoRan posted sales of $4.91 billion in the same quarter last year, which suggests a negative year over year growth rate of 21.6%. The firm is scheduled to announce its next earnings report on Wednesday, October 23rd.

On average, analysts expect that Freeport-McMoRan will report full year sales of $14.93 billion for the current financial year, with estimates ranging from $14.52 billion to $15.20 billion. For the next fiscal year, analysts expect that the firm will report sales of $15.53 billion, with estimates ranging from $15.09 billion to $16.02 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Wednesday, July 24th. The natural resource company reported ($0.04) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.05) by $0.01. The business had revenue of $3.55 billion for the quarter, compared to the consensus estimate of $3.54 billion. Freeport-McMoRan had a net margin of 4.11% and a return on equity of 4.08%. The firm’s quarterly revenue was down 31.4% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 EPS.



Several research analysts recently issued reports on FCX shares. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research report on Wednesday, June 26th. ValuEngine lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th. Royal Bank of Canada raised Freeport-McMoRan from an “underperform” rating to a “sector perform” rating and lifted their price target for the company from $12.00 to $14.00 in a research note on Wednesday, July 24th. JPMorgan Chase & Co. cut their price target on Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating on the stock in a research note on Tuesday, July 9th. Finally, BMO Capital Markets set a $14.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research note on Friday, April 26th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $13.88.

NYSE FCX traded up $0.11 on Friday, hitting $9.10. 18,231,000 shares of the company were exchanged, compared to its average volume of 20,443,832. The firm has a 50 day moving average of $10.87 and a two-hundred day moving average of $11.68. The company has a market cap of $13.20 billion, a P/E ratio of 5.99 and a beta of 2.34. The company has a current ratio of 2.66, a quick ratio of 1.32 and a debt-to-equity ratio of 0.56. Freeport-McMoRan has a 1-year low of $8.78 and a 1-year high of $14.96.

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a dividend of $0.05 per share. The ex-dividend date was Friday, July 12th. This represents a $0.20 annualized dividend and a dividend yield of 2.20%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 13.16%.

In other news, CFO Kathleen L. Quirk bought 50,000 shares of Freeport-McMoRan stock in a transaction dated Friday, June 7th. The shares were purchased at an average cost of $10.49 per share, with a total value of $524,500.00. Following the completion of the acquisition, the chief financial officer now owns 920,769 shares of the company’s stock, valued at approximately $9,658,866.81. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Vice Chairman Richard C. Adkerson bought 172,000 shares of Freeport-McMoRan stock in a transaction dated Thursday, June 6th. The stock was purchased at an average cost of $10.14 per share, for a total transaction of $1,744,080.00. The disclosure for this purchase can be found here. Corporate insiders own 0.98% of the company’s stock.

Several hedge funds have recently modified their holdings of FCX. Clearbridge Investments LLC lifted its stake in shares of Freeport-McMoRan by 2.4% during the first quarter. Clearbridge Investments LLC now owns 32,070,928 shares of the natural resource company’s stock valued at $413,394,000 after buying an additional 738,220 shares during the period. Geode Capital Management LLC grew its stake in shares of Freeport-McMoRan by 4.7% in the 4th quarter. Geode Capital Management LLC now owns 21,269,503 shares of the natural resource company’s stock worth $218,954,000 after purchasing an additional 959,745 shares during the last quarter. Northern Trust Corp grew its stake in shares of Freeport-McMoRan by 2.2% in the 2nd quarter. Northern Trust Corp now owns 21,091,006 shares of the natural resource company’s stock worth $244,867,000 after purchasing an additional 446,954 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of Freeport-McMoRan by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 15,149,506 shares of the natural resource company’s stock worth $156,232,000 after purchasing an additional 1,145,747 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Freeport-McMoRan by 10.6% in the 2nd quarter. Price T Rowe Associates Inc. MD now owns 12,037,806 shares of the natural resource company’s stock worth $139,759,000 after purchasing an additional 1,155,099 shares during the last quarter. 72.04% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Company Profile

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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

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