Zacks: Analysts Expect Freeport-McMoRan Inc (NYSE:FCX) Will Post Quarterly Sales of $3.85 Billion

Wall Street brokerages predict that Freeport-McMoRan Inc (NYSE:FCX) will announce sales of $3.85 billion for the current quarter, according to Zacks Investment Research. Three analysts have issued estimates for Freeport-McMoRan’s earnings, with estimates ranging from $3.83 billion to $3.89 billion. Freeport-McMoRan reported sales of $4.91 billion during the same quarter last year, which would suggest a negative year-over-year growth rate of 21.6%. The business is expected to report its next quarterly earnings results on Wednesday, October 23rd.

According to Zacks, analysts expect that Freeport-McMoRan will report full year sales of $14.93 billion for the current fiscal year, with estimates ranging from $14.52 billion to $15.20 billion. For the next fiscal year, analysts expect that the company will post 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 research firms that cover Freeport-McMoRan.

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



Several analysts have recently weighed in on FCX shares. ValuEngine lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Saturday, August 10th. JPMorgan Chase & Co. dropped their price target on shares of Freeport-McMoRan from $15.00 to $13.00 and set a “neutral” rating for the company in a research note on Tuesday, July 9th. Barclays raised shares of Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and set a $12.00 price target for the company in a research note on Tuesday, July 16th. UBS Group set a $13.00 price target on shares of Freeport-McMoRan and gave the stock a “hold” rating in a research note on Wednesday, June 26th. Finally, Raymond James reissued a “market perform” rating and set a $13.00 price target on shares of Freeport-McMoRan in a research note on Thursday, July 25th. Eleven analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Freeport-McMoRan has a consensus rating of “Hold” and an average price target of $13.88.

In other Freeport-McMoRan news, CFO Kathleen L. Quirk purchased 50,000 shares of the firm’s stock in a transaction on Friday, June 7th. The stock was acquired at an average price of $10.49 per share, for a total transaction of $524,500.00. Following the purchase, the chief financial officer now owns 920,769 shares of the company’s stock, valued at approximately $9,658,866.81. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harry M. Iv Conger sold 155,000 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $10.51, for a total transaction of $1,629,050.00. Following the sale, the chief operating officer now owns 416,382 shares of the company’s stock, valued at approximately $4,376,174.82. The disclosure for this sale can be found here. Insiders own 0.98% of the company’s stock.

Hedge funds have recently made changes to their positions in the business. TCG Advisors LP bought a new stake in shares of Freeport-McMoRan during the first quarter valued at about $33,000. Rational Advisors LLC lifted its position in shares of Freeport-McMoRan by 107.0% during the 2nd quarter. Rational Advisors LLC now owns 3,261 shares of the natural resource company’s stock valued at $38,000 after buying an additional 1,686 shares in the last quarter. Doyle Wealth Management purchased a new position in shares of Freeport-McMoRan during the 2nd quarter valued at about $42,000. Bremer Bank National Association purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at about $53,000. Finally, Valeo Financial Advisors LLC lifted its position in shares of Freeport-McMoRan by 92.3% during the 2nd quarter. Valeo Financial Advisors LLC now owns 4,684 shares of the natural resource company’s stock valued at $54,000 after buying an additional 2,248 shares in the last quarter. Institutional investors and hedge funds own 71.76% of the company’s stock.

Shares of Freeport-McMoRan stock traded up $0.24 during trading on Monday, hitting $9.53. 24,493,780 shares of the company’s stock traded hands, compared to its average volume of 20,591,621. The company has a debt-to-equity ratio of 0.56, a current ratio of 2.66 and a quick ratio of 1.32. The firm’s fifty day moving average price is $10.05 and its 200 day moving average price is $11.43. Freeport-McMoRan has a twelve month low of $8.58 and a twelve month high of $14.90. The company has a market cap of $13.99 billion, a PE ratio of 6.27 and a beta of 2.42.

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.

Featured Story: Outstanding Shares

Get a free copy of the Zacks research report on Freeport-McMoRan (FCX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

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

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.