FY2024 EPS Estimate for Freeport-McMoRan Lowered by Analyst

Freeport-McMoRan Inc. (NYSE:FCX) – Raymond James cut their FY2024 earnings per share (EPS) estimates for Freeport-McMoRan in a report issued on Monday, January 6th. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings per share of $1.35 for the year, down from their prior estimate of $1.60. Raymond James has a “Outperform” rating and a $57.00 price target on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.49 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.18 EPS and Q1 2025 earnings at $0.45 EPS.

A number of other research firms also recently issued reports on FCX. JPMorgan Chase & Co. boosted their price target on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the company a “neutral” rating in a research note on Tuesday, October 15th. Morgan Stanley lowered their price target on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating for the company in a research report on Thursday, September 19th. StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. Scotiabank decreased their target price on Freeport-McMoRan from $52.00 to $48.00 and set a “sector perform” rating on the stock in a research note on Monday. Finally, Sanford C. Bernstein downgraded Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $51.00 to $46.00 in a research report on Tuesday. Seven analysts have rated the stock with a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and an average target price of $52.96.

Freeport-McMoRan Stock Up 2.7 %

Shares of FCX opened at $39.77 on Thursday. The company’s 50-day moving average price is $42.20 and its 200 day moving average price is $44.77. Freeport-McMoRan has a 12-month low of $36.26 and a 12-month high of $55.24. The company has a current ratio of 2.33, a quick ratio of 1.30 and a debt-to-equity ratio of 0.31. The firm has a market cap of $57.15 billion, a P/E ratio of 29.03, a price-to-earnings-growth ratio of 2.90 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a net margin of 7.81% and a return on equity of 7.40%. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same period last year, the business earned $0.39 earnings per share. Freeport-McMoRan’s revenue was up 16.6% compared to the same quarter last year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Michael S. Ryan Inc. boosted its holdings in shares of Freeport-McMoRan by 22.8% in the fourth quarter. Michael S. Ryan Inc. now owns 8,022 shares of the natural resource company’s stock valued at $305,000 after acquiring an additional 1,487 shares during the period. First Hawaiian Bank grew its position in Freeport-McMoRan by 37.3% during the 4th quarter. First Hawaiian Bank now owns 28,750 shares of the natural resource company’s stock worth $1,095,000 after purchasing an additional 7,808 shares during the last quarter. Douglas Lane & Associates LLC increased its stake in Freeport-McMoRan by 4.4% in the fourth quarter. Douglas Lane & Associates LLC now owns 1,548,963 shares of the natural resource company’s stock valued at $58,985,000 after purchasing an additional 64,906 shares during the period. Oliver Luxxe Assets LLC boosted its stake in shares of Freeport-McMoRan by 1.8% during the fourth quarter. Oliver Luxxe Assets LLC now owns 142,486 shares of the natural resource company’s stock worth $5,426,000 after buying an additional 2,548 shares during the period. Finally, Neville Rodie & Shaw Inc. grew its holdings in shares of Freeport-McMoRan by 23.2% during the fourth quarter. Neville Rodie & Shaw Inc. now owns 15,951 shares of the natural resource company’s stock worth $607,000 after buying an additional 3,000 shares during the last quarter. 80.77% of the stock is owned by hedge funds and other institutional investors.

Freeport-McMoRan Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Investors of record on Wednesday, January 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.51%. This is an increase from Freeport-McMoRan’s previous quarterly dividend of $0.08. The ex-dividend date of this dividend is Wednesday, January 15th. Freeport-McMoRan’s dividend payout ratio is 21.90%.

Freeport-McMoRan Company Profile

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.