Freeport-McMoRan Inc. (NYSE:FCX) to Post Q3 2024 Earnings of $0.47 Per Share, Raymond James Forecasts

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Raymond James lowered their Q3 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research note issued to investors on Tuesday, July 23rd. Raymond James analyst B. Macarthur now anticipates that the natural resource company will post earnings of $0.47 per share for the quarter, down from their previous forecast of $0.51. Raymond James has a “Outperform” rating and a $53.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.68 per share. Raymond James also issued estimates for Freeport-McMoRan’s FY2024 earnings at $1.68 EPS, Q1 2025 earnings at $0.47 EPS and Q4 2025 earnings at $0.47 EPS.

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

A number of other brokerages have also issued reports on FCX. Deutsche Bank Aktiengesellschaft increased their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday. Bernstein Bank lifted their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research note on Tuesday, April 23rd. Argus boosted their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a “buy” rating in a report on Thursday, April 25th. Finally, Scotiabank reduced their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a report on Wednesday. Five research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Trading Up 0.8 %

Shares of NYSE:FCX opened at $44.53 on Friday. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $55.24. The company has a current ratio of 2.40, a quick ratio of 1.41 and a debt-to-equity ratio of 0.30. The firm has a market cap of $63.97 billion, a P/E ratio of 39.41, a P/E/G ratio of 1.01 and a beta of 1.92. The company has a 50 day moving average of $49.86 and a 200-day moving average of $46.01.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Stockholders of record on Monday, July 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 26.55%.

Insider Activity at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction that occurred on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the sale, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,331,577.16. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, CAO Stephen T. Higgins sold 80,000 shares of Freeport-McMoRan stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $52.03, for a total transaction of $4,162,400.00. Following the completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,430,735.31. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. Over the last three months, insiders have sold 445,667 shares of company stock valued at $22,755,070. Corporate insiders own 0.79% of the company’s stock.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Tompkins Financial Corp lifted its stake in shares of Freeport-McMoRan by 33.8% in the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock valued at $37,000 after purchasing an additional 200 shares during the last quarter. Envestnet Portfolio Solutions Inc. boosted its stake in shares of Freeport-McMoRan by 0.3% during the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 64,053 shares of the natural resource company’s stock worth $3,012,000 after acquiring an additional 203 shares in the last quarter. Proficio Capital Partners LLC increased 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 acquiring an additional 207 shares during the last quarter. Kingsview Wealth Management LLC raised its stake in shares of 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 valued at $247,000 after acquiring an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. lifted its holdings in Freeport-McMoRan by 38.6% in the 1st quarter. MV Capital Management Inc. now owns 794 shares of the natural resource company’s stock worth $37,000 after purchasing an additional 221 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors and hedge funds.

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.