Wall Street brokerages expect Freeport-McMoRan Inc (NYSE:FCX) to announce sales of $4.93 billion for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Freeport-McMoRan’s earnings, with the highest sales estimate coming in at $5.14 billion and the lowest estimate coming in at $4.79 billion. Freeport-McMoRan reported sales of $4.31 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 14.4%. The firm is expected to report its next earnings report on Wednesday, October 24th.

According to Zacks, analysts expect that Freeport-McMoRan will report full-year sales of $19.31 billion for the current fiscal year, with estimates ranging from $18.94 billion to $19.85 billion. For the next fiscal year, analysts forecast that the firm will report sales of $16.68 billion per share, with estimates ranging from $15.57 billion to $17.67 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 25th. The natural resource company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.54 by $0.04. Freeport-McMoRan had a return on equity of 24.01% and a net margin of 14.87%. The business had revenue of $5.17 billion for the quarter, compared to analysts’ expectations of $4.97 billion. During the same period in the prior year, the business posted $0.17 earnings per share. The firm’s revenue was up 39.3% on a year-over-year basis.

FCX has been the topic of several analyst reports. Berenberg Bank reiterated a “sell” rating and issued a $15.00 target price on shares of Freeport-McMoRan in a report on Monday, July 2nd. B. Riley upgraded Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their target price for the company from $17.00 to $20.00 in a report on Wednesday, May 23rd. Deutsche Bank upgraded Freeport-McMoRan from a “sell” rating to a “hold” rating in a report on Thursday, July 26th. Bank of America upgraded Freeport-McMoRan from an “underperform” rating to a “neutral” rating and set a $17.00 target price on the stock in a report on Thursday, August 2nd. Finally, Jefferies Financial Group reiterated a “buy” rating and issued a $24.00 target price on shares of Freeport-McMoRan in a report on Thursday, July 26th. Two equities research analysts have rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the stock. Freeport-McMoRan currently has a consensus rating of “Hold” and an average target price of $17.81.

Several institutional investors have recently bought and sold shares of the business. Alps Advisors Inc. raised its position in shares of Freeport-McMoRan by 27.2% during the second quarter. Alps Advisors Inc. now owns 14,947 shares of the natural resource company’s stock worth $283,000 after purchasing an additional 3,200 shares during the period. Independent Advisor Alliance raised its position in shares of Freeport-McMoRan by 9.6% during the second quarter. Independent Advisor Alliance now owns 37,659 shares of the natural resource company’s stock worth $583,000 after purchasing an additional 3,311 shares during the period. Atlas Capital Advisors LLC raised its position in shares of Freeport-McMoRan by 34.2% during the second quarter. Atlas Capital Advisors LLC now owns 13,510 shares of the natural resource company’s stock worth $227,000 after purchasing an additional 3,445 shares during the period. Gibraltar Capital Management Inc. raised its position in shares of Freeport-McMoRan by 1.1% during the second quarter. Gibraltar Capital Management Inc. now owns 365,060 shares of the natural resource company’s stock worth $6,301,000 after purchasing an additional 3,950 shares during the period. Finally, Blair William & Co. IL raised its position in shares of Freeport-McMoRan by 5.6% during the first quarter. Blair William & Co. IL now owns 74,913 shares of the natural resource company’s stock worth $1,316,000 after purchasing an additional 3,989 shares during the period. Hedge funds and other institutional investors own 71.79% of the company’s stock.

FCX stock traded up $0.10 during trading on Tuesday, hitting $13.68. The company had a trading volume of 803,249 shares, compared to its average volume of 15,209,022. Freeport-McMoRan has a one year low of $12.18 and a one year high of $20.25. The stock has a market capitalization of $19.75 billion, a PE ratio of 11.75 and a beta of 2.50. The company has a debt-to-equity ratio of 0.87, a current ratio of 2.72 and a quick ratio of 1.62.

About Freeport-McMoRan

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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