Freeport-McMoRan Inc. (NYSE:FCX) Expected to Announce Quarterly Sales of $6.39 Billion

Equities research analysts expect Freeport-McMoRan Inc. (NYSE:FCX) to report sales of $6.39 billion for the current quarter, according to Zacks. Ten analysts have issued estimates for Freeport-McMoRan’s earnings, with estimates ranging from $5.38 billion to $7.55 billion. Freeport-McMoRan reported sales of $4.50 billion during the same quarter last year, which would suggest a positive year over year growth rate of 42%. The company is expected to report its next quarterly earnings report on Tuesday, January 25th.

On average, analysts expect that Freeport-McMoRan will report full year sales of $23.15 billion for the current fiscal year, with estimates ranging from $21.51 billion to $24.89 billion. For the next year, analysts expect that the firm will report sales of $24.87 billion, with estimates ranging from $20.62 billion to $32.41 billion. Zacks Investment Research’s sales averages are an average based on a survey of research analysts that cover Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, October 20th. The natural resource company reported $0.89 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.81 by $0.08. Freeport-McMoRan had a return on equity of 18.51% and a net margin of 18.45%. The company had revenue of $6.08 billion for the quarter, compared to analyst estimates of $6.22 billion. During the same period in the prior year, the company posted $0.29 EPS. The firm’s quarterly revenue was up 58.0% compared to the same quarter last year.

FCX has been the topic of several recent analyst reports. Raymond James set a $45.00 target price on Freeport-McMoRan and gave the company an “outperform” rating in a research report on Tuesday, November 2nd. Bank of America started coverage on Freeport-McMoRan in a research report on Wednesday, September 29th. They set a “buy” rating on the stock. BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price objective on the stock in a report on Wednesday, October 6th. Exane BNP Paribas raised Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price objective on the stock in a report on Wednesday, October 6th. Finally, Credit Suisse Group lowered Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price objective on the stock. in a report on Friday, September 10th. Three equities research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $40.44.

NYSE:FCX traded down $0.03 during mid-day trading on Thursday, hitting $38.65. 13,427,662 shares of the company’s stock traded hands, compared to its average volume of 22,201,217. The company has a fifty day moving average of $36.48 and a 200 day moving average of $37.21. Freeport-McMoRan has a twelve month low of $22.67 and a twelve month high of $46.10. The company has a market capitalization of $56.76 billion, a P/E ratio of 14.70, a P/E/G ratio of 0.39 and a beta of 2.12. The company has a debt-to-equity ratio of 0.39, a quick ratio of 1.75 and a current ratio of 2.50.

The business also recently announced a quarterly dividend, which was paid on Monday, November 1st. Stockholders of record on Friday, October 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Thursday, October 14th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.78%. Freeport-McMoRan’s payout ratio is 11.41%.

In other Freeport-McMoRan news, VP C Donald Whitmire, Jr. sold 67,000 shares of the stock in a transaction that occurred on Monday, November 8th. The stock was sold at an average price of $39.10, for a total transaction of $2,619,700.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.72% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Ameritas Investment Company LLC purchased a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $224,000. Man Group plc lifted its position in shares of Freeport-McMoRan by 87.3% in the first quarter. Man Group plc now owns 35,600 shares of the natural resource company’s stock valued at $1,172,000 after acquiring an additional 16,591 shares in the last quarter. Capital Analysts LLC purchased a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $64,000. Glenmede Trust Co. NA lifted its position in shares of Freeport-McMoRan by 3.6% in the first quarter. Glenmede Trust Co. NA now owns 13,030 shares of the natural resource company’s stock valued at $428,000 after acquiring an additional 456 shares in the last quarter. Finally, Frontier Wealth Management LLC purchased a new position in shares of Freeport-McMoRan in the first quarter valued at approximately $212,000. Institutional investors own 76.76% of the company’s stock.

About Freeport-McMoRan

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. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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

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