Zacks Research Weighs in on Freeport-McMoRan Inc.’s Q1 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Zacks Research lowered their Q1 2024 earnings estimates for Freeport-McMoRan in a report issued on Wednesday, April 17th. Zacks Research analyst A. Barman now forecasts that the natural resource company will post earnings of $0.30 per share for the quarter, down from their previous estimate of $0.35. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.60 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q1 2025 earnings at $0.31 EPS, Q4 2025 earnings at $0.55 EPS, Q1 2026 earnings at $0.37 EPS and FY2026 earnings at $2.33 EPS.

Several other research firms have also recently weighed in on FCX. JPMorgan Chase & Co. raised their price target on Freeport-McMoRan from $43.00 to $52.00 and gave the company a “neutral” rating in a report on Wednesday. Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price on the stock in a report on Tuesday, April 9th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price target for the company from $41.00 to $48.50 in a report on Monday, January 8th. Royal Bank of Canada restated a “sector perform” rating and set a $55.00 price objective on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Finally, Raymond James lifted their target price on Freeport-McMoRan from $42.00 to $43.00 and gave the stock an “outperform” rating in a report on Thursday, January 4th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $47.54.

Freeport-McMoRan Trading Down 1.1 %

Shares of FCX stock opened at $49.62 on Thursday. The stock’s 50-day moving average price is $43.57 and its 200-day moving average price is $39.91. Freeport-McMoRan has a 12-month low of $32.83 and a 12-month high of $52.42. The stock has a market capitalization of $71.18 billion, a price-to-earnings ratio of 39.07, a price-to-earnings-growth ratio of 2.25 and a beta of 2.04. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, January 24th. The natural resource company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a net margin of 8.09% and a return on equity of 8.41%. The business had revenue of $5.91 billion for the quarter, compared to analysts’ expectations of $5.85 billion. During the same quarter in the previous year, the company earned $0.52 EPS. The business’s quarterly revenue was up 2.6% compared to the same quarter last year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. The ex-dividend date is Friday, April 12th. Freeport-McMoRan’s payout ratio is presently 23.62%.

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds have recently added to or reduced their stakes in FCX. Vanguard Group Inc. grew its stake in Freeport-McMoRan by 0.3% in the third quarter. Vanguard Group Inc. now owns 119,369,409 shares of the natural resource company’s stock worth $4,451,285,000 after purchasing an additional 305,912 shares in the last quarter. Capital Research Global Investors raised its holdings in shares of Freeport-McMoRan by 0.7% in the fourth quarter. Capital Research Global Investors now owns 59,752,726 shares of the natural resource company’s stock valued at $2,543,676,000 after acquiring an additional 419,603 shares in the last quarter. Fisher Asset Management LLC grew its holdings in Freeport-McMoRan by 1.9% during the 4th quarter. Fisher Asset Management LLC now owns 55,710,695 shares of the natural resource company’s stock worth $2,371,604,000 after acquiring an additional 1,030,451 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in Freeport-McMoRan by 14.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 34,490,074 shares of the natural resource company’s stock valued at $1,468,244,000 after purchasing an additional 4,465,687 shares during the period. Finally, Geode Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 1.9% in the 1st quarter. Geode Capital Management LLC now owns 25,338,465 shares of the natural resource company’s stock valued at $1,033,858,000 after purchasing an additional 472,160 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

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.