Q3 2024 EPS Estimates for Freeport-McMoRan Inc. Boosted by Analyst (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Zacks Research raised their Q3 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a research report issued to clients and investors on Monday, August 5th. Zacks Research analyst A. Barman now forecasts that the natural resource company will earn $0.42 per share for the quarter, up from their prior estimate of $0.39. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.67 per share. Zacks Research also issued estimates for Freeport-McMoRan’s Q4 2024 earnings at $0.43 EPS, Q2 2025 earnings at $0.52 EPS, Q3 2025 earnings at $0.61 EPS, Q4 2025 earnings at $0.59 EPS, FY2025 earnings at $2.13 EPS, Q2 2026 earnings at $0.58 EPS and FY2026 earnings at $2.41 EPS.

A number of other analysts have also recently commented on FCX. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. Bernstein Bank lifted their price target on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. HSBC lifted their price target on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research report on Tuesday, April 23rd. Raymond James lowered their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating for the company in a research report on Wednesday, July 24th. Finally, Royal Bank of Canada reaffirmed a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Five analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $53.07.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $41.04 on Wednesday. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24. The stock has a market cap of $58.95 billion, a PE ratio of 36.32, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The company’s fifty day moving average price is $47.84 and its 200-day moving average price is $46.17.

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

Hedge Funds Weigh In On Freeport-McMoRan

A number of hedge funds have recently modified their holdings of the business. Tompkins Financial Corp lifted its stake in Freeport-McMoRan by 33.8% during the 1st quarter. Tompkins Financial Corp now owns 791 shares of the natural resource company’s stock worth $37,000 after acquiring an additional 200 shares in the last quarter. Envestnet Portfolio Solutions Inc. lifted its stake in 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 raised its position in Freeport-McMoRan by 0.5% in 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 purchasing an additional 207 shares in the last quarter. Kingsview Wealth Management LLC raised its position in 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 purchasing an additional 214 shares in the last quarter. Finally, MV Capital Management Inc. raised its position 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 valued at $37,000 after purchasing an additional 221 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 80,000 shares of the company’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $52.03, for a total value 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 document filed with the SEC, which can be accessed through this link. 0.79% of the stock is owned by company insiders.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Monday, July 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.46%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s payout ratio is currently 26.55%.

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.