Brokers

Jefferies Financial Group Brokers Cut Earnings Estimates for Freeport-McMoRan Inc. (NYSE:FCX)


Freeport-McMoRan Inc. (NYSE:FCXGet Rating) – Research analysts at Jefferies Financial Group cut their FY2022 EPS estimates for shares of Freeport-McMoRan in a research report issued to clients and investors on Wednesday, July 13th. Jefferies Financial Group analyst C. Lafemina now forecasts that the natural resource company will post earnings per share of $2.45 for the year, down from their prior forecast of $3.93. Jefferies Financial Group has a “Buy” rating and a $65.00 price target on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $3.62 per share. Jefferies Financial Group also issued estimates for Freeport-McMoRan’s FY2023 earnings at $2.59 EPS, FY2024 earnings at $3.65 EPS and FY2025 earnings at $4.81 EPS.

Several other analysts have also recently commented on FCX. Royal Bank of Canada lifted their price objective on shares of Freeport-McMoRan from $46.00 to $47.00 and gave the company a “sector perform” rating in a research note on Friday, April 22nd. Citigroup cut shares of Freeport-McMoRan from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $48.00 to $28.00 in a research note on Wednesday, July 13th. BMO Capital Markets decreased their price objective on shares of Freeport-McMoRan from $62.00 to $56.00 and set an “outperform” rating for the company in a research note on Friday, April 22nd. Credit Suisse Group upgraded shares of Freeport-McMoRan from an “underperform” rating to a “neutral” rating and boosted their target price for the company from $32.00 to $38.00 in a research note on Thursday, June 9th. Finally, BNP Paribas upgraded shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $34.00 target price for the company in a research note on Wednesday, July 13th. Eight investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $42.67.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $25.82 on Monday. The company has a current ratio of 2.37, a quick ratio of 1.68 and a debt-to-equity ratio of 0.34. Freeport-McMoRan has a 12 month low of $24.80 and a 12 month high of $51.99. The company has a 50 day simple moving average of $34.44 and a two-hundred day simple moving average of $41.04. The stock has a market cap of $37.42 billion, a price-to-earnings ratio of 7.48, a PEG ratio of 0.24 and a beta of 2.08.

Freeport-McMoRan (NYSE:FCXGet Rating) last announced its quarterly earnings data on Thursday, April 21st. The natural resource company reported $1.07 EPS for the quarter, beating the consensus estimate of $0.88 by $0.19. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The business had revenue of $6.60 billion during the quarter, compared to analysts’ expectations of $6.29 billion. During the same period in the previous year, the business posted $0.51 EPS. The business’s quarterly revenue was up 36.1% compared to the same quarter last year.

Institutional Investors Weigh In On Freeport-McMoRan

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of Freeport-McMoRan by 1.6% in the first quarter. Vanguard Group Inc. now owns 116,550,170 shares of the natural resource company’s stock valued at $5,797,206,000 after purchasing an additional 1,808,548 shares during the period. Capital Research Global Investors lifted its position in Freeport-McMoRan by 19.5% in the fourth quarter. Capital Research Global Investors now owns 73,817,050 shares of the natural resource company’s stock valued at $3,080,385,000 after buying an additional 12,060,475 shares during the last quarter. State Street Corp lifted its position in Freeport-McMoRan by 0.9% in the fourth quarter. State Street Corp now owns 66,639,592 shares of the natural resource company’s stock valued at $2,780,870,000 after buying an additional 611,927 shares during the last quarter. Fisher Asset Management LLC lifted its position in Freeport-McMoRan by 3.9% in the first quarter. Fisher Asset Management LLC now owns 50,750,501 shares of the natural resource company’s stock valued at $2,524,330,000 after buying an additional 1,897,056 shares during the last quarter. Finally, Geode Capital Management LLC lifted its position in Freeport-McMoRan by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 24,550,497 shares of the natural resource company’s stock valued at $1,021,538,000 after buying an additional 219,573 shares during the last quarter. Hedge funds and other institutional investors own 77.37% of the company’s stock.

Insider Transactions at Freeport-McMoRan

In other news, Director Dustan E. Mccoy sold 8,200 shares of the company’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total transaction of $321,768.00. Following the completion of the sale, the director now owns 134,400 shares of the company’s stock, valued at $5,273,856. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Dustan E. Mccoy sold 8,200 shares of the company’s stock in a transaction dated Tuesday, May 31st. The shares were sold at an average price of $39.24, for a total value of $321,768.00. Following the completion of the sale, the director now owns 134,400 shares of the company’s stock, valued at $5,273,856. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Hugh Grant acquired 12,300 shares of the company’s stock in a transaction that occurred on Monday, April 25th. The stock was purchased at an average cost of $40.75 per share, with a total value of $501,225.00. Following the acquisition, the director now directly owns 15,776 shares of the company’s stock, valued at approximately $642,872. The disclosure for this purchase can be found here. Insiders own 0.72% of the company’s stock.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, August 1st. Investors of record on Friday, July 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 2.32%. The ex-dividend date is Thursday, July 14th. Freeport-McMoRan’s payout ratio is presently 8.70%.

About Freeport-McMoRan

(Get Rating)

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. 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 in Peru and El Abra in Chile.

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



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