Raymond James Expects Weaker Earnings for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Raymond James decreased their Q4 2024 EPS estimates for shares of Freeport-McMoRan in a report issued on Wednesday, October 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.43 per share for the quarter, down from their prior estimate of $0.44. Raymond James currently has a "Outperform" rating and a $57.00 target price on the stock. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.58 per share. Raymond James also issued estimates for Freeport-McMoRan's Q1 2025 earnings at $0.52 EPS.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.37 by $0.01. The business had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business's revenue for the quarter was up 16.6% on a year-over-year basis. During the same quarter last year, the firm earned $0.39 earnings per share.

A number of other equities analysts have also weighed in on FCX. UBS Group raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $54.00 to $55.00 in a research report on Wednesday, September 4th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a "neutral" rating in a research report on Tuesday, October 15th. Morgan Stanley dropped their target price on shares of Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating for the company in a report on Thursday, September 19th. Royal Bank of Canada reaffirmed a "sector perform" rating and set a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday, July 24th. Finally, StockNews.com cut Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of "Moderate Buy" and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 0.5 %

Shares of NYSE FCX traded down $0.24 during midday trading on Friday, hitting $46.60. The stock had a trading volume of 8,528,449 shares, compared to its average volume of 13,067,925. The business's 50 day moving average is $45.93 and its 200-day moving average is $47.85. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $55.24. The company has a quick ratio of 1.34, a current ratio of 2.40 and a debt-to-equity ratio of 0.30. The company has a market cap of $66.94 billion, a P/E ratio of 41.45, a PEG ratio of 2.03 and a beta of 1.90.

Freeport-McMoRan Cuts Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.64%. The ex-dividend date is Tuesday, October 15th. Freeport-McMoRan's payout ratio is 26.55%.

Institutional Trading of Freeport-McMoRan

A number of institutional investors have recently added to or reduced their stakes in FCX. Highline Wealth Partners LLC acquired a new position in Freeport-McMoRan during the third quarter worth about $423,000. Fidelis Capital Partners LLC raised its position in shares of Freeport-McMoRan by 2.0% during the 3rd quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company's stock worth $560,000 after purchasing an additional 231 shares during the last quarter. Argyle Capital Management Inc. grew its holdings in Freeport-McMoRan by 29.4% during the 3rd quarter. Argyle Capital Management Inc. now owns 24,200 shares of the natural resource company's stock valued at $1,208,000 after buying an additional 5,500 shares during the last quarter. Hedeker Wealth LLC raised its holdings in shares of Freeport-McMoRan by 1.4% in the third quarter. Hedeker Wealth LLC now owns 66,700 shares of the natural resource company's stock worth $3,330,000 after acquiring an additional 937 shares during the last quarter. Finally, Farmers & Merchants Investments Inc. boosted its stake in shares of Freeport-McMoRan by 81.1% during the third quarter. Farmers & Merchants Investments Inc. now owns 3,840 shares of the natural resource company's stock valued at $192,000 after acquiring an additional 1,720 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company's stock.

About Freeport-McMoRan

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.