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

Freeport-McMoRan Inc. (NYSE:FCX – Free Report) – Equities researchers at Zacks Research raised their Q1 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a research report issued on Tuesday, October 10th. Zacks Research analyst A. Barman now expects that the natural resource company will post earnings of $0.40 per share for the […] Zacks Research has raised their Q1 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan Inc. to $0.40 per share for the quarter, up from their prior forecast. The consensus estimate is $1.60 per share, and estimates for Freeport's Q2 2025 earnings at $00.63 EPS and FY2025 earnings are at $2.40. Morgan Stanley boosted their price objective on FreepcoRan from $38.50 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, September 21st. Other analysts have also recently weighed in on the company, with Scotiabank lowering their price objectives from $49.00 to $48.00 in a report on Tuesday, July 25th. FreepCoRan has a market capitalization of $51.71 billion and a price-to-earnings ratio of 24.88. The company recently announced a quarterly dividend of $15.15 per share.

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Several other analysts also recently weighed in on the company. Sanford C. Bernstein began coverage on Freeport-McMoRan in a research report on Thursday, June 29th. They issued a “market perform” rating and a $41.00 price objective for the company. Scotiabank lowered their price objective on Freeport-McMoRan from $49.00 to $48.00 in a research report on Tuesday, July 25th. Morgan Stanley boosted their price objective on Freeport-McMoRan from $38.50 to $44.00 and gave the company an “equal weight” rating in a research report on Thursday, September 21st. 1-800-FLOWERS.COM reiterated an “initiates” rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. Finally, 3M reiterated an “initiates” rating on shares of Freeport-McMoRan in a research report on Thursday, June 29th. One investment analyst has rated the stock with a sell rating, six have given a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $42.45.

NYSE:FCX opened at $36.07 on Thursday. The business has a 50 day moving average of $39.09 and a 200 day moving average of $39.05. The company has a market capitalization of $51.71 billion, a price-to-earnings ratio of 24.88, a PEG ratio of 6.39 and a beta of 2.06. Freeport-McMoRan has a 1-year low of $27.50 and a 1-year high of $46.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 2.94 and a quick ratio of 1.72.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last released its earnings results on Thursday, July 20th. The natural resource company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The firm had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.61 billion. Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. The business’s quarterly revenue was up 5.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.58 EPS.

Hedge funds have recently made changes to their positions in the business. America First Investment Advisors LLC purchased a new stake in Freeport-McMoRan in the first quarter worth $25,000. Fairfield Bush & CO. purchased a new stake in Freeport-McMoRan in the first quarter worth $26,000. KB Financial Partners LLC purchased a new stake in Freeport-McMoRan in the first quarter worth $26,000. Retirement Group LLC grew its stake in Freeport-McMoRan by 97.1% in the second quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after purchasing an additional 330 shares during the period. Finally, ICA Group Wealth Management LLC purchased a new stake in Freeport-McMoRan in the fourth quarter worth $28,000. 77.96% of the stock is owned by hedge funds and other institutional investors.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Friday, October 13th will be paid a dividend of $0.15 per share. The ex-dividend date of this dividend is Thursday, October 12th. This represents a $0.60 annualized dividend and a dividend yield of 1.66%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 20.69%.

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, as well as oil and gas. The company's 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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