Erste Group Bank Issues Optimistic Forecast for FCX Earnings

Key Points

• Erste Group Bank raised its FY2026 EPS forecast for Freeport-McMoRan to $3.10 from $3.05, above the $2.87 consensus estimate, while maintaining a “Buy” rating.
• Freeport-McMoRan’s latest quarter exceeded expectations, with EPS of $0.74 versus $0.62 expected and revenue of $7.03 billion versus $6.62 billion forecast, although revenue declined 7.3% year over year.
• Analyst sentiment remains favorable, with the stock carrying a “Moderate Buy” average rating and a $76.22 consensus price target; the company also declared a quarterly dividend of $0.075 per share.

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Stock analysts at Erste Group Bank boosted their FY2026 earnings per share (EPS) estimates for Freeport-McMoRan in a research report issued to clients and investors on Thursday, October 8th. Erste Group Bank analyst H. Engel now forecasts that the natural resource company will earn $3.10 per share for the year, up from their prior forecast of $3.05. Erste Group Bank currently has a "Buy" rating on the stock. The consensus estimate for Freeport-McMoRan's current full-year earnings is $2.87 per share.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to analysts' expectations of $6.62 billion. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm's revenue for the quarter was down 7.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.54 earnings per share.

Several other equities research analysts have also recently commented on FCX. Bank of America raised their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a research report on Thursday, July 9th. Weiss Ratings upgraded shares of Freeport-McMoRan from a "buy (b-)" rating to a "buy (b)" rating in a research report on Thursday. Citigroup increased their price target on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the stock a "buy" rating in a research note on Monday, October 5th. Sanford C. Bernstein decreased their price target on shares of Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating for the company in a research note on Wednesday, September 9th. Finally, BNP Paribas Exane raised their price objective on shares of Freeport-McMoRan from $71.00 to $82.00 and gave the stock an "outperform" rating in a report on Thursday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan presently has an average rating of "Moderate Buy" and an average target price of $76.22.

Freeport-McMoRan Stock Down 0.4%

Shares of NYSE FCX opened at $73.37 on Tuesday. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Freeport-McMoRan has a 12 month low of $38.54 and a 12 month high of $80.24. The firm has a market capitalization of $105.36 billion, a PE ratio of 36.14, a price-to-earnings-growth ratio of 0.70 and a beta of 1.39. The firm has a fifty day simple moving average of $71.98 and a two-hundred day simple moving average of $66.30.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Thursday, October 15th will be issued a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date is Thursday, October 15th. Freeport-McMoRan's payout ratio is 14.78%.

Insider Buying and Selling at Freeport-McMoRan

In other news, CAO Ellie Mikes sold 4,773 shares of the company's stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares of the company's stock, valued at $2,520,000. This represents a 11.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lydia Kennard sold 3,798 shares of the stock in a transaction dated Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the completion of the transaction, the director owned 122,702 shares of the company's stock, valued at approximately $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company's stock.

Hedge Funds Weigh In On Freeport-McMoRan

Large investors have recently made changes to their positions in the business. NorthCrest Asset Manangement LLC boosted its position in shares of Freeport-McMoRan by 0.5% in the 3rd quarter. NorthCrest Asset Manangement LLC now owns 371,338 shares of the natural resource company's stock worth $26,417,000 after purchasing an additional 1,800 shares in the last quarter. Oak Grove Capital LLC increased its position in Freeport-McMoRan by 492.3% during the 3rd quarter. Oak Grove Capital LLC now owns 149,001 shares of the natural resource company's stock valued at $10,430,000 after buying an additional 123,843 shares in the last quarter. Argus Investors Counsel Inc. bought a new position in Freeport-McMoRan during the 3rd quarter valued at approximately $259,000. Mirador Capital Partners LP increased its position in Freeport-McMoRan by 3.7% during the 3rd quarter. Mirador Capital Partners LP now owns 135,338 shares of the natural resource company's stock valued at $9,474,000 after buying an additional 4,770 shares in the last quarter. Finally, Biltmore Wealth Management LLC purchased a new position in Freeport-McMoRan during the third quarter valued at $212,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc NYSE: FCX is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.

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