Zacks Research Cuts Earnings Estimates for Freeport-McMoRan

Key Points

• Zacks Research lowered Freeport-McMoRan’s FY2026 earnings forecast to $2.50 per share from $2.52, below the broader consensus estimate of $2.87; it also projects Q1 2027 EPS of $0.84.
• Freeport-McMoRan’s latest quarter exceeded expectations, with EPS of $0.74 versus the $0.62 consensus and revenue of $7.03 billion versus $6.62 billion, although revenue declined 7.3% year over year.
• The stock opened at $71.19 and carries a “Moderate Buy” consensus rating with a $76.22 average price target. The company also declared a quarterly dividend of $0.075 per share, equivalent to a 0.4% annualized yield.

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Analysts at Zacks Research decreased their FY2026 earnings estimates for shares of Freeport-McMoRan in a research note issued on Wednesday, October 7th. Zacks Research analyst Team now forecasts that the natural resource company will post earnings of $2.50 per share for the year, down from their previous forecast of $2.52. The consensus estimate for Freeport-McMoRan's current full-year earnings is $2.87 per share. Zacks Research also issued estimates for Freeport-McMoRan's Q1 2027 earnings at $0.84 EPS.

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 (EPS) for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The business had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. During the same period in the previous year, the company earned $0.54 earnings per share. The business's revenue for the quarter was down 7.3% on a year-over-year basis.

Several other equities research analysts also recently weighed in on FCX. Bank of America raised their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a report on Thursday, July 9th. Scotiabank increased their price objective on shares of Freeport-McMoRan from $67.00 to $77.00 and gave the company a "sector outperform" rating in a research report on Monday, June 15th. Stifel Nicolaus boosted their target price on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the stock a "buy" rating in a research report on Tuesday, July 21st. Wall Street Zen lowered shares of Freeport-McMoRan from a "buy" rating to a "hold" rating in a research note on Saturday, August 8th. Finally, BMO Capital Markets raised their price target on shares of Freeport-McMoRan from $78.00 to $85.00 and gave the stock an "outperform" rating in a report on Tuesday, September 29th. One equities research analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $76.22.

Freeport-McMoRan Stock Down 0.9%

Freeport-McMoRan stock opened at $71.19 on Friday. Freeport-McMoRan has a 1-year low of $38.54 and a 1-year high of $80.24. The business has a fifty day moving average price of $71.56 and a 200-day moving average price of $66.05. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The stock has a market capitalization of $102.24 billion, a price-to-earnings ratio of 35.07, a PEG ratio of 0.69 and a beta of 1.39.

Freeport-McMoRan Announces Dividend

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

Insider Buying and Selling

In other Freeport-McMoRan news, Director Lydia H. Kennard sold 3,798 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director owned 122,702 shares in the company, valued at approximately $9,706,955.22. This represents a 3.00% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, CAO Ellie L. Mikes sold 4,773 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares in the company, valued at $2,520,000. The trade was a 11.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 110,398 shares of company stock valued at $8,387,271 in the last three months. 0.73% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of FCX. Pinnacle Bancorp Inc. raised its holdings in Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock valued at $118,000 after buying an additional 147 shares during the period. Steph & Co. increased its position in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after acquiring an additional 150 shares in the last quarter. Richardson Financial Services Inc. raised its stake in shares of Freeport-McMoRan by 11.6% in the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company's stock valued at $97,000 after acquiring an additional 160 shares during the period. Essex Bank raised its stake in shares of Freeport-McMoRan by 1.2% in the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after acquiring an additional 163 shares during the period. Finally, Fiduciary Financial Group LLC lifted its holdings in shares of Freeport-McMoRan by 2.6% during the 2nd quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company's stock valued at $427,000 after acquiring an additional 173 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan News Roundup

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Higher price targets support the stock: JPMorgan raised its target to $92 from $77 and maintained an “overweight” rating. Wells Fargo also lifted its target to $87 from $70 while keeping an “overweight” rating. Wells Fargo Adjusts Price Target
• Positive Sentiment: Potentially stronger copper demand is a catalyst: Deutsche Bank reportedly expects copper could reach $10 per pound, driven by artificial-intelligence infrastructure and electric-vehicle demand. Higher copper prices would generally improve Freeport-McMoRan’s realized pricing, revenue and cash flow. Copper Could Hit $10 a Pound
• Neutral Sentiment: Analyst attention remains elevated: FCX was highlighted in materials-sector research and appeared among stocks drawing significant investor interest. These reports may increase visibility but did not provide a clear new fundamental catalyst. Analysts Offer Insights on Materials Companies
• Negative Sentiment: Repeated earnings-estimate cuts weighed on sentiment: Zacks Research reduced its forecasts for third-quarter 2026 EPS to $0.61 from $0.63 and lowered FY2027 EPS to $3.47 from $3.54. It also cut FY2028 EPS to $3.41 from $3.52, along with several quarterly estimates. The revisions suggest analysts see somewhat weaker near- to medium-term profitability than previously expected. Zacks Research Earnings Estimates
• Negative Sentiment: Mixed valuation and market signals: FCX’s latest session close of $71.14 was near its 50-day average of $71.41 but well above its 200-day average of $65.91. With a reported P/E ratio above 35, further estimate reductions may be particularly sensitive for investors, despite long-term copper optimism. FCX Underperforms the General Market

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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