Raymond James Analysts Lift Earnings Estimates for Freeport-McMoRan Inc. (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Investment analysts at Raymond James upped their Q3 2024 earnings per share (EPS) estimates for shares of Freeport-McMoRan in a report issued on Tuesday, April 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.51 per share for the quarter, up from their prior estimate of $0.46. Raymond James currently has a "Outperform" rating and a $54.00 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 Q4 2024 earnings at $0.50 EPS, FY2024 earnings at $1.82 EPS and FY2025 earnings at $2.01 EPS.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.05. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The firm had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period in the previous year, the firm earned $0.52 earnings per share. Freeport-McMoRan's quarterly revenue was up 17.3% on a year-over-year basis.

A number of other brokerages have also recently commented on FCX. JPMorgan Chase & Co. decreased their price objective on Freeport-McMoRan from $52.00 to $51.00 and set a "neutral" rating for the company in a research note on Wednesday. Argus increased their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the stock a "buy" rating in a research note on Thursday. Royal Bank of Canada reissued a "sector perform" rating and set a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. Bank of America raised Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 price objective on the stock in a report on Tuesday, April 9th. Finally, HSBC raised their target price on Freeport-McMoRan from $39.00 to $45.00 and gave the stock a "hold" rating in a research report on Tuesday. Five analysts have rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $50.07.

Freeport-McMoRan Price Performance

FCX traded up $1.08 during trading on Friday, hitting $50.48. The company's stock had a trading volume of 19,035,288 shares, compared to its average volume of 13,995,083. The firm's 50 day moving average price is $44.47 and its two-hundred day moving average price is $40.26. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $52.42. The stock has a market capitalization of $72.41 billion, a price-to-earnings ratio of 44.67, a price-to-earnings-growth ratio of 2.21 and a beta of 2.04.

Institutional Trading of Freeport-McMoRan

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Avior Wealth Management LLC grew its position in shares of Freeport-McMoRan by 41.2% in the third quarter. Avior Wealth Management LLC now owns 1,680 shares of the natural resource company's stock valued at $63,000 after purchasing an additional 490 shares during the period. CX Institutional lifted its position in shares of Freeport-McMoRan by 6.2% during the 3rd quarter. CX Institutional now owns 10,244 shares of the natural resource company's stock worth $382,000 after buying an additional 597 shares during the last quarter. Czech National Bank raised its position in Freeport-McMoRan by 47.7% in the 3rd quarter. Czech National Bank now owns 250,570 shares of the natural resource company's stock valued at $9,344,000 after purchasing an additional 80,898 shares during the last quarter. Aaron Wealth Advisors LLC lifted its position in Freeport-McMoRan by 4.7% during the third quarter. Aaron Wealth Advisors LLC now owns 279,168 shares of the natural resource company's stock valued at $10,410,000 after buying an additional 12,414 shares in the last quarter. Finally, Simplicity Solutions LLC lifted its position in Freeport-McMoRan by 133.2% during the third quarter. Simplicity Solutions LLC now owns 154,649 shares of the natural resource company's stock valued at $5,767,000 after buying an additional 88,344 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th will be issued a $0.15 dividend. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.19%. Freeport-McMoRan's dividend payout ratio is currently 26.55%.

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.