Brokers Set Expectations for Freeport-McMoRan Inc.'s Q3 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX - Free Report) - Research analysts at Zacks Research decreased their Q3 2024 EPS estimates for Freeport-McMoRan in a research note issued on Tuesday, May 7th. Zacks Research analyst A. Barman now anticipates that the natural resource company will post earnings per share of $0.39 for the quarter, down from their previous estimate of $0.41. The consensus estimate for Freeport-McMoRan's current full-year earnings is $1.66 per share. Zacks Research also issued estimates for Freeport-McMoRan's Q4 2024 earnings at $0.41 EPS, FY2024 earnings at $1.48 EPS, Q1 2025 earnings at $0.34 EPS, Q2 2025 earnings at $0.46 EPS, Q3 2025 earnings at $0.52 EPS, Q4 2025 earnings at $0.51 EPS, Q1 2026 earnings at $0.40 EPS and FY2026 earnings at $2.14 EPS.

Other research analysts have also recently issued reports about the stock. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $55.00 to $53.00 and set a "sector outperform" rating for the company in a report on Wednesday, April 24th. Raymond James raised their target price on shares of Freeport-McMoRan from $49.50 to $54.00 and gave the stock an "outperform" rating in a report on Wednesday, April 24th. Bank of America upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $59.00 target price for the company in a report on Tuesday, April 9th. Argus raised their target price on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the stock a "buy" rating in a report on Thursday, April 25th. Finally, Royal Bank of Canada restated a "sector perform" rating and set a $55.00 target price on shares of Freeport-McMoRan in a report on Thursday, January 25th. Five investment analysts have rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $50.07.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $0.51 on Friday, hitting $51.59. The company had a trading volume of 14,532,921 shares, compared to its average volume of 14,248,035. The business has a 50-day simple moving average of $46.90 and a 200-day simple moving average of $41.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.41. The company has a market cap of $74.00 billion, a PE ratio of 45.66, a PEG ratio of 8.19 and a beta of 2.02. Freeport-McMoRan has a 52 week low of $32.83 and a 52 week high of $52.52.

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

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date was Friday, April 12th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 26.55%.

Insider Buying and Selling at Freeport-McMoRan

In related news, VP Douglas N. Currault II sold 55,000 shares of Freeport-McMoRan stock in a transaction on Monday, April 29th. The shares were sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the sale, the vice president now owns 164,067 shares of the company's stock, valued at approximately $8,529,843.33. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 43,900 shares of the business's stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company's stock, valued at approximately $5,331,577.16. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Douglas N. Currault II sold 55,000 shares of the business's stock in a transaction on Monday, April 29th. The stock was sold at an average price of $51.99, for a total transaction of $2,859,450.00. Following the transaction, the vice president now directly owns 164,067 shares of the company's stock, valued at approximately $8,529,843.33. The disclosure for this sale can be found here. Insiders sold 365,667 shares of company stock valued at $18,592,670 in the last quarter. Company insiders own 0.78% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Bruce G. Allen Investments LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth $27,000. Jones Financial Companies Lllp lifted its position in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company's stock worth $28,000 after acquiring an additional 532 shares during the last quarter. Vermillion & White Wealth Management Group LLC acquired a new position in Freeport-McMoRan during the 4th quarter worth $32,000. EdgeRock Capital LLC bought a new position in shares of Freeport-McMoRan during the 4th quarter worth about $35,000. Finally, American National Bank increased its holdings in shares of Freeport-McMoRan by 348.8% during the 1st quarter. American National Bank now owns 745 shares of the natural resource company's stock worth $35,000 after purchasing an additional 579 shares during the period. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Company Profile

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.