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Zacks: Analysts Anticipate Freeport-McMoRan Inc (NYSE:FCX) Will Announce Quarterly Sales of $3.76 Billion

Last updated on Sunday, October 18, 2020 | 2020 MarketBeat

Brokerages forecast that Freeport-McMoRan Inc (NYSE:FCX) will post sales of $3.76 billion for the current fiscal quarter, according to Zacks. Three analysts have issued estimates for Freeport-McMoRan's earnings, with the lowest sales estimate coming in at $3.57 billion and the highest estimate coming in at $3.90 billion. Freeport-McMoRan reported sales of $3.31 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 13.6%. The firm is scheduled to report its next earnings results before the market opens on Thursday, October 22nd.

According to Zacks, analysts expect that Freeport-McMoRan will report full year sales of $13.75 billion for the current financial year, with estimates ranging from $13.37 billion to $14.27 billion. For the next fiscal year, analysts forecast that the company will report sales of $18.09 billion, with estimates ranging from $16.54 billion to $20.19 billion. Zacks' sales averages are an average based on a survey of analysts that follow Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.03 EPS for the quarter, topping analysts' consensus estimates of ($0.03) by $0.06. The business had revenue of $3.05 billion during the quarter, compared to analysts' expectations of $3.06 billion. Freeport-McMoRan had a negative return on equity of 0.98% and a negative net margin of 4.28%. The business's quarterly revenue was down 13.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.04) earnings per share.

Several equities research analysts have recently weighed in on FCX shares. ValuEngine downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, July 2nd. Scotiabank raised their price objective on Freeport-McMoRan from $13.50 to $14.00 and gave the stock a "sector outperform" rating in a report on Friday, July 24th. CIBC raised their price objective on Freeport-McMoRan from $11.00 to $14.00 and gave the stock an "outperform" rating in a report on Tuesday, July 7th. Deutsche Bank Aktiengesellschaft initiated coverage on Freeport-McMoRan in a report on Thursday, October 1st. They set a "buy" rating on the stock. Finally, BMO Capital Markets raised their price objective on Freeport-McMoRan from $15.00 to $17.00 and gave the stock an "outperform" rating in a report on Friday, July 24th. Six research analysts have rated the stock with a hold rating, ten have given a buy rating and one has issued a strong buy rating to the company. The stock has an average rating of "Buy" and a consensus target price of $15.57.

Shares of Freeport-McMoRan stock opened at $17.15 on Friday. Freeport-McMoRan has a 12 month low of $4.82 and a 12 month high of $17.50. The company has a current ratio of 2.46, a quick ratio of 1.15 and a debt-to-equity ratio of 0.57. The stock has a 50 day moving average of $16.13 and a 200 day moving average of $12.06. The firm has a market cap of $24.91 billion, a PE ratio of -42.87 and a beta of 2.31.

Institutional investors have recently made changes to their positions in the stock. Flagship Harbor Advisors LLC increased its stake in shares of Freeport-McMoRan by 185.8% in the 2nd quarter. Flagship Harbor Advisors LLC now owns 5,713 shares of the natural resource company's stock valued at $66,000 after purchasing an additional 3,714 shares in the last quarter. Cullen Frost Bankers Inc. boosted its holdings in Freeport-McMoRan by 111.6% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 5,943 shares of the natural resource company's stock worth $69,000 after buying an additional 3,134 shares during the last quarter. Global Retirement Partners LLC boosted its holdings in Freeport-McMoRan by 27.8% in the 2nd quarter. Global Retirement Partners LLC now owns 7,050 shares of the natural resource company's stock worth $82,000 after buying an additional 1,534 shares during the last quarter. Ameritas Investment Company LLC boosted its holdings in Freeport-McMoRan by 19.8% in the 1st quarter. Ameritas Investment Company LLC now owns 7,302 shares of the natural resource company's stock worth $49,000 after buying an additional 1,209 shares during the last quarter. Finally, First Quadrant L P CA acquired a new stake in Freeport-McMoRan in the 2nd quarter worth about $87,000. Hedge funds and other institutional investors own 69.59% of the company's stock.

About Freeport-McMoRan

Freeport-McMoRan, Inc engages in the mining of copper, gold, and molybdenum. It operates through the following segments: North America Copper Mines; South America Mining; Indonesia Mining; Molybdenum Mines; Rod and Refining; Atlantic Copper Smelting and Refining; and Corporate, Other, and Eliminations.

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Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

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