$6.17 Billion in Sales Expected for Freeport-McMoRan Inc. (NYSE:FCX) This Quarter

Wall Street brokerages expect Freeport-McMoRan Inc. (NYSE:FCX) to report sales of $6.17 billion for the current quarter, according to Zacks. Eleven analysts have made estimates for Freeport-McMoRan’s earnings. The highest sales estimate is $6.87 billion and the lowest is $5.34 billion. Freeport-McMoRan posted sales of $3.85 billion during the same quarter last year, which would indicate a positive year over year growth rate of 60.3%. The company is expected to announce its next quarterly earnings results before the market opens on Thursday, October 21st.

On average, analysts expect that Freeport-McMoRan will report full-year sales of $23.05 billion for the current financial year, with estimates ranging from $21.51 billion to $24.89 billion. For the next financial year, analysts forecast that the company will report sales of $24.78 billion, with estimates ranging from $20.62 billion to $32.41 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side research analysts that follow Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 22nd. The natural resource company reported $0.77 EPS for the quarter, topping the consensus estimate of $0.75 by $0.02. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The firm had revenue of $5.75 billion for the quarter, compared to analysts’ expectations of $5.83 billion. During the same period in the previous year, the firm posted $0.03 EPS. The company’s revenue for the quarter was up 88.2% on a year-over-year basis.

FCX has been the topic of a number of research reports. Credit Suisse Group lowered shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price target on the stock. in a research note on Friday, September 10th. Royal Bank of Canada upped their price target on shares of Freeport-McMoRan from $39.00 to $42.00 and gave the stock a “sector perform” rating in a report on Friday, July 23rd. BNP Paribas raised shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price objective for the company in a research note on Wednesday, October 6th. Zacks Investment Research downgraded shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price objective for the company. in a research note on Thursday, August 26th. Finally, Bank of America initiated coverage on shares of Freeport-McMoRan in a research report on Wednesday, September 29th. They issued a “buy” rating for the company. Three analysts have rated the stock with a sell rating, three have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Buy” and a consensus target price of $38.25.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Rockefeller Capital Management L.P. increased its holdings in Freeport-McMoRan by 61.9% in the 1st quarter. Rockefeller Capital Management L.P. now owns 53,310 shares of the natural resource company’s stock worth $1,755,000 after acquiring an additional 20,384 shares in the last quarter. Synovus Financial Corp lifted its position in shares of Freeport-McMoRan by 2.9% during the first quarter. Synovus Financial Corp now owns 9,038 shares of the natural resource company’s stock worth $298,000 after purchasing an additional 256 shares during the last quarter. Boston Private Wealth LLC increased its stake in shares of Freeport-McMoRan by 4.3% during the first quarter. Boston Private Wealth LLC now owns 9,969 shares of the natural resource company’s stock valued at $328,000 after buying an additional 415 shares during the period. Mercer Global Advisors Inc. ADV increased its stake in shares of Freeport-McMoRan by 76.8% during the first quarter. Mercer Global Advisors Inc. ADV now owns 47,231 shares of the natural resource company’s stock valued at $1,555,000 after buying an additional 20,521 shares during the period. Finally, Sei Investments Co. grew its stake in Freeport-McMoRan by 59.9% in the first quarter. Sei Investments Co. now owns 316,094 shares of the natural resource company’s stock valued at $9,720,000 after purchasing an additional 118,472 shares during the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.

Shares of Freeport-McMoRan stock traded up $1.66 during trading on Monday, hitting $37.48. 1,427,635 shares of the stock were exchanged, compared to its average volume of 22,699,998. The stock has a market capitalization of $55.02 billion, a price-to-earnings ratio of 19.81 and a beta of 2.08. The company has a fifty day moving average price of $34.72 and a 200-day moving average price of $36.77. Freeport-McMoRan has a 1-year low of $16.50 and a 1-year high of $46.10. The company has a current ratio of 2.28, a quick ratio of 1.52 and a debt-to-equity ratio of 0.41.

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Friday, October 15th will be given a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.80%. The ex-dividend date is Thursday, October 14th. Freeport-McMoRan’s dividend payout ratio is presently 55.56%.

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. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.

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

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