Research Analysts Set Expectations for Freeport-McMoRan Inc.’s Q3 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Analysts at Zacks Research lowered their Q3 2024 earnings per share (EPS) estimates for Freeport-McMoRan in a note issued to investors on Tuesday, May 7th. Zacks Research analyst A. Barman now expects that the natural resource company will earn $0.39 per share 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.

A number of other analysts also recently commented on FCX. Scotiabank reduced their price objective on Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating for the company in a research report on Wednesday, April 24th. HSBC lifted their price target on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the stock a “hold” rating in a research note on Tuesday, April 23rd. Bernstein Bank raised their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a report on Tuesday, April 23rd. StockNews.com raised shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Thursday, April 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday, April 24th. Five analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus price target of $50.07.

Freeport-McMoRan Stock Up 2.2 %

FCX stock opened at $51.08 on Friday. Freeport-McMoRan has a twelve month low of $32.83 and a twelve month high of $52.52. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The company has a market cap of $73.27 billion, a PE ratio of 45.20, a price-to-earnings-growth ratio of 8.19 and a beta of 2.02. The business’s 50-day simple moving average is $46.90 and its 200 day simple moving average is $41.27.

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

Institutional Investors Weigh In On Freeport-McMoRan

Large investors have recently made changes to their positions in the stock. CM Management LLC increased its holdings in Freeport-McMoRan by 80.0% during the 3rd quarter. CM Management LLC now owns 36,000 shares of the natural resource company’s stock worth $1,342,000 after purchasing an additional 16,000 shares in the last quarter. Signature Estate & Investment Advisors LLC raised its position in Freeport-McMoRan by 6.4% in the 4th quarter. Signature Estate & Investment Advisors LLC now owns 345,917 shares of the natural resource company’s stock valued at $14,726,000 after buying an additional 20,894 shares during the last quarter. Cadinha & Co. LLC lifted its stake in Freeport-McMoRan by 59.0% in the 4th quarter. Cadinha & Co. LLC now owns 647,691 shares of the natural resource company’s stock valued at $27,572,000 after acquiring an additional 240,340 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in Freeport-McMoRan by 1.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,508,085 shares of the natural resource company’s stock worth $279,977,000 after acquiring an additional 102,466 shares during the last quarter. Finally, Alphinity Investment Management Pty Ltd grew its stake in shares of Freeport-McMoRan by 57.4% during the 3rd quarter. Alphinity Investment Management Pty Ltd now owns 5,391,230 shares of the natural resource company’s stock worth $201,039,000 after acquiring an additional 1,965,987 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling at Freeport-McMoRan

In related news, CAO Stephen T. Higgins sold 43,900 shares of the business’s stock in a transaction that occurred 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 sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, VP Douglas N. Currault II sold 55,000 shares of the business’s stock in a transaction that occurred on Monday, April 29th. The stock was sold at an average price of $51.99, for a total value of $2,859,450.00. Following the completion of the transaction, the vice president now directly owns 164,067 shares in the company, valued at approximately $8,529,843.33. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $51.08, for a total value of $2,242,412.00. Following the sale, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 365,667 shares of company stock worth $18,592,670. Insiders own 0.78% of the company’s stock.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Monday, April 15th were issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a yield of 1.17%. The ex-dividend date of this dividend was Friday, April 12th. Freeport-McMoRan’s dividend payout ratio is 26.55%.

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.