Brokerages Expect Freeport-McMoRan Inc (FCX) Will Post Quarterly Sales of $4.53 Billion

Wall Street brokerages expect that Freeport-McMoRan Inc (NYSE:FCX) will announce sales of $4.53 billion for the current fiscal quarter, according to Zacks Investment Research. Four analysts have issued estimates for Freeport-McMoRan’s earnings, with estimates ranging from $4.04 billion to $4.81 billion. Freeport-McMoRan reported sales of $4.38 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 3.4%. The business is expected to announce its next earnings results before the market opens on Thursday, January 25th.

On average, analysts expect that Freeport-McMoRan will report full-year sales of $4.53 billion for the current financial year, with estimates ranging from $15.40 billion to $16.60 billion. For the next financial year, analysts forecast that the company will report sales of $17.68 billion per share, with estimates ranging from $15.19 billion to $19.69 billion. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, beating analysts’ consensus estimates of $0.31 by $0.03. Freeport-McMoRan had a return on equity of 13.35% and a net margin of 6.20%. The firm had revenue of $4.31 billion for the quarter, compared to analysts’ expectations of $4.06 billion. During the same period in the prior year, the business posted $0.13 earnings per share. The business’s revenue was up 11.2% compared to the same quarter last year.

A number of brokerages have weighed in on FCX. Morgan Stanley upgraded Freeport-McMoRan from an “underweight” rating to an “equal weight” rating and upped their price target for the company from $10.00 to $14.00 in a research report on Monday, December 11th. UBS Group upped their price target on Freeport-McMoRan from $13.50 to $14.00 and gave the company a “neutral” rating in a research report on Monday, October 30th. Zacks Investment Research cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Monday, November 13th. FBR & Co set a $12.00 price target on Freeport-McMoRan and gave the company a “hold” rating in a research report on Friday, October 20th. Finally, B. Riley reiterated a “neutral” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 1st. Two investment analysts have rated the stock with a sell rating, sixteen have issued a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. Freeport-McMoRan has an average rating of “Hold” and a consensus price target of $15.80.

Hedge funds have recently made changes to their positions in the company. Shell Asset Management Co. grew its holdings in shares of Freeport-McMoRan by 97.9% during the third quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock worth $5,236,000 after purchasing an additional 79,343 shares during the last quarter. Ameriprise Financial Inc. grew its holdings in shares of Freeport-McMoRan by 10.8% during the third quarter. Ameriprise Financial Inc. now owns 2,761,342 shares of the natural resource company’s stock worth $38,769,000 after purchasing an additional 270,171 shares during the last quarter. Caxton Associates LP bought a new stake in shares of Freeport-McMoRan during the second quarter worth $7,206,000. Commerzbank Aktiengesellschaft FI grew its holdings in shares of Freeport-McMoRan by 114.3% during the third quarter. Commerzbank Aktiengesellschaft FI now owns 1,667,157 shares of the natural resource company’s stock worth $23,407,000 after purchasing an additional 889,048 shares during the last quarter. Finally, Stifel Financial Corp grew its holdings in shares of Freeport-McMoRan by 11.5% during the second quarter. Stifel Financial Corp now owns 572,499 shares of the natural resource company’s stock worth $6,845,000 after purchasing an additional 59,154 shares during the last quarter. Institutional investors own 68.07% of the company’s stock.

Shares of Freeport-McMoRan (NYSE:FCX) opened at $19.75 on Friday. Freeport-McMoRan has a 1 year low of $11.05 and a 1 year high of $20.07. The firm has a market capitalization of $28,580.00, a price-to-earnings ratio of 27.43 and a beta of 2.51. The company has a debt-to-equity ratio of 1.23, a current ratio of 2.02 and a quick ratio of 1.32.

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Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (FCX) is a mining company. The Company operates through geographical assets with proven and probable reserves of copper, gold and molybdenum, and traded copper producer. The Company’s segments include refined copper products, copper in concentrate, gold, molybdenum, oil and other.

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

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