Freeport-McMoRan Inc. (NYSE:FCX – Free Report) – Stock analysts at Raymond James decreased their Q2 2023 earnings per share (EPS) estimates for Freeport-McMoRan in a note issued to investors on Wednesday, July 12th. Raymond James analyst B. Macarthur now forecasts that the natural resource company will post earnings per share of $0.33 for the quarter, down from their previous forecast of $0.44. Raymond James has a “Outperform” rating and a $47.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.62 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2023 earnings at $0.55 EPS.
Several other research firms have also recently issued reports on FCX. Morgan Stanley increased their price target on Freeport-McMoRan from $35.00 to $38.50 in a research note on Wednesday, June 21st. 3M reissued an “initiates” rating on shares of Freeport-McMoRan in a research note on Thursday, June 29th. 1-800-FLOWERS.COM reissued an “initiates” rating on shares of Freeport-McMoRan in a research note on Thursday, June 29th. Barclays increased their price target on Freeport-McMoRan from $24.00 to $29.00 and gave the stock an “underweight” rating in a research note on Friday, April 21st. Finally, StockNews.com cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, June 9th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Freeport-McMoRan has a consensus rating of “Hold” and an average target price of $39.27.
Freeport-McMoRan Price Performance
Freeport-McMoRan (NYSE:FCX – Get Free Report) last issued its earnings results on Friday, April 21st. The natural resource company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.47 by $0.05. Freeport-McMoRan had a return on equity of 11.07% and a net margin of 12.07%. The firm had revenue of $5.39 billion for the quarter, compared to analyst estimates of $5.25 billion. During the same period last year, the company earned $1.07 earnings per share. The firm’s revenue for the quarter was down 18.4% on a year-over-year basis.
Freeport-McMoRan Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Friday, July 14th will be issued a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.46%. The ex-dividend date of this dividend is Thursday, July 13th. Freeport-McMoRan’s dividend payout ratio is 16.76%.
Insider Activity
In related news, Director Sara Grootwassink Lewis bought 4,000 shares of Freeport-McMoRan stock in a transaction dated Friday, May 12th. The stock was acquired at an average cost of $34.90 per share, with a total value of $139,600.00. Following the completion of the acquisition, the director now directly owns 17,800 shares in the company, valued at approximately $621,220. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.78% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Freeport-McMoRan
Several hedge funds have recently bought and sold shares of FCX. America First Investment Advisors LLC purchased a new stake in Freeport-McMoRan in the 1st quarter worth about $25,000. Fairfield Bush & CO. purchased a new stake in Freeport-McMoRan in the 1st quarter worth about $26,000. KB Financial Partners LLC purchased a new stake in Freeport-McMoRan in the 1st quarter worth about $26,000. WFA of San Diego LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $27,000. Finally, ICA Group Wealth Management LLC purchased a new stake in shares of Freeport-McMoRan during the 4th quarter worth about $28,000. 79.35% of the stock is owned by hedge funds and other institutional investors.
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, as well as oil and gas. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.
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