Raymond James Weighs in on Freeport-McMoRan Inc.’s Q3 2023 Earnings (NYSE:FCX)

Posted by Defense World Staff on Oct 6th, 2023

Freeport-McMoRan Inc. (NYSE:FCX – Free Report) – Research analysts at Raymond James reduced their Q3 2023 earnings per share (EPS) estimates for Freeport-McMoRan in a report issued on Monday, October 2nd. Raymond James analyst B. Macarthur now anticipates that the natural resource company will post earnings of $0.33 per share for the quarter, down from their prior forecast of $0.47. Raymond James has a “Outperform” rating and a $44.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.61 per share. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2023 earnings at $0.58 EPS.

Several other analysts also recently commented on FCX. StockNews.com assumed coverage on shares of Freeport-McMoRan in a report on Thursday. They set a “hold” rating on the stock. Morgan Stanley boosted their price target on Freeport-McMoRan from $38.50 to $44.00 and gave the stock an “equal weight” rating in a research report on Thursday, September 21st. Stifel Nicolaus dropped their price target on shares of Freeport-McMoRan from $49.00 to $48.00 and set a “buy” rating on the stock in a research report on Tuesday, August 22nd. Sanford C. Bernstein began coverage on Freeport-McMoRan in a report on Thursday, June 29th. They set a “market perform” rating and a $41.00 target price on the stock. Finally, 3M reiterated an “initiates” rating on shares of Freeport-McMoRan in a report on Thursday, June 29th. One analyst has rated the stock with a sell rating, eight have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Freeport-McMoRan has an average rating of “Hold” and a consensus target price of $40.38.

Check Out Our Latest Report on FCX

Freeport-McMoRan Trading Down 1.4 %

Shares of FCX opened at $35.37 on Thursday. The stock’s fifty day simple moving average is $39.76 and its 200-day simple moving average is $39.09. The firm has a market capitalization of $50.69 billion, a PE ratio of 24.39 and a beta of 2.06. Freeport-McMoRan has a 12-month low of $27.50 and a 12-month high of $46.73. The company has a quick ratio of 1.72, a current ratio of 2.94 and a debt-to-equity ratio of 0.36.

Freeport-McMoRan (NYSE:FCX – Get Free Report) last posted its quarterly earnings data on Thursday, July 20th. The natural resource company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.36 by ($0.01). The business had revenue of $5.74 billion during the quarter, compared to the consensus estimate of $5.61 billion. Freeport-McMoRan had a return on equity of 9.45% and a net margin of 9.63%. The company’s revenue for the quarter was up 5.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.58 earnings per share.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Friday, October 13th will be given a dividend of $0.15 per share. The ex-dividend date is Thursday, October 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.70%. Freeport-McMoRan’s payout ratio is presently 20.69%.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Fairfield Bush & CO. purchased a new position in Freeport-McMoRan in the first quarter worth $26,000. America First Investment Advisors LLC purchased a new stake in shares of Freeport-McMoRan during the first quarter worth $25,000. KB Financial Partners LLC bought a new stake in shares of Freeport-McMoRan during the 1st quarter valued at $26,000. Retirement Group LLC boosted its stake in Freeport-McMoRan by 97.1% in the 2nd quarter. Retirement Group LLC now owns 670 shares of the natural resource company’s stock worth $27,000 after purchasing an additional 330 shares during the period. Finally, Thomas J. Herzfeld Advisors Inc. bought a new position in shares of Freeport-McMoRan in the second quarter valued at approximately $29,000. 77.96% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

(Get Free Report)

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.