Raymond James Weighs in on Freeport-McMoRan Inc.’s Q3 2024 Earnings (NYSE:FCX)

Freeport-McMoRan Inc. (NYSE:FCX) – Raymond James cut their Q3 2024 earnings estimates for shares of Freeport-McMoRan in a research report issued on Tuesday, July 23rd. Raymond James analyst B. Macarthur now expects that the natural resource company will earn $0.47 per share for the quarter, down from their prior forecast of $0.51. Raymond James has a “Outperform” rating and a $53.00 price target on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.68 per share. Raymond James also issued estimates for Freeport-McMoRan’s FY2024 earnings at $1.68 EPS, Q1 2025 earnings at $0.47 EPS and Q4 2025 earnings at $0.47 EPS.

Other research analysts have also issued research reports about the stock. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Argus increased their price objective on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a report on Thursday, April 25th. Bernstein Bank raised their target price on Freeport-McMoRan from $52.00 to $52.50 and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price target on shares of Freeport-McMoRan in a research report on Wednesday. Finally, Morgan Stanley raised Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and increased their price target for the company from $49.50 to $62.00 in a research note on Friday, June 21st. Five analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.07.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $44.53 on Friday. The firm has a market capitalization of $63.97 billion, a price-to-earnings ratio of 39.41, a PEG ratio of 1.01 and a beta of 1.92. The company has a current ratio of 2.40, a quick ratio of 1.41 and a debt-to-equity ratio of 0.30. The business’s 50-day moving average price is $49.86 and its 200-day moving average price is $46.01. Freeport-McMoRan has a 12 month low of $32.83 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates of $0.39 by $0.07. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The company had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same period in the prior year, the company earned $0.35 EPS. Freeport-McMoRan’s revenue was up 15.5% compared to the same quarter last year.

Freeport-McMoRan Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Monday, July 15th will be paid a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.35%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

Insider Activity

In other news, CAO Stephen T. Higgins sold 43,900 shares of the firm’s stock in a transaction dated 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 completion of the sale, the chief accounting officer now directly owns 104,377 shares in the company, valued at approximately $5,331,577.16. The sale was disclosed in a document filed with the SEC, which is accessible through this link. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the company’s stock in a transaction on Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the transaction, the chief accounting officer now owns 104,377 shares in the company, valued at $5,255,381.95. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CAO Stephen T. Higgins sold 43,900 shares of Freeport-McMoRan stock in a transaction dated 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 transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at $5,331,577.16. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 445,667 shares of company stock worth $22,755,070. Company insiders own 0.79% of the company’s stock.

Hedge Funds Weigh In On Freeport-McMoRan

Several large investors have recently added to or reduced their stakes in FCX. LRI Investments LLC purchased a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $26,000. Lynx Investment Advisory purchased a new stake in Freeport-McMoRan in the 2nd quarter valued at $26,000. Jones Financial Companies Lllp lifted its stake in Freeport-McMoRan by 422.2% during the 4th quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock valued at $28,000 after acquiring an additional 532 shares in the last quarter. RFP Financial Group LLC boosted its holdings in Freeport-McMoRan by 261.3% during the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock worth $29,000 after acquiring an additional 426 shares during the last quarter. Finally, POM Investment Strategies LLC purchased a new position in Freeport-McMoRan during the 2nd quarter worth $31,000. Institutional investors own 80.77% of the company’s stock.

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.