Zacks: Brokerages Expect Freeport-McMoran, Inc. (FCX) Will Announce Quarterly Sales of $4.51 Billion
Analysts expect Freeport-McMoran, Inc. (NYSE:FCX) to announce $4.51 billion in sales for the current quarter, Zacks reports. Four analysts have made estimates for Freeport-McMoran’s earnings. The lowest sales estimate is $4.04 billion and the highest is $4.81 billion. Freeport-McMoran reported sales of $4.38 billion in the same quarter last year, which would suggest a positive year-over-year growth rate of 3%. The company is expected to issue its next earnings report on Wednesday, January 24th.
On average, analysts expect that Freeport-McMoran will report full year sales of $4.51 billion for the current financial year, with estimates ranging from $15.40 billion to $16.60 billion. For the next financial year, analysts expect that the business will post sales of $17.39 billion per share, with estimates ranging from $15.10 billion to $19.82 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that cover Freeport-McMoran.
Freeport-McMoran (NYSE:FCX) last announced its quarterly earnings data on Wednesday, October 25th. The natural resource company reported $0.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The business had revenue of $4.31 billion during the quarter, compared to analyst estimates of $4.06 billion. Freeport-McMoran had a return on equity of 13.35% and a net margin of 6.20%. The company’s revenue was up 11.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.13 earnings per share.
Shares of Freeport-McMoran (NYSE:FCX) traded up $0.24 during trading on Friday, hitting $13.86. The stock had a trading volume of 15,324,214 shares, compared to its average volume of 16,513,995. The company has a debt-to-equity ratio of 1.23, a quick ratio of 1.32 and a current ratio of 2.02. The firm has a market capitalization of $20,063.60, a price-to-earnings ratio of 15.23 and a beta of 2.57. Freeport-McMoran has a twelve month low of $11.05 and a twelve month high of $17.06.
In other news, COO Harry M. Iv Conger acquired 36,180 shares of Freeport-McMoran stock in a transaction on Thursday, September 7th. The stock was bought at an average price of $15.23 per share, for a total transaction of $551,021.40. Following the transaction, the chief operating officer now owns 73,943 shares of the company’s stock, valued at $1,126,151.89. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. 1.29% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently modified their holdings of the company. Shell Asset Management Co. raised its holdings in shares of Freeport-McMoran by 97.9% in the 3rd quarter. Shell Asset Management Co. now owns 160,362 shares of the natural resource company’s stock worth $5,236,000 after buying an additional 79,343 shares in the last quarter. Hosking Partners LLP raised its holdings in shares of Freeport-McMoran by 68.7% in the 2nd quarter. Hosking Partners LLP now owns 809,467 shares of the natural resource company’s stock worth $9,722,000 after buying an additional 329,770 shares in the last quarter. AXA acquired a new position in shares of Freeport-McMoran in the 2nd quarter worth approximately $15,414,000. Caxton Associates LP acquired a new position in shares of Freeport-McMoran in the 2nd quarter worth approximately $7,206,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its holdings in shares of Freeport-McMoran by 6.8% in the 2nd quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 166,437 shares of the natural resource company’s stock worth $1,999,000 after buying an additional 10,574 shares in the last quarter. 69.09% of the stock is owned by institutional investors and hedge funds.
COPYRIGHT VIOLATION NOTICE: “Zacks: Brokerages Expect Freeport-McMoran, Inc. (FCX) Will Announce Quarterly Sales of $4.51 Billion” was originally published by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another publication, it was stolen and reposted in violation of US & international trademark and copyright laws. The original version of this piece of content can be viewed at https://www.thecerbatgem.com/2017/11/19/zacks-brokerages-expect-freeport-mcmoran-inc-fcx-will-announce-quarterly-sales-of-4-51-billion.html.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Stock Ratings for Freeport-McMoran Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoran Inc. and related stocks with our FREE daily email newsletter.