Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Raymond James upped their Q3 2021 earnings per share estimates for Freeport-McMoRan in a report released on Wednesday, October 13th. Raymond James analyst B. Macarthur now expects that the natural resource company will post earnings of $0.80 per share for the quarter, up from their prior estimate of $0.79. Raymond James has a “Outperform” rating and a $44.00 price objective on the stock. Raymond James also issued estimates for Freeport-McMoRan’s Q4 2021 earnings at $0.79 EPS and FY2021 earnings at $2.85 EPS.
A number of other equities analysts have also recently commented on the stock. Exane BNP Paribas raised shares of Freeport-McMoRan from a “neutral” rating to an “outperform” rating and set a $39.50 price target for the company in a research note on Wednesday, October 6th. Credit Suisse Group cut shares of Freeport-McMoRan from a “neutral” rating to an “underperform” rating and set a $29.00 price objective for the company. in a research note on Friday, September 10th. Bank of America assumed coverage on shares of Freeport-McMoRan in a research note on Wednesday, September 29th. They issued a “buy” rating for the company. Zacks Investment Research cut shares of Freeport-McMoRan from a “hold” rating to a “sell” rating and set a $37.00 price objective for the company. in a research note on Thursday, August 26th. Finally, Barclays cut shares of Freeport-McMoRan from an “equal weight” rating to an “underweight” rating and set a $29.00 price objective for the company. in a research note on Thursday, July 8th. Three investment analysts have rated the stock with a sell rating, three have given a hold rating, eleven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $38.25.
Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, July 22nd. The natural resource company reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02. Freeport-McMoRan had a net margin of 14.98% and a return on equity of 15.07%. The business had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.83 billion. During the same quarter in the previous year, the company earned $0.03 EPS. The business’s quarterly revenue was up 88.2% compared to the same quarter last year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brighton Jones LLC raised its holdings in Freeport-McMoRan by 4.0% in the 2nd quarter. Brighton Jones LLC now owns 6,973 shares of the natural resource company’s stock worth $259,000 after purchasing an additional 271 shares in the last quarter. Tradition Wealth Management LLC raised its holdings in Freeport-McMoRan by 10.2% in the 1st quarter. Tradition Wealth Management LLC now owns 3,253 shares of the natural resource company’s stock worth $107,000 after purchasing an additional 300 shares in the last quarter. Gradient Investments LLC raised its holdings in Freeport-McMoRan by 16.7% in the 2nd quarter. Gradient Investments LLC now owns 2,100 shares of the natural resource company’s stock worth $78,000 after purchasing an additional 300 shares in the last quarter. Nvwm LLC increased its stake in shares of Freeport-McMoRan by 1.2% in the 2nd quarter. Nvwm LLC now owns 25,704 shares of the natural resource company’s stock worth $954,000 after acquiring an additional 300 shares in the last quarter. Finally, WealthShield Partners LLC increased its stake in shares of Freeport-McMoRan by 22.8% in the 2nd quarter. WealthShield Partners LLC now owns 1,613 shares of the natural resource company’s stock worth $60,000 after acquiring an additional 300 shares in the last quarter. Institutional investors and hedge funds own 76.90% of the company’s stock.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Shareholders of record on Friday, October 15th will be issued a $0.075 dividend. The ex-dividend date is Thursday, October 14th. This represents a $0.30 annualized dividend and a yield of 0.84%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 55.56%.
Freeport-McMoRan Company Profile
Freeport-McMoRan, Inc engages in the mining of copper, gold and molybdenum. It operates through the following segments: North America Copper Mines, South America Mining; Indonesia Mining, Molybdenum Mines, Rod and Refining, Atlantic Copper Smelting and Refining and Corporate, Other and Eliminations. The North America Copper Mines segment operates open-pit copper mines in Morenci, Bagdad, Safford, Sierrita and Miami in Arizona and Chino and Tyrone in New Mexico.
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