Freeport-McMoRan (FCX) Set to Announce Earnings on Wednesday

Posted by Emily Schoerning on Jan 25th, 2023

Freeport-McMoRan (NYSE:FCX – Get Rating) is scheduled to post its quarterly earnings results before the market opens on Wednesday, January 25th. Analysts expect Freeport-McMoRan to post earnings of $0.40 per share for the quarter. Individual interested in registering for the company’s earnings conference call can do so using this link.

Freeport-McMoRan Trading Down 0.8 %

Shares of Freeport-McMoRan stock traded down $0.36 on Tuesday, hitting $44.59. 9,709,197 shares of the company’s stock traded hands, compared to its average volume of 13,581,470. The firm’s 50-day moving average price is $39.84 and its two-hundred day moving average price is $33.60. The stock has a market capitalization of $63.73 billion, a PE ratio of 16.95 and a beta of 1.97. Freeport-McMoRan has a one year low of $24.80 and a one year high of $51.99. The company has a debt-to-equity ratio of 0.40, a current ratio of 2.56 and a quick ratio of 1.76.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Friday, January 13th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.35%. The ex-dividend date of this dividend is Thursday, January 12th. Freeport-McMoRan’s dividend payout ratio is currently 11.41%.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on FCX. The Goldman Sachs Group lowered their price objective on shares of Freeport-McMoRan from $45.00 to $39.00 and set a “buy” rating for the company in a research report on Thursday, October 13th. Barclays lowered their price objective on shares of Freeport-McMoRan to $23.00 in a research report on Thursday, October 20th. Exane BNP Paribas cut shares of Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 price objective for the company. in a research report on Thursday, October 6th. Raymond James increased their target price on Freeport-McMoRan from $35.00 to $40.00 and gave the stock an “outperform” rating in a report on Thursday, January 5th. Finally, BNP Paribas cut Freeport-McMoRan from an “outperform” rating to a “neutral” rating and set a $29.00 target price for the company. in a report on Thursday, October 6th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Hold” and a consensus price target of $39.73.

Insider Buying and Selling

In related news, VP Douglas N. Currault II sold 75,000 shares of Freeport-McMoRan stock in a transaction that occurred on Friday, December 2nd. The stock was sold at an average price of $40.25, for a total transaction of $3,018,750.00. Following the completion of the sale, the vice president now directly owns 136,432 shares of the company’s stock, valued at approximately $5,491,388. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 0.72% of the stock is currently owned by insiders.

Institutional Trading of Freeport-McMoRan

Several hedge funds have recently added to or reduced their stakes in FCX. Fairfield Bush & CO. acquired a new position in Freeport-McMoRan in the 1st quarter valued at $26,000. Parkside Financial Bank & Trust raised its holdings in Freeport-McMoRan by 48.7% in the 1st quarter. Parkside Financial Bank & Trust now owns 1,887 shares of the natural resource company’s stock valued at $95,000 after acquiring an additional 618 shares in the last quarter. Alpha Paradigm Partners LLC acquired a new position in Freeport-McMoRan in the 3rd quarter valued at $108,000. Covestor Ltd raised its holdings in Freeport-McMoRan by 18.6% in the 1st quarter. Covestor Ltd now owns 2,725 shares of the natural resource company’s stock valued at $136,000 after acquiring an additional 428 shares in the last quarter. Finally, Loomis Sayles & Co. L P acquired a new position in Freeport-McMoRan in the 1st quarter valued at $216,000. 77.12% of the stock is owned by institutional investors and hedge funds.

Freeport-McMoRan Company Profile

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Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its 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.