$2.88 Billion in Sales Expected for Freeport-McMoRan Inc (NYSE:FCX) This Quarter

Brokerages expect that Freeport-McMoRan Inc (NYSE:FCX) will post $2.88 billion in sales for the current quarter, Zacks reports. Three analysts have provided estimates for Freeport-McMoRan’s earnings, with estimates ranging from $2.60 billion to $3.13 billion. Freeport-McMoRan posted sales of $3.55 billion in the same quarter last year, which suggests a negative year over year growth rate of 18.9%. The company is expected to issue its next earnings report on Wednesday, July 22nd.

According to Zacks, analysts expect that Freeport-McMoRan will report full-year sales of $12.64 billion for the current financial year, with estimates ranging from $11.96 billion to $13.28 billion. For the next financial year, analysts expect that the company will post sales of $16.75 billion, with estimates ranging from $15.30 billion to $18.28 billion. Zacks’ sales averages are an average based on a survey of analysts that that provide coverage for Freeport-McMoRan.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Friday, April 24th. The natural resource company reported ($0.16) earnings per share for the quarter, topping the consensus estimate of ($0.18) by $0.02. The firm had revenue of $2.80 billion for the quarter, compared to analysts’ expectations of $2.98 billion. Freeport-McMoRan had a negative net margin of 5.05% and a negative return on equity of 1.55%. The business’s quarterly revenue was down 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.05 earnings per share.

Several research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research report on Wednesday, June 24th. B. Riley upped their target price on shares of Freeport-McMoRan from $16.00 to $19.00 and gave the stock a “buy” rating in a research report on Tuesday, March 24th. Citigroup cut their price target on shares of Freeport-McMoRan from $14.00 to $12.00 and set a “buy” rating for the company in a research report on Friday, March 27th. TheStreet lowered shares of Freeport-McMoRan from a “c” rating to a “d+” rating in a research report on Friday, April 24th. Finally, Deutsche Bank upped their price target on shares of Freeport-McMoRan from $11.00 to $13.50 and gave the company a “buy” rating in a research report on Thursday, June 11th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Freeport-McMoRan has a consensus rating of “Buy” and a consensus target price of $12.97.

Several institutional investors have recently bought and sold shares of the company. Thrivent Financial for Lutherans raised its stake in Freeport-McMoRan by 1.3% in the fourth quarter. Thrivent Financial for Lutherans now owns 66,131 shares of the natural resource company’s stock worth $868,000 after buying an additional 847 shares in the last quarter. Utah Retirement Systems raised its stake in Freeport-McMoRan by 0.3% in the fourth quarter. Utah Retirement Systems now owns 276,073 shares of the natural resource company’s stock worth $3,622,000 after buying an additional 900 shares in the last quarter. Quilter Plc raised its stake in Freeport-McMoRan by 10.1% in the first quarter. Quilter Plc now owns 12,221 shares of the natural resource company’s stock worth $82,000 after buying an additional 1,123 shares in the last quarter. Ameritas Investment Company LLC raised its stake in Freeport-McMoRan by 19.8% in the first quarter. Ameritas Investment Company LLC now owns 7,302 shares of the natural resource company’s stock worth $49,000 after buying an additional 1,209 shares in the last quarter. Finally, White Pine Capital LLC raised its stake in Freeport-McMoRan by 12.3% in the first quarter. White Pine Capital LLC now owns 11,450 shares of the natural resource company’s stock worth $77,000 after buying an additional 1,250 shares in the last quarter. Institutional investors own 71.17% of the company’s stock.

NYSE:FCX traded up $0.53 during midday trading on Thursday, hitting $11.57. The company had a trading volume of 23,999,777 shares, compared to its average volume of 27,199,533. Freeport-McMoRan has a 52-week low of $4.82 and a 52-week high of $13.64. The stock’s fifty day moving average price is $9.84 and its 200-day moving average price is $10.18. The company has a market capitalization of $15.67 billion, a PE ratio of -23.00 and a beta of 2.25. The company has a quick ratio of 1.11, a current ratio of 2.34 and a debt-to-equity ratio of 0.58.

About Freeport-McMoRan

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.

Read More: Technical Indicators – What is a Golden Cross?

Get a free copy of the Zacks research report on Freeport-McMoRan (FCX)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Earnings History and Estimates for Freeport-McMoRan (NYSE:FCX)

Receive News & Ratings for Freeport-McMoRan Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Freeport-McMoRan and related companies with MarketBeat.com's FREE daily email newsletter.