Scotiabank Analysts Decrease Earnings Estimates for FCX

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Scotiabank cut their FY2025 earnings estimates for Freeport-McMoRan in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst O. Wowkodaw now anticipates that the natural resource company will earn $1.21 per share for the year, down from their previous forecast of $1.34. Scotiabank has a “Sector Perform” rating and a $48.00 price target on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.49 per share.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 EPS for the quarter, topping the consensus estimate of $0.37 by $0.01. The firm had revenue of $6.79 billion for the quarter, compared to analysts’ expectations of $6.45 billion. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm’s quarterly revenue was up 16.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.39 earnings per share.

A number of other research firms have also issued reports on FCX. Morgan Stanley lowered their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a report on Thursday, September 19th. Jefferies Financial Group lowered their price objective on shares of Freeport-McMoRan from $60.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research note on Tuesday. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a report on Tuesday, October 15th. Finally, StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. Seven research analysts have rated the stock with a hold rating, seven have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $52.96.

Freeport-McMoRan Stock Up 2.7 %

FCX opened at $39.77 on Thursday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. The company has a market capitalization of $57.15 billion, a PE ratio of 29.03, a P/E/G ratio of 2.90 and a beta of 1.86. The stock’s fifty day moving average is $42.09 and its 200-day moving average is $44.74. Freeport-McMoRan has a one year low of $36.26 and a one year high of $55.24.

Freeport-McMoRan Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Wednesday, January 15th will be given a $0.15 dividend. The ex-dividend date is Wednesday, January 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.51%. This is a boost from Freeport-McMoRan’s previous quarterly dividend of $0.08. Freeport-McMoRan’s payout ratio is currently 21.90%.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Victory Capital Management Inc. raised its position in shares of Freeport-McMoRan by 0.3% in the second quarter. Victory Capital Management Inc. now owns 597,473 shares of the natural resource company’s stock valued at $29,037,000 after purchasing an additional 1,610 shares during the period. Private Advisor Group LLC raised its holdings in Freeport-McMoRan by 3.8% in the 2nd quarter. Private Advisor Group LLC now owns 76,473 shares of the natural resource company’s stock worth $3,717,000 after acquiring an additional 2,805 shares during the period. Savant Capital LLC lifted its position in Freeport-McMoRan by 46.3% during the 2nd quarter. Savant Capital LLC now owns 24,048 shares of the natural resource company’s stock worth $1,169,000 after acquiring an additional 7,610 shares during the last quarter. Strategic Financial Concepts LLC bought a new stake in Freeport-McMoRan during the second quarter valued at about $29,000. Finally, Acadian Asset Management LLC acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $99,000. Institutional investors and hedge funds own 80.77% of the company’s stock.

About Freeport-McMoRan

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.