Scotiabank Raises Earnings Estimates for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Scotiabank lifted their FY2026 earnings per share (EPS) estimates for Freeport-McMoRan in a research note issued on Tuesday, October 13th. Scotiabank analyst O. Wowkodaw now anticipates that the natural resource company will post earnings of $3.35 per share for the year, up from their prior estimate of $3.06. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $2.87 per share. Scotiabank also issued estimates for Freeport-McMoRan’s FY2027 earnings at $2.86 EPS.

A number of other equities research analysts have also recently weighed in on FCX. Bank of America boosted their price objective on Freeport-McMoRan from $74.00 to $80.00 and gave the company a “buy” rating in a research note on Thursday, July 9th. Wall Street Zen downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Saturday, August 8th. Royal Bank Of Canada raised their target price on shares of Freeport-McMoRan from $73.00 to $85.00 and gave the stock a “sector perform” rating in a research report on Wednesday, September 16th. Erste Group Bank assumed coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They set a “buy” rating on the stock. Finally, Citigroup lifted their target price on shares of Freeport-McMoRan from $66.00 to $84.00 and gave the company a “buy” rating in a report on Monday, October 5th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $76.22.

Freeport-McMoRan Trading Down 1.1%

NYSE:FCX opened at $72.47 on Wednesday. The stock’s 50 day moving average price is $72.08 and its 200 day moving average price is $66.41. The company has a market capitalization of $104.07 billion, a PE ratio of 35.70, a P/E/G ratio of 0.70 and a beta of 1.39. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. Freeport-McMoRan has a 52-week low of $38.54 and a 52-week high of $80.24.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.62 by $0.12. The firm had revenue of $7.03 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The business’s revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Jupiter Topco LLC purchased a new stake in Freeport-McMoRan during the second quarter worth about $739,890,000. Bank of America Corp DE grew its position in Freeport-McMoRan by 20.0% during the first quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock worth $2,489,069,000 after buying an additional 7,044,775 shares during the period. Janus Henderson Group PLC grew its position in Freeport-McMoRan by 101.2% during the first quarter. Janus Henderson Group PLC now owns 11,498,267 shares of the natural resource company’s stock worth $675,896,000 after buying an additional 5,784,156 shares during the period. Castle Hook Partners LP purchased a new position in Freeport-McMoRan in the fourth quarter valued at about $179,507,000. Finally, Assenagon Asset Management S.A. increased its holdings in Freeport-McMoRan by 79.8% in the first quarter. Assenagon Asset Management S.A. now owns 5,257,470 shares of the natural resource company’s stock valued at $309,034,000 after buying an additional 2,332,625 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 14,277 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the sale, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at $3,795,951. This represents a 20.72% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Lydia H. Kennard sold 3,798 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director directly owned 122,702 shares of the company’s stock, valued at approximately $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 110,398 shares of company stock worth $8,387,271. Corporate insiders own 0.73% of the company’s stock.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Investors of record on Thursday, October 15th will be issued a dividend of $0.0750 per share. The ex-dividend date of this dividend is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 14.78%.

About Freeport-McMoRan

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.