In today’s recent session, 4.35 million shares of the Freeport-McMoRan Inc. (NYSE:FCX) have been traded, and its beta is 2.00. Most recently the company’s share price was $28.65, and it changed around -$0.68 or -2.32% from the last close, which brings the market valuation of the company to $39.46B. FCX at last check was trading at a discount to its 52-week high of $51.76, offering almost -80.66% off that amount. The share price’s 52-week low was $24.80, which indicates that the recent value has risen by an impressive 13.44% since then. We note from Freeport-McMoRan Inc.’s average daily trading volume that its 10-day average is 20.15 million shares, with the 3-month average coming to 21.49 million.
Freeport-McMoRan Inc. stock received a consensus recommendation rating of an Overweight, based on a mean score of 2.20. If we narrow it down even further, the data shows that 1 out of 23 analysts rate the stock as a Sell; another 1 rate it as Overweight. Among the rest, 9 recommended FCX as a Hold, whereas 12 deemed it a Buy, and 0 rated it as Underweight. Freeport-McMoRan Inc. is expected to report earnings per share of $0.49 for the current quarter.
Freeport-McMoRan Inc. (NYSE:FCX) trade information
Instantly FCX has been showing red trend so far today with a performance of -2.32% on intraday trading today. The performance over the last five days has remained in the green territory. The rise to weekly highs of 31.73 on Tuesday, 08/02/22 increased the stock’s daily price by 9.71%. The company’s shares are currently down -29.29% year-to-date, but still up 5.01% over the last five days. On the other hand, Freeport-McMoRan Inc. (NYSE:FCX) is 0.73% up in the 30-day period. We can see from the shorts that 30.93 million shares have been sold at a short interest cover period of 1.21 day(s).
The consensus price target as assigned by Wall Street analysts is $38.80, which translates to bulls needing to increase their stock price by 26.16% from its current value. Analyst projections state that FCX is forecast to be at a low of $24.00 and a high of $55.00. In order for the stock price to hit the forecast high, the stock would need to plunge -91.97% from its current level, while the stock would need to crash 16.23% from its current level to reach the projected low.
Freeport-McMoRan Inc. (FCX) estimates and forecasts
Freeport-McMoRan Inc. share prices are performing particularly well compared to other companies within the same industry. As is evident from the statistics, the company’s shares have fallen -20.85 percent over the past six months and at a 3.51% annual growth rate that is well above the industry average of -4.80%. Moreover, analysts have decided to roll up on their fiscal year 2022 revenue estimates. The rating firms predict that it will loss -44.90% in revenue this quarter, and will report a decrease of -41.70% in the next quarter. The year-over-year growth rate is expected to be 2.20%, up from the previous year.
Consensus estimates provided by 5 financial analysts predict the company will bring in an average of $5.49 billion in revenue for the current quarter. 4 analysts expect Freeport-McMoRan Inc. to make $5.72 billion in revenue for the quarter ending Dec 2022. Forecasts for the next quarter put sales growth at -7.10%.
Looking at the company’s year-over-year earnings, the past five years showed a positive earnings growth rate of 24.40%.
Freeport-McMoRan Inc.’s next quarterly earnings report is expected to be released around April 20 and April 25. The annual dividend yield of the stock is 1.02 percent and its annual dividend per share was 0.30. It is important to note, however, that the 1.02% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision.
Freeport-McMoRan Inc. (NYSE:FCX)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 0.53% of Freeport-McMoRan Inc. shares, and 80.19% of them are in the hands of institutional investors. The stock currently has a share float of 80.62%. Freeport-McMoRan Inc. stock is held by 1,657 institutions, with FMR, LLC being the largest institutional investor. By Mar 30, 2022, it held 8.80% of the shares, which is about 127.5 million shares worth $6.34 billion.
Vanguard Group, Inc. (The), with 8.04% or 116.55 million shares worth $5.8 billion as of Mar 30, 2022, holds the second largest percentage of outstanding shares.
Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund were the top two Mutual Funds as of Mar 30, 2022. The former held 41.98 million shares worth $2.09 billion, making up 2.90% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 32.13 million shares worth around $1.6 billion, which represents about 2.22% of the total shares outstanding.