During the recent session, Freeport-McMoRan Inc. (NYSE:FCX)’s traded shares were 3.3 million, with the beta value of the company hitting 1.99. At the last check today, the stock’s price was $35.07, reflecting an intraday gain of 4.28% or $1.44. The 52-week high for the FCX share is $46.64, that puts it down -32.99 from that peak though still a striking 29.71% gain since the share price plummeted to a 52-week low of $24.65. The company’s market capitalization is $48.13B, and the average intraday trading volume over the past 10 days was 11.73 million shares, and the average trade volume was 12.96 million shares over the past three months.
Freeport-McMoRan Inc. (FCX) received a consensus recommendation of an Overweight from analysts. That translates to a mean rating of 2.30. FCX has a Sell rating from 1 analyst(s) out of 22 analysts who have looked at this stock. 9 analyst(s) recommend to Hold the stock while 1 suggest Overweight, and 11 recommend a Buy rating for it. 0 analyst(s) has rated the stock Underweight. Company’s earnings per share (EPS) for the current quarter are expected to be $0.55.
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Freeport-McMoRan Inc. (NYSE:FCX) trade information
Freeport-McMoRan Inc. (FCX) registered a 4.28% upside in the last session and has traded in the red over the past 5 sessions. The stock spiked 4.28% in intraday trading to $35.07 this Thursday, 05/25/23, hitting a weekly high. The stock’s 5-day price performance is -1.85%, and it has moved by -6.41% in 30 days. Based on these gigs, the overall price performance for the year is -6.46%. The short interest in Freeport-McMoRan Inc. (NYSE:FCX) is 20.3 million shares and it means that shorts have 1.66 day(s) to cover.
The consensus price target of analysts on Wall Street is $46.17, which implies an increase of 24.04% to the stock’s current value. The extremes of the forecast give a target low and a target high price of $29.00 and $57.00 respectively. As a result, FCX is trading at a discount of -62.53% off the target high and 17.31% off the low.
Freeport-McMoRan Inc. (FCX) estimates and forecasts
Statistics show that Freeport-McMoRan Inc. has underperformed its competitors in share price, compared to the industry in which it operates. Freeport-McMoRan Inc. (FCX) shares have gone down -7.49% during the last six months, with a year-to-date growth rate less than the industry average at -14.34% against 15.40. Yet analysts are ramping up their growth forecast for the fiscal year 2023. Revenue is predicted to shrink -5.20% this quarter and then jump 88.50% in the quarter after that. In the rating firms’ projections, revenue will increase 5.40% compared to the previous financial year.
Revenue for the current quarter is expected to be $6.47 billion as predicted by 3 analyst(s). Meanwhile, a consensus of 2 analyst(s) estimates revenue growth to $5.71 billion by the end of Sep 2023. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $5.42 billion and $5 billion respectively. In this case, analysts expect current quarter sales to grow by 19.50% and then jump by 14.20% in the coming quarter.
An analysis of the company’s performance over the past 5 years shows that the company’s earnings grew an estimated 20.60%. While earnings are projected to return -17.80% in 2023, the next five years will return -8.55% per annum.
Freeport-McMoRan Inc. is due to release its next quarterly earnings between July 19 and July 24. However, it is important to remember that the dividend yield ratio is merely an indicator meant to only serve as guidance. Investors should also take the other fundamental and operational aspects into account before investing in the stock. The forward dividend ratio for Freeport-McMoRan Inc. is 0.30, with the dividend yield indicating at 0.89 percent, continuing the trend of increasing dividends in recent years.
Freeport-McMoRan Inc. (NYSE:FCX)’s Major holders
Freeport-McMoRan Inc. insiders own 0.56% of total outstanding shares while institutional holders control 80.60%, with the float percentage being 81.06%. Vanguard Group, Inc. (The) is the largest shareholder of the company, while 1,698 institutions own stock in it. As of Mar 30, 2023, the company held over 118.7 million shares (or 8.28% of all shares), a total value of $4.12 billion in shares.
The next largest institutional holding, with 109.37 million shares, is of Blackrock Inc.’s that is approximately 7.63% of outstanding shares. At the market price on Mar 30, 2023, these shares were valued at $3.79 billion.
Also, the Mutual Funds coming in first place with the largest holdings of Freeport-McMoRan Inc. (FCX) shares are Vanguard Total Stock Market Index Fund and Vanguard 500 Index Fund. Data provided on Dec 30, 2022 indicates that Vanguard Total Stock Market Index Fund owns about 43.47 million shares. This amounts to just over 3.03 percent of the company’s overall shares, with a $1.51 billion market value. The same data shows that the other fund manager holds slightly less at 33.04 million, or about 2.31% of the stock, which is worth about $1.15 billion.