Freeport-McMoRan Inc (NYSE: FCX) Stock: A Game-Changer?

In the last trading session, 19.92 million shares of the Freeport-McMoRan Inc (NYSE:FCX) were traded, and its beta was 2.04. Most recently the company’s share price was $47.02, and it changed around $1.14 or 2.48% from the last close, which brings the market valuation of the company to $67.45B. FCX currently trades at a discount to its 52-week high of $46.49, offering almost 1.13% off that amount. The share price’s 52-week low was $32.77, which indicates that the current value has risen by an impressive 30.31% since then. We note from Freeport-McMoRan Inc’s average daily trading volume that its 10-day average is 14.31 million shares, with the 3-month average coming to 12.66 million.

Freeport-McMoRan Inc stock received a consensus recommendation rating of Hold, based on a mean score of 2.00. If we narrow it down even further, the data shows that 0 out of 23 analysts rate the stock as a Sell; another 5 rate it as Overweight. Among the rest, 11 recommended FCX as a Hold, whereas 7 deemed it a Buy, and 0 rated it as Underweight. Freeport-McMoRan Inc is expected to report earnings per share of $0.32 for the current quarter.

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Freeport-McMoRan Inc (NYSE:FCX) trade information

Instantly FCX has showed a green trend with a performance of 2.48% at the end of last trading. The performance over the last five days has remained in the green territory. The company’s shares are currently up 10.65% year-to-date, but still up 1.69% over the last five days. On the other hand, Freeport-McMoRan Inc (NYSE:FCX) is 25.69% up in the 30-day period. We can see from the shorts that 17.75 million shares have been sold at a short interest cover period of 1.39 day(s).

The consensus price target as assigned by Wall Street analysts is $41.19, which translates to bulls needing to decrease their stock price by -14.15% from its current value. Analyst projections state that FCX is forecast to be at a low of $24 and a high of $56.

Freeport-McMoRan Inc (FCX) estimates and forecasts

Freeport-McMoRan Inc share prices are performing particularly well not compared to other companies within the same industry. As is evident from the statistics, the company’s shares have risen 29.14 percent over the past six months and at a -0.65% annual growth rate that is well below the industry average of 11.30%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will loss -38.50% in revenue this quarter, and will report a decrease of -2.90% in the next quarter. The year-over-year growth rate is expected to be 4.00%, up from the previous year.

Consensus estimates provided by 3 financial analysts predict the company will bring in an average of $5.26 billion in revenue for the current quarter. 2 analysts expect Freeport-McMoRan Inc to make $5.05 billion in revenue for the quarter ending Jun 2024. The company’s sales for the same quarters a year ago were $5.39 billion and $5.74 billion respectively. Analysts predict that the company’s current quarter sales will drop, forecast at -2.50%. Forecasts for the next quarter put sales growth at -12.00%.

Looking at the company’s year-over-year earnings, the past five years showed a negative earnings growth rate of -6.56%. Freeport-McMoRan Inc earnings are expected to increase by 4.32% in 2024, but the outlook is negative -1.07% per year for the next five years.

FCX Dividends

Freeport-McMoRan Inc’s next quarterly earnings report is expected to be released on April 23. The annual dividend yield of the stock is 0.64 percent and its annual dividend per share was 0.30. It is important to note, however, that the 0.64% 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 0.60% of Freeport-McMoRan Inc shares, and 82.22% of them are in the hands of institutional investors. The stock currently has a share float of 82.71%. Freeport-McMoRan Inc stock is held by 1,899 institutions, with Vanguard Group Inc being the largest institutional investor. By Jun 29, 2023, it held 8.31% of the shares, which is about 119.06 million shares worth $4.76 billion.

Blackrock Inc., with 7.50% or 107.53 million shares worth $4.3 billion as of Jun 29, 2023, 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 Jun 29, 2023. The former held 44.77 million shares worth $1.79 billion, making up 3.12% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 34.12 million shares worth around $1.36 billion, which represents about 2.38% of the total shares outstanding.