How Freeport-McMoRan Inc (NYSE: FCX) Could Be A Loss Maker Since It Is Up 16.75% YTD?


During the last session, Freeport-McMoRan Inc (NYSE:FCX)’s traded shares were 19.94 million, with the beta value of the company hitting 2.06. At the end of the trading day, the stock’s price was $49.61, reflecting an intraday gain of 2.54% or $1.23. The 52-week high for the FCX share is $48.83, that puts it up 1.57 from that peak though still a striking 33.94% gain since the share price plummeted to a 52-week low of $32.77. The company’s market capitalization is $71.16B, and the average intraday trading volume over the past 10 days was 14.75 million shares, and the average trade volume was 13.15 million shares over the past three months.

Freeport-McMoRan Inc (NYSE:FCX) trade information

Freeport-McMoRan Inc (FCX) registered a 2.54% upside in the last session and has traded in the green over the past 5 sessions. The stock spiked 2.54% in intraday trading to $49.61, hitting a weekly high. The stock’s 5-day price performance is 10.91%, and it has moved by 29.46% in 30 days. Based on these gigs, the overall price performance for the year is 22.18%. The short interest in Freeport-McMoRan Inc (NYSE:FCX) is 17.75 million shares and it means that shorts have 1.39 day(s) to cover.

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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 up 35.92% during the last six months, with a year-to-date growth rate less than the industry average at 1.95% against 11.70. Yet analysts are ramping up their growth forecast for the fiscal year 2024. Revenue is predicted to shrink -34.60% this quarter and then jump 2.90% in the quarter after that. In the rating firms’ projections, revenue will increase 4.00% compared to the previous financial year.

Revenue for the current quarter is expected to be $5.68 billion as predicted by 3 analyst(s). Meanwhile, a consensus of 2 analyst(s) estimates revenue growth to $5.46 billion by the end of Jun 2024. As per earnings report from last fiscal year’s results, sales for the corresponding quarters totaled $5.39 billion and $5.74 billion respectively. In this case, analysts expect current quarter sales to grow by 5.40% and then drop by -4.90% in the coming quarter.

An analysis of the company’s performance over the past 5 years shows that the company’s earnings shrunk an estimated -6.56%. While earnings are projected to return 1.74% in 2024, the next five years will return -1.07% per annum.

FCX Dividends

Freeport-McMoRan Inc is due to release its next quarterly earnings between April 19 and April 23. 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 0.60 percent, continuing the trend of increasing dividends in recent years.

Freeport-McMoRan Inc (NYSE:FCX)’s Major holders

Freeport-McMoRan Inc insiders own 0.60% of total outstanding shares while institutional holders control 82.16%, with the float percentage being 82.66%. Vanguard Group Inc is the largest shareholder of the company, while 1,886 institutions own stock in it. As of Jun 29, 2023, the company held over 119.06 million shares (or 8.31% of all shares), a total value of $4.76 billion in shares.

The next largest institutional holding, with 107.53 million shares, is of Blackrock Inc.’s that is approximately 7.50% of outstanding shares. At the market price on Jun 29, 2023, these shares were valued at $4.3 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 Jun 29, 2023 indicates that Vanguard Total Stock Market Index Fund owns about 44.77 million shares. This amounts to just over 3.12 percent of the company’s overall shares, with a $1.79 billion market value. The same data shows that the other fund manager holds slightly less at 34.12 million, or about 2.38% of the stock, which is worth about $1.36 billion.