In today’s recent session, 1.52 million shares of the Freeport-McMoRan Inc (NYSE:FCX) have been traded, and its beta is 1.88. Most recently the company’s share price was $43.60, and it changed around -$0.52 or -1.18% from the last close, which brings the market valuation of the company to $62.65B. FCX at last check was trading at a discount to its 52-week high of $55.07, offering almost -26.31% off that amount. The share price’s 52-week low was $35.81, which indicates that the recent value has risen by an impressive 17.87% since then. We note from Freeport-McMoRan Inc’s average daily trading volume that its 10-day average is 13.32 million shares, with the 3-month average coming to 11.41 million.
Freeport-McMoRan Inc stock received a consensus recommendation rating of Hold, based on a mean score of 1.71. If we narrow it down even further, the data shows that 4 out of 31 analysts rate the stock as a Sell; another 5 rate it as Overweight. Among the rest, 12 recommended FCX as a Hold, whereas 10 deemed it a Buy, and 0 rated it as Underweight. Freeport-McMoRan Inc is expected to report earnings per share of 0.34 for the current quarter.
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Freeport-McMoRan Inc (NYSE:FCX) trade information
Instantly FCX has been showing red trend so far today with a performance of -1.18% on intraday trading today. The performance over the last five days has remained in the green territory. The rise to weekly highs of 44.20 on recent trading dayincreased the stock’s daily price by 1.36%. The company’s shares are currently up 3.07% year-to-date, but still up 1.12% over the last five days. On the other hand, Freeport-McMoRan Inc (NYSE:FCX) is -10.16% down in the 30-day period. We can see from the shorts that 23.58 million shares have been sold at a short interest cover period of 2.39 day(s).
The consensus price target as assigned by Wall Street analysts is $47, which translates to bulls needing to increase their stock price by 7.23% from its current value. Analyst projections state that FCX is forecast to be at a low of $24 and a high of $58.
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 fallen -14.64 percent over the past six months and at a -1.95% annual growth rate that is well below the industry average of 13.00%. Moreover, analysts have decided to roll up on their fiscal year 2024 revenue estimates. The rating firms predict that it will gain 25.31% in revenue this quarter, and will report an increase of 52.80% in the next quarter. The year-over-year growth rate is expected to be 13.93%, up from the previous year.
Consensus estimates provided by 3 financial analysts predict the company will bring in an average of 6.14B in revenue for the current quarter. 2 analysts expect Freeport-McMoRan Inc to make 7.03B in revenue for the current ending quarter. The company’s sales for the same quarters a year ago were 5.91B and 6.32B respectively. Analysts predict that the company’s current quarter sales will jump, forecast at 3.92%. Forecasts for the next quarter put sales growth at 11.29%.
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 -0.25% in 2024, but the outlook is positive 24.99% per year for the next five years.
FCX Dividends
Freeport-McMoRan Inc’s next quarterly earnings report is expected to be released in December. The annual dividend yield of the stock is 0.69 percent and its annual dividend per share was 0.30. It is important to note, however, that the 0.69% dividend yield ratio should be regarded as a guide only, as many other factors should be taken into consideration before making any investment decision. The average dividend yield for the past five years averaged 3.73 per year.
Freeport-McMoRan Inc (NYSE:FCX)’s Major holders
Upon looking at major shareholders, it appears that insiders hold 0.63% of Freeport-McMoRan Inc shares, and 85.29% of them are in the hands of institutional investors. The stock currently has a share float of 85.83%. Freeport-McMoRan Inc stock is held by 2044.0 institutions, with VANGUARD GROUP INC being the largest institutional investor. By 2024-06-30, it held 8.4606% of the shares, which is about 121.49 million shares worth $5.9 billion.
BLACKROCK INC., with 7.5409% or 108.29 million shares worth $5.26 billion as of 2024-06-30, 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 30, 2024. The former held 45.42 shares worth $1.98 billion, making up 3.16% of all outstanding shares. On the other hand, Vanguard 500 Index Fund held roughly 36.87 shares worth around $1.61 billion, which represents about 2.57% of the total shares outstanding.
