Scotiabank Increases Earnings Estimates for Freeport-McMoRan

Freeport-McMoRan Inc. (NYSE:FCX) – Equities research analysts at Scotiabank upped their FY2026 earnings per share estimates for Freeport-McMoRan in a report released on Wednesday, March 19th. Scotiabank analyst O. Wowkodaw now expects that the natural resource company will post earnings of $1.49 per share for the year, up from their prior estimate of $1.42. Scotiabank has a “Sector Perform” rating and a $45.00 price objective on the stock. The consensus estimate for Freeport-McMoRan’s current full-year earnings is $1.68 per share.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%.

Several other research analysts have also recently weighed in on FCX. Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. BMO Capital Markets lowered their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. JPMorgan Chase & Co. upgraded shares of Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their price target for the company from $48.00 to $52.00 in a research note on Thursday, March 20th. Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and reduced their target price for the company from $51.00 to $46.00 in a research report on Tuesday, January 7th. Finally, StockNews.com lowered Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, March 20th. Six equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Freeport-McMoRan has an average rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Performance

FCX stock opened at $41.66 on Monday. The firm has a market cap of $59.87 billion, a PE ratio of 32.30, a P/E/G ratio of 0.87 and a beta of 1.87. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. The business’s 50-day moving average price is $38.08 and its two-hundred day moving average price is $41.97. Freeport-McMoRan has a 1-year low of $33.98 and a 1-year high of $55.24.

Institutional Trading of Freeport-McMoRan

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Freeport-McMoRan by 0.5% in the fourth quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock worth $4,692,191,000 after purchasing an additional 642,776 shares during the period. Fisher Asset Management LLC grew its stake in shares of Freeport-McMoRan by 2.4% in the third quarter. Fisher Asset Management LLC now owns 59,409,395 shares of the natural resource company’s stock worth $2,965,717,000 after acquiring an additional 1,392,494 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company’s stock worth $1,214,203,000 after purchasing an additional 5,735,171 shares during the period. Geode Capital Management LLC grew its position in Freeport-McMoRan by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 29,579,298 shares of the natural resource company’s stock valued at $1,122,922,000 after buying an additional 688,240 shares during the period. Finally, Franklin Resources Inc. increased its stake in shares of Freeport-McMoRan by 8.0% in the 4th quarter. Franklin Resources Inc. now owns 29,502,220 shares of the natural resource company’s stock worth $1,123,445,000 after purchasing an additional 2,191,926 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.