Freeport-McMoRan (FCX) Ascends While Market Falls: Some Facts to Note
The latest trading session saw Freeport-McMoRan (FCX) ending at $38.32, denoting a +1.03% adjustment from its last day's close. The stock exceeded the S&P 500, which registered a loss of 0.12% for the day. Meanwhile, the Dow lost 0.25%, and the Nasdaq, a tech-heavy index, lost 0.41%.
Heading into today, shares of the mining company had lost 5.41% over the past month, lagging the Basic Materials sector's gain of 0.72% and the S&P 500's gain of 4.83% in that time.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is forecasted to report an EPS of $0.36, showcasing a 30.77% downward movement from the corresponding quarter of the prior year. Our most recent consensus estimate is calling for quarterly revenue of $5.64 billion, up 4.75% from the year-ago period.
For the annual period, the Zacks Consensus Estimates anticipate earnings of $1.52 per share and a revenue of $23.19 billion, signifying shifts of -1.3% and +1.48%, respectively, from the last year.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To exploit this, we've formed the Zacks Rank, a quantitative model that includes these estimate changes and presents a viable rating system.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.27% higher. Freeport-McMoRan currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Freeport-McMoRan is presently being traded at a Forward P/E ratio of 24.9. This expresses a premium compared to the average Forward P/E of 14 of its industry.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 157, putting it in the bottom 38% of all 250+ industries.
The Zacks Industry Rank assesses the vigor of our specific industry groups by computing the average Zacks Rank of the individual stocks incorporated in the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
