Freeport-McMoRan (FCX) Declines More Than Market: Some Information for Investors
Freeport-McMoRan (FCX) closed at $41.34 in the latest trading session, marking a -1.99% move from the prior day. The stock's change was less than the S&P 500's daily loss of 1.47%. Elsewhere, the Dow lost 1.27%, while the tech-heavy Nasdaq lost 1.5%.
Heading into today, shares of the mining company had gained 14% over the past month, outpacing the Basic Materials sector's gain of 8.65% and the S&P 500's gain of 5.77% in that time.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company's earnings per share (EPS) are projected to be $0.32, reflecting a 38.46% decrease from the same quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $5.82 billion, showing a 1.16% escalation compared to the year-ago quarter.
For the full year, the Zacks Consensus Estimates are projecting earnings of $1.54 per share and revenue of $22.85 billion, which would represent changes of -36.89% and +0.32%, respectively, from the prior year.
Investors should also pay attention to any latest changes in analyst estimates for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 6.44% upward. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
Digging into valuation, Freeport-McMoRan currently has a Forward P/E ratio of 27.42. For comparison, its industry has an average Forward P/E of 19.57, which means Freeport-McMoRan is trading at a premium to the group.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 197, putting it in the bottom 22% of all 250+ industries.
The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
