Freeport-McMoRan (FCX) Stock Drops Despite Market Gains: Important Facts to Note
In the latest market close, Freeport-McMoRan (FCX) reached $40.36, with a -0.15% movement compared to the previous day. The stock trailed the S&P 500, which registered a daily gain of 1.12%. Meanwhile, the Dow experienced a rise of 0.61%, and the technology-dominated Nasdaq saw an increase of 1.54%.
Coming into today, shares of the mining company had gained 7.24% in the past month. In that same time, the Basic Materials sector gained 5.41%, while the S&P 500 gained 2.06%.
The investment community will be closely monitoring the performance of Freeport-McMoRan in its forthcoming earnings report. In that report, analysts expect Freeport-McMoRan to post earnings of $0.36 per share. This would mark a year-over-year decline of 30.77%. Meanwhile, the latest consensus estimate predicts the revenue to be $5.64 billion, indicating a 4.75% increase compared to the same quarter of the previous year.
Regarding the entire year, the Zacks Consensus Estimates forecast earnings of $1.52 per share and revenue of $23.19 billion, indicating changes of -1.3% and +1.48%, respectively, compared to the previous year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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. Over the last 30 days, the Zacks Consensus EPS estimate has moved 4.47% higher. As of now, Freeport-McMoRan holds a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 26.53. This indicates a premium in contrast to its industry's Forward P/E of 14.56.
The Mining - Non Ferrous industry is part of the Basic Materials sector. Currently, this industry holds a Zacks Industry Rank of 195, positioning it in the bottom 23% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
