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Freeport-McMoRan (FCX) Stock Sinks As Market Gains: What You Should Know

Zacks Equity Research
·2 min read

Freeport-McMoRan (FCX) closed at $31.15 in the latest trading session, marking a -0.06% move from the prior day. This move lagged the S&P 500's daily gain of 0.55%. Meanwhile, the Dow gained 0.18%, and the Nasdaq, a tech-heavy index, added 1.03%.

Coming into today, shares of the mining company had gained 25.38% in the past month. In that same time, the Basic Materials sector gained 17.36%, while the S&P 500 gained 3.13%.

Wall Street will be looking for positivity from FCX as it approaches its next earnings report date. On that day, FCX is projected to report earnings of $0.33 per share, which would represent year-over-year growth of 1550%. Our most recent consensus estimate is calling for quarterly revenue of $4.01 billion, up 2.65% from the year-ago period.

Any recent changes to analyst estimates for FCX should also be noted by investors. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the company's business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.45% higher. FCX is currently sporting a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that FCX has a Forward P/E ratio of 16.25 right now. Its industry sports an average Forward P/E of 16.25, so we one might conclude that FCX is trading at a no noticeable deviation comparatively.

The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 229, which puts it in the bottom 11% of all 250+ industries.

The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Make sure to utilize Zacks. Com to follow all of these stock-moving metrics, and more, in the coming trading sessions.


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