Freeport-McMoRan Inc. (FCX) can make a big difference with a little luck

Freeport-McMoRan Inc. (NYSE: FCX) stock fell -5.45% on Friday to $28.10 against a previous-day closing price of $29.72. With 18.73 million shares changed hands, the volume of the stock remained lighter than its average volume of 19.78 million shares. During the session, the Copper company that operates in wider Basic Materials sector, reached to the highest price of $29.98 whereas the lowest price it dropped to was $28.08. The 52-week range on FCX shows that it touched its highest point at $51.76 and its lowest point at $24.80 during that stretch. It currently has a 1-year price target of $38.27. With its current market cap of 40.78 billion, FCX has annualized dividend of $0.60 while the current yield stands at 2.14%. Beta for the stock currently stands at 2.00.

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Price Performance and Earnings:

Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of FCX was down-trending over the past week, with a drop of -6.43%, but this was down by -5.89% over a month. Three-month performance dropped to -10.03% while six-month performance fell -43.39%. The stock lost -7.25% in the past year, while it has lost -32.25% so far this year. A look at the trailing 12-month EPS for FCX yields 3.30 with Next year EPS estimates of 2.11. For the next quarter, that number is 0.48. This implies an EPS growth rate of 611.10% for this year and -21.51% for next year.

Float and Shares Shorts:

At present, 1.45 billion FCX shares are outstanding with a float of 1.42 billion shares on hand for trading. On Jul 14, 2022, short shares totaled 30.93 million, which was 2.13% higher than short shares on Jun 14, 2022. In addition to Mr. Richard C. Adkerson as the firm’s Chairman & CEO, Ms. Kathleen Lynne Quirk serves as its Pres.


Institutional Ownership:

Through their ownership of 80.19% of FCX’s outstanding shares, institutional investors have majority control over the company. Other institutions hold 45.78% of FCX, in contrast to 33.15% held by mutual funds. Shares owned by individuals account for 1.63%. As the largest shareholder in FCX with 7.81% of the stake, The Vanguard Group, Inc. holds 111,607,738 shares worth 111,607,738. A second-largest stockholder of FCX, Fidelity Management & Research Co, holds 104,413,367 shares, controlling over 7.31% of the firm’s shares. Capital Research & Management Co is the third largest shareholder in FCX, holding 68,577,323 shares or 4.80% stake. With a 3.00% stake in FCX, the Vanguard Total Stock Market Index is the largest stakeholder. A total of 42,900,970 shares are owned by the mutual fund manager. The Vanguard 500 Index Fund, which owns about 2.26% of FCX stock, is the second-largest Mutual Fund holder. It holds 32,347,146 shares valued at 957.48 million. American Funds Growth Fund of Ame holds 1.62% of the stake in FCX, owning 23,136,503 shares worth 684.84 million.

Analysts Ratings:

Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FCX since 22 analysts follow the stock currently. There are 11 analysts who recommend BUY ratings, while 1 suggest SELL ratings. Of the remaining analysts, 9 believe that the stock is worth HOLDING, 1 give it an OVERWEIGHT rating, and 0 thinks that it’s UNDERWEIGHT. In the same way, a target price assigned to a stock can also reveal much about its potential. With FCX analysts setting a high price target of $55.00 and a low target of $24.00, the average target price over the next 12 months is $38.41. Based on these targets, FCX could surge 95.73% to reach the target high and fall by -14.59% to reach the target low. Reaching the average price target will result in a growth of 36.69% from current levels.


EPS: Estimates vs Actual

It is also common to use earnings estimates to evaluate a firm’s growth potential and to determine trading strategy. FCX will report FY 2022 earnings on 01/26/2023. Analysts have provided yearly estimates in a range of $3.29 being high and $2.23 being low. For FCX, this leads to a yearly average estimate of $2.74. The earnings surprise of a firm occurs when the actual results change from the consensus earnings estimate. Freeport-McMoRan Inc. surprised analysts by -$0.04 when it reported $0.58 EPS against a consensus estimate of $0.62. The surprise factor in the prior quarter was $0.14. Based on analyst estimates, the high estimate for the next quarter is $0.81 and the low estimate is $0.29. The average estimate for the next quarter is thus $0.51.

Summary of Insider Activity:

Insiders traded FCX stock several times over the past three months with 3 Buys and 0 Sells. In these transactions, 4,708 shares were bought while 0 shares were sold. The number of buy transactions has increased to 54 while that of sell transactions has risen to 19 over the past year. The total number of shares bought during that period was 3,192,622 while 2,020,908 shares were sold.

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