Freeport-McMoRan Inc. (NYSE: FCX) stock fell -4.24% on Wednesday to $33.21 against a previous-day closing price of $34.68. With 17.55 million shares changed hands, the volume of the stock remained heavier than its average volume of 12.87 million shares. During the session, the Copper company that operates in wider Basic Materials sector, reached to the highest price of $34.12 whereas the lowest price it dropped to was $33.05. The 52-week range on FCX shows that it touched its highest point at $46.64 and its lowest point at $24.65 during that stretch. It currently has a 1-year price target of $46.42. With its current market cap of 47.53 billion, FCX has annualized dividend of $0.30 while the current yield stands at 0.90%. Beta for the stock currently stands at 1.99.
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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 -7.29%, but this was down by -12.03% over a month. Three-month performance dropped to -18.03% while six-month performance fell -7.76%. The stock lost -12.63% in the past year, while it has lost -12.30% so far this year. A look at the trailing 12-month EPS for FCX yields 1.79 with Next year EPS estimates of 2.26. For the next quarter, that number is 0.55. This implies an EPS growth rate of -17.80% for this year and 11.01% for next year. EPS is expected to decline by -8.55% annually over the next five years; however, over the past five years, the company experienced an annual growth rate of 20.60%.
Float and Shares Shorts:
At present, 1.43 billion FCX shares are outstanding with a float of 1.42 billion shares on hand for trading. On Apr 27, 2023, short shares totaled 20.3 million, which was 1.42% higher than short shares on Mar 30, 2023. In addition to Mr. Richard C. Adkerson as the firm’s Chairman & CEO, Ms. Kathleen Lynne Quirk serves as its Pres & Director.
Institutional Ownership:
Other institutions hold 48.89% of FCX, in contrast to 31.13% held by mutual funds. Shares owned by individuals account for 1.70%. As the largest shareholder in FCX with 7.90% of the stake, The Vanguard Group, Inc. holds 113,055,260 shares worth 113,055,260. A second-largest stockholder of FCX, Fidelity Management & Research Co, holds 86,175,565 shares, controlling over 6.02% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in FCX, holding 62,355,581 shares or 4.36% stake. With a 3.11% stake in FCX, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 44,454,846 shares are owned by the mutual fund manager. The RBC Global Resources Fund, which owns about 2.91% of FCX stock, is the second-largest Mutual Fund holder. It holds 41,600,000 shares valued at 1.58 billion. Vanguard 500 Index Fund holds 2.35% of the stake in FCX, owning 33,548,785 shares worth 1.27 billion.
An Overview of Recent Financials:
Understanding a company as a customer does not mean you will understand it as an investor. The wise investor uses quantitative research to analyze metrics such as revenue, net income, and earnings. In its fiscal quarter reported on Mar 30, 2023, FCX reported revenue of $5.42B and operating income of $1.73B. The EBITDA in the recently reported quarter was $2.25B and diluted EPS was $0.57.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for FCX since 0 analysts follow the stock currently. 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 $57.00 and a low target of $29.00, the average target price over the next 12 months is $46.22. Based on these targets, FCX could surge 71.64% to reach the target high and fall by -12.68% to reach the target low. Reaching the average price target will result in a growth of 39.17% 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.
Summary of Insider Activity:
Insiders traded FCX stock several times over the past three months with 4 Buys and 3 Sells. In these transactions, 9,221 shares were bought while 24,788 shares were sold. The number of buy transactions has increased to 38 while that of sell transactions has risen to 17 over the past year. The total number of shares bought during that period was 2,442,353 while 1,324,477 shares were sold.
