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Freeport-McMoRan (FCX) Outpaces Stock Market Gains: What You Should Know
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In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $41.20, marking a +0.71% move from the previous day. This change outpaced the S&P 500's 0.37% gain on the day. Elsewhere, the Dow gained 0.98%, while the tech-heavy Nasdaq added 0.62%.
Heading into today, shares of the mining company had lost 6.45% over the past month, lagging the Basic Materials sector's gain of 1.4% and the S&P 500's gain of 3.71% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. On that day, Freeport-McMoRan is projected to report earnings of $0.42 per share, which would represent a year-over-year decline of 60.75%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.38 billion, down 18.55% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.05 per share and revenue of $23.3 billion. These results would represent year-over-year changes of -15.98% and +2.3%, respectively.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. The Zacks Consensus EPS estimate has moved 3.67% higher within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 19.94. Its industry sports an average Forward P/E of 16.08, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 195, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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Freeport-McMoRan (FCX) Outpaces Stock Market Gains: What You Should Know
In the latest trading session, Freeport-McMoRan (FCX - Free Report) closed at $41.20, marking a +0.71% move from the previous day. This change outpaced the S&P 500's 0.37% gain on the day. Elsewhere, the Dow gained 0.98%, while the tech-heavy Nasdaq added 0.62%.
Heading into today, shares of the mining company had lost 6.45% over the past month, lagging the Basic Materials sector's gain of 1.4% and the S&P 500's gain of 3.71% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. On that day, Freeport-McMoRan is projected to report earnings of $0.42 per share, which would represent a year-over-year decline of 60.75%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.38 billion, down 18.55% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.05 per share and revenue of $23.3 billion. These results would represent year-over-year changes of -15.98% and +2.3%, respectively.
It is also important to note the recent changes to analyst estimates for Freeport-McMoRan. 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.
Our research shows that these estimate changes are directly correlated with near-term stock prices. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable 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. The Zacks Consensus EPS estimate has moved 3.67% higher within the past month. Freeport-McMoRan is currently a Zacks Rank #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 19.94. Its industry sports an average Forward P/E of 16.08, so we one might conclude that Freeport-McMoRan is trading at a premium comparatively.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 195, which puts it in the bottom 23% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.