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Freeport-McMoRan (FCX) Dips More Than Broader Markets: What You Should Know
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Freeport-McMoRan (FCX - Free Report) closed at $37.04 in the latest trading session, marking a -0.4% move from the prior day. This change lagged the S&P 500's 0.2% loss on the day. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 1.54%.
Prior to today's trading, shares of the mining company had gained 1.97% over the past month. This has outpaced the Basic Materials sector's loss of 2.2% and lagged the S&P 500's gain of 4.14% in that time.
Freeport-McMoRan will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.53, down 8.62% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.99 billion, up 10.57% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.09 per share and revenue of $23.92 billion, which would represent changes of -14.34% and +5%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 2.76% higher within the past month. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 17.84. This represents a premium compared to its industry's average Forward P/E of 14.46.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Freeport-McMoRan (FCX) Dips More Than Broader Markets: What You Should Know
Freeport-McMoRan (FCX - Free Report) closed at $37.04 in the latest trading session, marking a -0.4% move from the prior day. This change lagged the S&P 500's 0.2% loss on the day. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 1.54%.
Prior to today's trading, shares of the mining company had gained 1.97% over the past month. This has outpaced the Basic Materials sector's loss of 2.2% and lagged the S&P 500's gain of 4.14% in that time.
Freeport-McMoRan will be looking to display strength as it nears its next earnings release. The company is expected to report EPS of $0.53, down 8.62% from the prior-year quarter. Our most recent consensus estimate is calling for quarterly revenue of $5.99 billion, up 10.57% from the year-ago period.
For the full year, our Zacks Consensus Estimates are projecting earnings of $2.09 per share and revenue of $23.92 billion, which would represent changes of -14.34% and +5%, respectively, from the prior year.
Investors should also note any recent changes to analyst estimates for Freeport-McMoRan. These revisions help to show the ever-changing nature of near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an 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 2.76% higher within the past month. Freeport-McMoRan is holding a Zacks Rank of #3 (Hold) right now.
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 17.84. This represents a premium compared to its industry's average Forward P/E of 14.46.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 66, putting it in the top 27% 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.