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Freeport-McMoRan (FCX) Stock Falls Amid Market Uptick: What Investors Need to Know
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The latest trading session saw Freeport-McMoRan (FCX - Free Report) ending at $37.42, denoting a -1.19% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.46% for the day. At the same time, the Dow added 0.48%, and the tech-heavy Nasdaq gained 0.7%.
Heading into today, shares of the mining company had gained 13.28% over the past month, outpacing the Basic Materials sector's gain of 5.86% and the S&P 500's gain of 4.85% in that time.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is expected to report EPS of $0.32, down 38.46% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $5.82 billion, indicating a 1.16% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.54 per share and a revenue of $22.85 billion, representing changes of -36.89% and +0.32%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.3% increase. At present, Freeport-McMoRan boasts a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 24.62. This denotes a premium relative to the industry's average Forward P/E of 17.12.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 241, putting it in the bottom 5% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.
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Freeport-McMoRan (FCX) Stock Falls Amid Market Uptick: What Investors Need to Know
The latest trading session saw Freeport-McMoRan (FCX - Free Report) ending at $37.42, denoting a -1.19% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.46% for the day. At the same time, the Dow added 0.48%, and the tech-heavy Nasdaq gained 0.7%.
Heading into today, shares of the mining company had gained 13.28% over the past month, outpacing the Basic Materials sector's gain of 5.86% and the S&P 500's gain of 4.85% in that time.
Investors will be eagerly watching for the performance of Freeport-McMoRan in its upcoming earnings disclosure. The company is expected to report EPS of $0.32, down 38.46% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $5.82 billion, indicating a 1.16% increase compared to the same quarter of the previous year.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.54 per share and a revenue of $22.85 billion, representing changes of -36.89% and +0.32%, respectively, from the prior year.
Furthermore, it would be beneficial for investors to monitor any recent shifts in analyst projections for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational 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. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 1.3% increase. At present, Freeport-McMoRan boasts a Zacks Rank of #5 (Strong Sell).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 24.62. This denotes a premium relative to the industry's average Forward P/E of 17.12.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 241, putting it in the bottom 5% of all 250+ industries.
The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.