Yahoo Finance Freeport-McMoRan (FCX) Stock Falls Amid Market Uptick: What Investors Need to Know
The most recent trading session ended with Freeport-McMoRan (FCX) standing at $49.34, reflecting a -1.32% shift from the previouse trading day's closing. This change lagged the S&P 500's daily gain of 0.27%. Elsewhere, the Dow saw a downswing of 0.31%, while the tech-heavy Nasdaq appreciated by 0.88%.
Heading into today, shares of the mining company had lost 3.92% over the past month, lagging the Basic Materials sector's loss of 2.41% and the S&P 500's gain of 2.85% in that time.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company's upcoming EPS is projected at $0.45, signifying a 28.57% increase compared to the same quarter of the previous year. In the meantime, our current consensus estimate forecasts the revenue to be $6.01 billion, indicating a 4.76% growth compared to the corresponding quarter of the prior year.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $1.71 per share and revenue of $25.23 billion. These results would represent year-over-year changes of +11.04% and +10.39%, respectively.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These recent revisions tend to reflect the evolving nature of short-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.1% higher. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
Looking at valuation, Freeport-McMoRan is presently trading at a Forward P/E ratio of 29.21. This indicates a premium in contrast to its industry's Forward P/E of 16.83.
It is also worth noting that FCX currently has a PEG ratio of 2.18. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. By the end of yesterday's trading, the Mining - Non Ferrous industry had an average PEG ratio of 0.81.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 36, which puts it in the top 15% 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.
Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report
