Freeport-McMoRan (FCX) closed at $76.45 in the latest trading session, marking a -2.51% move from the prior day. The stock's performance was behind the S&P 500's daily loss of 0.25%. At the same time, the Dow lost 0.02%, and the tech-heavy Nasdaq lost 0.52%.
The stock of mining company has risen by 23.61% in the past month, leading the Basic Materials sector's gain of 15.14% and the S&P 500's gain of 4.34%.
The investment community will be paying close attention to the earnings performance of Freeport-McMoRan in its upcoming release. The company is forecasted to report an EPS of $0.73, showcasing a 46% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $7.07 billion, up 1.4% from the year-ago period.
Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $2.79 per share and revenue of $28.56 billion. These totals would mark changes of +57.63% and +10.21%, respectively, from last year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.
Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To capitalize on this, we've crafted the Zacks Rank, a unique model that incorporates these estimate changes and offers a practical 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 past month, the Zacks Consensus EPS estimate has moved 1.64% higher. Right now, Freeport-McMoRan possesses a Zacks Rank of #3 (Hold).
Investors should also note Freeport-McMoRan's current valuation metrics, including its Forward P/E ratio of 28.07. This denotes a discount relative to the industry average Forward P/E of 28.25.
It's also important to note that FCX currently trades at a PEG ratio of 0.78. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The Mining - Non Ferrous industry had an average PEG ratio of 1.1 as trading concluded yesterday.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This group has a Zacks Industry Rank of 207, putting it in the bottom 16% 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Freeport-McMoRan Inc. (FCX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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