Freeport-McMoRan (FCX) closed at $34.23 in the latest trading session, marking a -1.55% move from the prior day. Meanwhile, the Dow lost 0.15%, and the Nasdaq, a tech-heavy index, lost 2.33%.
Heading into today, shares of the mining company had lost 7.6% over the past month, lagging the Basic Materials sector's loss of 6.18% and the S&P 500's gain of 1.03% in that time.
Investors will be hoping for strength from Freeport-McMoRan as it approaches its next earnings release. In that report, analysts expect Freeport-McMoRan to post earnings of $0.52 per share. This would mark a year-over-year decline of 10.34%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.99 billion, up 10.57% from the year-ago period.
FCX's full-year Zacks Consensus Estimates are calling for earnings of $2.09 per share and revenue of $23.92 billion. These results would represent year-over-year changes of -14.34% and +5%, respectively.
Investors might also notice recent changes to analyst estimates for Freeport-McMoRan. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.
The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 2.76% higher. 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 16.68. This valuation marks a premium compared to its industry's average Forward P/E of 14.57.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 84, which puts it in the top 34% 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.
You can find more information on all of these metrics, and much more, on Zacks.com.
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