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Freeport-McMoRan (FCX) Ascends While Market Falls: Some Facts to Note
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Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $49.54, moving +1.37% from the previous trading session. This change outpaced the S&P 500's 0.21% loss on the day. On the other hand, the Dow registered a loss of 0.14%, and the technology-centric Nasdaq decreased by 0.05%.
The mining company's shares have seen an increase of 18.33% over the last month, surpassing the Basic Materials sector's gain of 5.2% and the S&P 500's gain of 5.94%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company is predicted to post an EPS of $0.40, indicating a 2.56% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $6.49 billion, showing a 11.35% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.58 per share and a revenue of $25.92 billion, representing changes of +2.6% and +13.42%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 5.77% fall in the Zacks Consensus EPS estimate. As of now, Freeport-McMoRan holds a Zacks Rank of #3 (Hold).
With respect to valuation, Freeport-McMoRan is currently being traded at a Forward P/E ratio of 30.85. This expresses a premium compared to the average Forward P/E of 20.6 of its industry.
One should further note that FCX currently holds a PEG ratio of 2.03. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 0.87 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.
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Freeport-McMoRan (FCX) Ascends While Market Falls: Some Facts to Note
Freeport-McMoRan (FCX - Free Report) closed the most recent trading day at $49.54, moving +1.37% from the previous trading session. This change outpaced the S&P 500's 0.21% loss on the day. On the other hand, the Dow registered a loss of 0.14%, and the technology-centric Nasdaq decreased by 0.05%.
The mining company's shares have seen an increase of 18.33% over the last month, surpassing the Basic Materials sector's gain of 5.2% and the S&P 500's gain of 5.94%.
Market participants will be closely following the financial results of Freeport-McMoRan in its upcoming release. The company is predicted to post an EPS of $0.40, indicating a 2.56% growth compared to the equivalent quarter last year. Simultaneously, our latest consensus estimate expects the revenue to be $6.49 billion, showing a 11.35% escalation compared to the year-ago quarter.
For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.58 per share and a revenue of $25.92 billion, representing changes of +2.6% and +13.42%, respectively, from the prior year.
Investors should also take note of any recent adjustments to analyst estimates for Freeport-McMoRan. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. 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, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, there's been a 5.77% fall in the Zacks Consensus EPS estimate. As of now, Freeport-McMoRan holds a Zacks Rank of #3 (Hold).
With respect to valuation, Freeport-McMoRan is currently being traded at a Forward P/E ratio of 30.85. This expresses a premium compared to the average Forward P/E of 20.6 of its industry.
One should further note that FCX currently holds a PEG ratio of 2.03. This metric is used similarly to the famous P/E ratio, but the PEG ratio also takes into account the stock's expected earnings growth rate. The Mining - Non Ferrous industry currently had an average PEG ratio of 0.87 as of yesterday's close.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 104, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank is ordered 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.
To follow FCX in the coming trading sessions, be sure to utilize Zacks.com.