Freeport-McMoRan (FCX) closed at $60.49 in the latest trading session, marking a +1.9% move from the prior day. This move outpaced the S&P 500's daily gain of 0.83%. Meanwhile, the Dow experienced a rise of 0.5%, and the technology-dominated Nasdaq saw an increase of 1.38%.
Shares of the mining company witnessed a loss of 2.16% over the previous month, trailing the performance of the Basic Materials sector with its loss of 0.27%, and outperforming the S&P 500's loss of 2.65%.
The upcoming earnings release of Freeport-McMoRan will be of great interest to investors. The company is expected to report EPS of $0.49, up 104.17% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $5.61 billion, down 2% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.55 per share and a revenue of $27.66 billion, indicating changes of +44.07% and +6.73%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Freeport-McMoRan. Such recent modifications usually signify the changing landscape of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. 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.
The Zacks Rank system, running from #1 (Strong Buy) to #5 (Strong Sell), holds an admirable track record of superior performance, independently audited, with #1 stocks contributing an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 7.79% higher. Freeport-McMoRan is currently sporting a Zacks Rank of #3 (Hold).
In terms of valuation, Freeport-McMoRan is currently trading at a Forward P/E ratio of 23.3. This expresses a discount compared to the average Forward P/E of 24.12 of its industry.
Investors should also note that FCX has a PEG ratio of 0.7 right now. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Mining - Non Ferrous industry held an average PEG ratio of 1.91.
The Mining - Non Ferrous industry is part of the Basic Materials sector. This industry currently has a Zacks Industry Rank of 92, which puts it in the top 38% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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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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