Freeport-McMoRan Inc. (NYSE:FCX) Shares Bought by Wolverine Asset Management LLC

Wolverine Asset Management LLC lifted its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.0% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 24,000 shares of the natural resource company’s stock after acquiring an additional 8,000 shares during the period. Wolverine Asset Management LLC’s holdings in Freeport-McMoRan were worth $1,022,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in FCX. Fulton Bank N.A. lifted its position in Freeport-McMoRan by 2.6% during the fourth quarter. Fulton Bank N.A. now owns 10,606 shares of the natural resource company’s stock worth $451,000 after buying an additional 267 shares during the period. Drive Wealth Management LLC raised its holdings in shares of Freeport-McMoRan by 2.8% in the 4th quarter. Drive Wealth Management LLC now owns 9,840 shares of the natural resource company’s stock worth $419,000 after purchasing an additional 267 shares during the period. Sound Income Strategies LLC grew its stake in shares of Freeport-McMoRan by 38.8% in the fourth quarter. Sound Income Strategies LLC now owns 965 shares of the natural resource company’s stock valued at $41,000 after buying an additional 270 shares in the last quarter. PFG Investments LLC grew its stake in shares of Freeport-McMoRan by 1.7% in the fourth quarter. PFG Investments LLC now owns 16,844 shares of the natural resource company’s stock valued at $717,000 after buying an additional 285 shares in the last quarter. Finally, Oarsman Capital Inc. grew its stake in shares of Freeport-McMoRan by 0.7% in the third quarter. Oarsman Capital Inc. now owns 45,869 shares of the natural resource company’s stock valued at $1,710,000 after buying an additional 304 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE FCX opened at $49.40 on Friday. The company has a quick ratio of 1.38, a current ratio of 2.35 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $70.86 billion, a price-to-earnings ratio of 43.72, a PEG ratio of 2.21 and a beta of 2.04. The stock’s fifty day simple moving average is $44.24 and its 200 day simple moving average is $40.20. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $52.42.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.05. The business had revenue of $6.32 billion for the quarter, compared to analysts’ expectations of $5.70 billion. Freeport-McMoRan had a return on equity of 7.17% and a net margin of 6.97%. The company’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the previous year, the firm posted $0.52 EPS. As a group, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Monday, April 15th will be issued a dividend of $0.15 per share. The ex-dividend date of this dividend is Friday, April 12th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.21%. Freeport-McMoRan’s dividend payout ratio is 26.55%.

Analyst Upgrades and Downgrades

FCX has been the subject of a number of recent research reports. Argus increased their target price on Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. Raymond James raised their price objective on Freeport-McMoRan from $49.50 to $54.00 and gave the company an “outperform” rating in a research note on Wednesday. StockNews.com upgraded Freeport-McMoRan from a “hold” rating to a “buy” rating in a research note on Thursday. JPMorgan Chase & Co. decreased their target price on Freeport-McMoRan from $52.00 to $51.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Royal Bank of Canada reissued a “sector perform” rating and issued a $55.00 price target on shares of Freeport-McMoRan in a report on Thursday, January 25th. Five equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $50.07.

About Freeport-McMoRan

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.