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

Wolverine Asset Management LLC lifted its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 50.0% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 24,000 shares of the natural resource company’s stock after acquiring an additional 8,000 shares during the quarter. Wolverine Asset Management LLC’s holdings in Freeport-McMoRan were worth $1,022,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Bruce G. Allen Investments LLC bought a new stake in Freeport-McMoRan during the fourth quarter worth approximately $27,000. BluePath Capital Management LLC purchased a new position in shares of Freeport-McMoRan during the 3rd quarter valued at $28,000. Webster Bank N. A. lifted its position in Freeport-McMoRan by 6,469.2% during the 4th quarter. Webster Bank N. A. now owns 854 shares of the natural resource company’s stock worth $36,000 after acquiring an additional 841 shares during the last quarter. CVA Family Office LLC acquired a new position in shares of Freeport-McMoRan during the fourth quarter valued at about $38,000. Finally, Orion Capital Management LLC bought a new stake in Freeport-McMoRan during the third quarter worth about $40,000. 80.77% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FCX has been the topic of several research analyst reports. Scotiabank decreased their price target on shares of Freeport-McMoRan from $55.00 to $53.00 and set a “sector outperform” rating on the stock in a research note on Wednesday. Argus increased their price objective on shares of Freeport-McMoRan from $44.00 to $54.00 and gave the company a “buy” rating in a research note on Thursday. Bernstein Bank increased their price objective on shares of Freeport-McMoRan from $52.00 to $52.50 and gave the company an “overweight” rating in a research note on Tuesday. Sanford C. Bernstein raised shares of Freeport-McMoRan from a “market perform” rating to an “outperform” rating and increased their price objective for the company from $41.00 to $48.50 in a research note on Monday, January 8th. Finally, Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 price objective for the company in a research note on Tuesday, April 9th. Five investment 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 company has an average rating of “Moderate Buy” and a consensus target price of $50.07.

Freeport-McMoRan Stock Up 2.4 %

FCX opened at $49.40 on Friday. The company has a debt-to-equity ratio of 0.31, a current ratio of 2.35 and a quick ratio of 1.38. The company’s 50-day moving average is $44.24 and its 200 day moving average is $40.20. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $52.42. The firm has a market capitalization of $70.86 billion, a P/E ratio of 43.72, a PEG ratio of 2.21 and a beta of 2.04.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, April 23rd. The natural resource company reported $0.32 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.05. Freeport-McMoRan had a net margin of 6.97% and a return on equity of 7.17%. The company had revenue of $6.32 billion for the quarter, compared to analyst estimates of $5.70 billion. During the same period last year, the firm earned $0.52 earnings per share. The firm’s revenue was up 17.3% on a year-over-year basis. Research analysts expect that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan Company Profile

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.