Wolverine Asset Management LLC Reduces Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Wolverine Asset Management LLC reduced its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 25.9% during the 3rd quarter, Holdings Channel reports. The fund owned 21,500 shares of the natural resource company’s stock after selling 7,500 shares during the period. Wolverine Asset Management LLC’s holdings in Freeport-McMoRan were worth $1,073,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also made changes to their positions in FCX. Hazlett Burt & Watson Inc. boosted its holdings in shares of Freeport-McMoRan by 1,170.7% in the 2nd quarter. Hazlett Burt & Watson Inc. now owns 521 shares of the natural resource company’s stock valued at $25,000 after acquiring an additional 480 shares during the last quarter. Spectrum Wealth Counsel LLC acquired a new position in shares of Freeport-McMoRan in the 2nd quarter valued at $25,000. Matrix Trust Co acquired a new position in shares of Freeport-McMoRan in the 3rd quarter valued at $25,000. LRI Investments LLC acquired a new position in shares of Freeport-McMoRan in the 1st quarter valued at $26,000. Finally, Lynx Investment Advisory acquired a new position in Freeport-McMoRan during the second quarter worth $26,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on FCX shares. UBS Group raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. Raymond James raised their target price on shares of Freeport-McMoRan from $55.00 to $57.00 and gave the company an “outperform” rating in a report on Wednesday, October 23rd. StockNews.com cut shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, September 26th. JPMorgan Chase & Co. raised their target price on shares of Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 15th. Finally, Royal Bank of Canada reiterated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Six equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $54.00.

Freeport-McMoRan Stock Down 2.9 %

Shares of NYSE:FCX opened at $43.60 on Wednesday. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.30 and a current ratio of 2.33. Freeport-McMoRan Inc. has a 1 year low of $33.38 and a 1 year high of $55.24. The stock has a market capitalization of $62.65 billion, a P/E ratio of 31.83, a PEG ratio of 1.98 and a beta of 1.91. The stock has a 50-day simple moving average of $46.51 and a 200-day simple moving average of $47.49.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping analysts’ consensus estimates of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The firm had revenue of $6.79 billion during the quarter, compared to analysts’ expectations of $6.45 billion. During the same quarter in the prior year, the business earned $0.39 EPS. Freeport-McMoRan’s quarterly revenue was up 16.6% compared to the same quarter last year. Equities analysts forecast that Freeport-McMoRan Inc. will post 1.52 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, November 1st. Shareholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a yield of 0.69%. The ex-dividend date was Tuesday, October 15th. Freeport-McMoRan’s dividend payout ratio is presently 21.90%.

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.