Wolverine Asset Management LLC Sells 9,500 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Wolverine Asset Management LLC reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 44.2% in the fourth quarter, Holdings Channel.com reports. The fund owned 12,000 shares of the natural resource company’s stock after selling 9,500 shares during the period. Wolverine Asset Management LLC’s holdings in Freeport-McMoRan were worth $457,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently modified their holdings of FCX. Fidelis Capital Partners LLC raised its stake in Freeport-McMoRan by 2.0% in the third quarter. Fidelis Capital Partners LLC now owns 11,681 shares of the natural resource company’s stock valued at $560,000 after purchasing an additional 231 shares in the last quarter. Prospera Private Wealth LLC grew its holdings in shares of Freeport-McMoRan by 4.4% in the third quarter. Prospera Private Wealth LLC now owns 5,548 shares of the natural resource company’s stock worth $277,000 after purchasing an additional 234 shares during the last quarter. Continuum Advisory LLC increased its stake in shares of Freeport-McMoRan by 46.8% in the third quarter. Continuum Advisory LLC now owns 740 shares of the natural resource company’s stock worth $37,000 after buying an additional 236 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Freeport-McMoRan by 0.5% in the third quarter. Harbor Capital Advisors Inc. now owns 50,431 shares of the natural resource company’s stock worth $2,518,000 after buying an additional 244 shares during the period. Finally, Intellectus Partners LLC raised its holdings in Freeport-McMoRan by 0.4% during the 3rd quarter. Intellectus Partners LLC now owns 71,758 shares of the natural resource company’s stock valued at $3,582,000 after buying an additional 256 shares during the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Performance

Shares of FCX stock opened at $36.97 on Monday. The company’s fifty day moving average price is $38.53 and its 200-day moving average price is $42.75. The stock has a market cap of $53.13 billion, a PE ratio of 28.66, a price-to-earnings-growth ratio of 0.87 and a beta of 1.85. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a return on equity of 7.50% and a net margin of 7.42%. On average, equities analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have issued reports on FCX. Jefferies Financial Group lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their price target for the stock from $48.00 to $40.00 in a report on Friday, January 24th. Sanford C. Bernstein cut Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Scotiabank lowered their price target on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research report on Friday, January 24th. BMO Capital Markets cut their price objective on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Finally, Argus cut Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Friday, January 31st. Nine analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan presently has a consensus rating of “Moderate Buy” and a consensus target price of $51.46.

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.