Morse Asset Management Inc Sells 3,294 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Morse Asset Management Inc lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 19.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 13,566 shares of the natural resource company’s stock after selling 3,294 shares during the period. Morse Asset Management Inc’s holdings in Freeport-McMoRan were worth $517,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Coppell Advisory Solutions LLC lifted its holdings in Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company’s stock worth $32,000 after acquiring an additional 268 shares during the period. PFG Investments LLC increased its stake in shares of Freeport-McMoRan by 1.3% during the 4th quarter. PFG Investments LLC now owns 22,910 shares of the natural resource company’s stock worth $872,000 after purchasing an additional 283 shares during the last quarter. Palogic Value Management L.P. boosted its holdings in Freeport-McMoRan by 1.5% in the 4th quarter. Palogic Value Management L.P. now owns 20,277 shares of the natural resource company’s stock worth $772,000 after buying an additional 292 shares during the period. SeaCrest Wealth Management LLC boosted its holdings in Freeport-McMoRan by 1.6% in the 4th quarter. SeaCrest Wealth Management LLC now owns 19,104 shares of the natural resource company’s stock worth $727,000 after buying an additional 307 shares during the period. Finally, CIBC Private Wealth Group LLC boosted its holdings in Freeport-McMoRan by 0.9% in the 4th quarter. CIBC Private Wealth Group LLC now owns 36,514 shares of the natural resource company’s stock worth $1,451,000 after buying an additional 309 shares during the period. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on FCX shares. JPMorgan Chase & Co. reduced their price target on shares of Freeport-McMoRan from $52.00 to $42.00 and set an “overweight” rating for the company in a research report on Thursday, April 10th. UBS Group reduced their price target on shares of Freeport-McMoRan from $52.00 to $45.00 and set a “buy” rating for the company in a research report on Tuesday, April 15th. BMO Capital Markets reduced their price target on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research report on Friday, January 24th. Jefferies Financial Group restated a “buy” rating and set a $50.00 price target (up from $48.00) on shares of Freeport-McMoRan in a research report on Friday, April 25th. Finally, Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday, January 31st. Five investment analysts have rated the stock with a hold rating, eight have given a buy rating and three have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.09.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock opened at $39.11 on Tuesday. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $56.20 billion, a PE ratio of 30.31, a P/E/G ratio of 0.87 and a beta of 1.65. The firm has a fifty day simple moving average of $36.31 and a two-hundred day simple moving average of $39.06. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $55.24.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 earnings per share for the quarter, topping the consensus estimate of $0.23 by $0.01. The business had revenue of $5.73 billion during the quarter, compared to the consensus estimate of $5.36 billion. Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. The firm’s revenue for the quarter was down 9.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.32 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Tuesday, April 15th were paid a dividend of $0.15 per share. This represents a $0.60 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend was Tuesday, April 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 24.79%.

Freeport-McMoRan 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.