Oaktree Capital Management LP Lowers Stock Holdings in Freeport-McMoRan Inc. $FCX

Oaktree Capital Management LP reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 8.9% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,996,075 shares of the natural resource company’s stock after selling 195,033 shares during the quarter. Freeport-McMoRan makes up approximately 1.5% of Oaktree Capital Management LP’s portfolio, making the stock its 12th biggest position. Oaktree Capital Management LP’s holdings in Freeport-McMoRan were worth $86,530,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Freeport-McMoRan by 1.6% in the second quarter. Vanguard Group Inc. now owns 126,983,947 shares of the natural resource company’s stock valued at $5,504,754,000 after purchasing an additional 1,941,662 shares during the period. Fisher Asset Management LLC lifted its holdings in Freeport-McMoRan by 3.2% during the 2nd quarter. Fisher Asset Management LLC now owns 62,358,715 shares of the natural resource company’s stock worth $2,703,250,000 after buying an additional 1,926,493 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Freeport-McMoRan by 17.8% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 37,547,489 shares of the natural resource company’s stock valued at $1,421,549,000 after buying an additional 5,661,958 shares during the period. Amundi grew its stake in shares of Freeport-McMoRan by 28.1% in the first quarter. Amundi now owns 27,635,497 shares of the natural resource company’s stock worth $1,046,280,000 after acquiring an additional 6,054,537 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of Freeport-McMoRan by 16.0% in the first quarter. Dimensional Fund Advisors LP now owns 13,162,058 shares of the natural resource company’s stock worth $498,270,000 after acquiring an additional 1,815,285 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 0.3%

NYSE FCX opened at $44.66 on Friday. The firm’s fifty day moving average price is $40.98 and its 200 day moving average price is $42.12. Freeport-McMoRan Inc. has a 12 month low of $27.66 and a 12 month high of $49.12. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. The company has a market capitalization of $64.13 billion, a price-to-earnings ratio of 31.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.49.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.41 by $0.09. The company had revenue of $6.97 billion during the quarter, compared to the consensus estimate of $6.74 billion. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. Freeport-McMoRan’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.38 earnings per share. On average, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were given a $0.15 dividend. The ex-dividend date of this dividend was Wednesday, October 15th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.3%. Freeport-McMoRan’s dividend payout ratio is 21.13%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. BMO Capital Markets reduced their price objective on Freeport-McMoRan from $48.00 to $47.00 and set an “outperform” rating on the stock in a research note on Wednesday, November 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Hsbc Global Res upgraded shares of Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 16th. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a research report on Wednesday, November 26th. Finally, Clarkson Capital raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective for the company in a research report on Wednesday, November 19th. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $46.73.

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.