Oaktree Capital Management LP Sells 169,931 Shares of Freeport-McMoRan Inc. $FCX

Oaktree Capital Management LP reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,220,122 shares of the natural resource company’s stock after selling 169,931 shares during the quarter. Freeport-McMoRan accounts for 0.9% of Oaktree Capital Management LP’s portfolio, making the stock its 22nd biggest holding. Oaktree Capital Management LP owned about 0.08% of Freeport-McMoRan worth $71,719,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Steph & Co. raised its position in Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Freeport-McMoRan in the first quarter worth approximately $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the fourth quarter valued at approximately $25,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan during the fourth quarter valued at approximately $29,000. Finally, Financial Life Planners bought a new position in Freeport-McMoRan during the first quarter valued at approximately $34,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have weighed in on FCX. Morgan Stanley boosted their target price on shares of Freeport-McMoRan from $66.00 to $70.00 and gave the company an “equal weight” rating in a research note on Wednesday, July 8th. Citigroup reiterated a “positive” rating on shares of Freeport-McMoRan in a research report on Wednesday, July 15th. Wall Street Zen raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Saturday, June 13th. Barclays raised their target price on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, Royal Bank Of Canada boosted their price target on Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a research note on Friday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan presently has an average rating of “Moderate Buy” and an average target price of $70.27.

Freeport-McMoRan Trading Down 2.8%

Shares of FCX stock opened at $59.94 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 2.07 and a quick ratio of 0.92. The company has a market cap of $86.16 billion, a price-to-earnings ratio of 29.53, a PEG ratio of 0.62 and a beta of 1.37. Freeport-McMoRan Inc. has a 1 year low of $35.15 and a 1 year high of $72.28. The firm has a fifty day moving average price of $63.66 and a 200-day moving average price of $62.51.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 EPS for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s revenue for the quarter was down 7.3% compared to the same quarter last year. During the same period last year, the firm earned $0.54 EPS. As a group, equities analysts predict that Freeport-McMoRan Inc. will post 2.75 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be paid a dividend of $0.075 per share. The ex-dividend date is Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. Freeport-McMoRan’s payout ratio is 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers.

Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia.