Oaktree Fund Advisors LLC Cuts Position in Freeport-McMoRan Inc. $FCX

Oaktree Fund Advisors LLC lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 16.2% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,231 shares of the natural resource company’s stock after selling 22,336 shares during the quarter. Freeport-McMoRan makes up approximately 8.7% of Oaktree Fund Advisors LLC’s holdings, making the stock its 4th largest position. Oaktree Fund Advisors LLC’s holdings in Freeport-McMoRan were worth $4,995,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Twin Peaks Wealth Advisors LLC acquired a new position in shares of Freeport-McMoRan during the second quarter valued at $28,000. Dagco Inc. acquired a new stake in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. Beacon Capital Management LLC lifted its position in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new position in Freeport-McMoRan during the 1st quarter valued at about $42,000. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Stock Up 0.3%

Shares of FCX stock opened at $44.66 on Friday. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $49.12. The stock has a market cap of $64.13 billion, a PE ratio of 31.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.49. The business’s fifty day moving average is $40.98 and its 200-day moving average is $42.12. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.19 and a current ratio of 2.45.

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

Freeport-McMoRan Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, November 3rd. Stockholders of record on Wednesday, October 15th were given a dividend of $0.15 per share. The ex-dividend date was Wednesday, October 15th. This represents a $0.60 annualized dividend and a dividend yield of 1.3%. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

Analyst Ratings Changes

FCX has been the topic of several analyst reports. BNP Paribas Exane dropped their price target on shares of Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. CICC Research lowered their target price on Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a research report on Friday, September 26th. Morgan Stanley reduced their price target on Freeport-McMoRan from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Wednesday, November 19th. Johnson Rice decreased their price target on Freeport-McMoRan from $55.00 to $48.00 in a research note on Monday, September 29th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Freeport-McMoRan in a report on Wednesday, October 8th. Four analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target 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.