Oaktree Capital Management LP Cuts Stock Position in Freeport-McMoRan Inc. $FCX

Oaktree Capital Management LP cut its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 12.2% during the first quarter, Holdings Channel.com reports. The fund owned 1,220,122 shares of the natural resource company’s stock after selling 169,931 shares during the period. Freeport-McMoRan accounts for approximately 0.9% of Oaktree Capital Management LP’s portfolio, making the stock its 22nd largest position. Oaktree Capital Management LP’s holdings in Freeport-McMoRan were worth $71,719,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also made changes to their positions in FCX. KBC Group NV grew its holdings in Freeport-McMoRan by 49.0% during the 4th quarter. KBC Group NV now owns 221,838 shares of the natural resource company’s stock valued at $11,267,000 after buying an additional 73,002 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock valued at $62,478,000 after acquiring an additional 272,726 shares during the last quarter. Fideuram Intesa Sanpaolo Private Banking S.P.A. purchased a new position in shares of Freeport-McMoRan in the fourth quarter valued at $8,857,000. Franklin Resources Inc. increased its position in Freeport-McMoRan by 31.2% in the fourth quarter. Franklin Resources Inc. now owns 37,353,852 shares of the natural resource company’s stock worth $1,897,202,000 after purchasing an additional 8,891,743 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. raised its stake in Freeport-McMoRan by 205.4% during the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 317,429 shares of the natural resource company’s stock valued at $16,122,000 after purchasing an additional 213,477 shares in the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FCX has been the subject of a number of recent research reports. UBS Group lifted their price objective on shares of Freeport-McMoRan from $75.00 to $77.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Royal Bank Of Canada increased their price target on shares of Freeport-McMoRan from $70.00 to $73.00 and gave the company a “sector perform” rating in a report on Friday, July 24th. Barclays lifted their price target on Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a research report on Monday. CICC Research cut their target price on Freeport-McMoRan from $64.40 to $63.40 and set an “outperform” rating on the stock in a research report on Tuesday, April 28th. Finally, HSBC increased their price target on Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and four have issued a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

Freeport-McMoRan Price Performance

FCX opened at $59.94 on Thursday. The company has a quick ratio of 0.92, a current ratio of 2.07 and a debt-to-equity ratio of 0.25. The business has a fifty day moving average of $63.66 and a 200 day moving average of $62.51. Freeport-McMoRan Inc. has a 52-week low of $35.15 and a 52-week high of $72.28. The stock has a market cap of $86.16 billion, a P/E ratio of 29.53, a PEG ratio of 0.62 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly 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. Freeport-McMoRan had a net margin of 11.39% and a return on equity of 10.63%. The firm had revenue of $7.03 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the business posted $0.54 earnings per share. The business’s revenue for the quarter was down 7.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 2.75 EPS for the current year.

Freeport-McMoRan Announces Dividend

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

About Freeport-McMoRan

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.