Oaktree Capital Management LP Sells 662,236 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Oaktree Capital Management LP reduced its position in Freeport-McMoRan Inc. (NYSE:FCX) by 27.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,763,003 shares of the natural resource company’s stock after selling 662,236 shares during the quarter. Freeport-McMoRan comprises about 1.2% of Oaktree Capital Management LP’s holdings, making the stock its 19th biggest holding. Oaktree Capital Management LP’s holdings in Freeport-McMoRan were worth $67,135,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. grew its position in shares of Freeport-McMoRan by 0.5% during the 4th quarter. Vanguard Group Inc. now owns 123,219,298 shares of the natural resource company’s stock valued at $4,692,191,000 after purchasing an additional 642,776 shares in the last quarter. Geode Capital Management LLC grew its position in Freeport-McMoRan by 1.9% during the third quarter. Geode Capital Management LLC now owns 28,891,058 shares of the natural resource company’s stock worth $1,436,455,000 after buying an additional 529,099 shares in the last quarter. Franklin Resources Inc. raised its holdings in shares of Freeport-McMoRan by 9.5% in the 3rd quarter. Franklin Resources Inc. now owns 27,310,294 shares of the natural resource company’s stock valued at $1,348,522,000 after acquiring an additional 2,366,187 shares in the last quarter. Amundi boosted its position in shares of Freeport-McMoRan by 30.2% during the 4th quarter. Amundi now owns 21,580,960 shares of the natural resource company’s stock valued at $857,305,000 after acquiring an additional 5,001,531 shares during the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its holdings in shares of Freeport-McMoRan by 38.1% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 16,273,162 shares of the natural resource company’s stock worth $619,682,000 after purchasing an additional 4,488,210 shares in the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analysts Set New Price Targets

FCX has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating and set a $47.00 target price for the company in a research report on Thursday, March 6th. Argus downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Sanford C. Bernstein lowered Freeport-McMoRan from an “outperform” rating to a “market perform” rating and dropped their price target for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. JPMorgan Chase & Co. raised Freeport-McMoRan from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $48.00 to $52.00 in a research note on Thursday, March 20th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, March 20th. Six research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Freeport-McMoRan currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.04.

Freeport-McMoRan Stock Down 4.0 %

FCX stock opened at $38.36 on Friday. The firm has a market cap of $55.13 billion, a PE ratio of 29.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87. The business has a 50 day moving average of $38.14 and a 200 day moving average of $41.97. Freeport-McMoRan Inc. has a twelve month low of $33.98 and a twelve month high of $55.24. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings data on Thursday, January 23rd. The natural resource company reported $0.31 EPS for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. On average, research analysts forecast that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Tuesday, April 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.56%. The ex-dividend date is Tuesday, April 15th. Freeport-McMoRan’s payout ratio is 23.26%.

About Freeport-McMoRan

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.