Oaktree Capital Management LP Sells 19,000 Shares of Freeport-McMoRan Inc. $FCX

Oaktree Capital Management LP cut its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,201,122 shares of the natural resource company’s stock after selling 19,000 shares during the period. Freeport-McMoRan makes up 1.0% of Oaktree Capital Management LP’s portfolio, making the stock its 16th largest holding. Oaktree Capital Management LP owned about 0.08% of Freeport-McMoRan worth $75,539,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in FCX. Vanguard Group Inc. lifted its stake in shares of Freeport-McMoRan by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 130,332,957 shares of the natural resource company’s stock worth $6,619,611,000 after acquiring an additional 1,572,769 shares during the last quarter. Fisher Asset Management LLC grew its position in Freeport-McMoRan by 1.0% in the 4th quarter. Fisher Asset Management LLC now owns 63,880,757 shares of the natural resource company’s stock valued at $3,244,504,000 after acquiring an additional 622,343 shares during the last quarter. State Street Corp grew its position in Freeport-McMoRan by 0.6% in the 4th quarter. State Street Corp now owns 62,873,136 shares of the natural resource company’s stock valued at $3,193,327,000 after acquiring an additional 395,226 shares during the last quarter. Bank of America Corp DE grew its position in Freeport-McMoRan by 20.0% in the 1st quarter. Bank of America Corp DE now owns 42,345,502 shares of the natural resource company’s stock valued at $2,489,069,000 after acquiring an additional 7,044,775 shares during the last quarter. Finally, Franklin Resources Inc. increased its stake 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 period. 80.77% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FCX has been the subject of several research analyst reports. BNP Paribas Exane lifted their target price on Freeport-McMoRan from $71.00 to $82.00 and gave the stock an “outperform” rating in a research report on Thursday, June 18th. The Goldman Sachs Group reduced their price target on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. HSBC lifted their price objective on shares of Freeport-McMoRan from $72.00 to $75.00 in a report on Friday, June 12th. JPMorgan Chase & Co. boosted their price objective on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Thursday, July 9th. Finally, Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. One analyst has rated the stock with a Strong Buy rating, nineteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $70.27.

Insider Activity

In other news, CAO Stephen T. Higgins sold 14,277 shares of the business’s stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the sale, the chief accounting officer owned 54,618 shares in the company, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the company’s stock in a transaction that occurred on Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the completion of the sale, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. The trade was a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 26,600 shares of company stock worth $1,802,012. 0.73% of the stock is owned by company insiders.

Freeport-McMoRan Price Performance

Shares of FCX stock opened at $77.79 on Tuesday. Freeport-McMoRan Inc. has a twelve month low of $35.15 and a twelve month high of $78.88. The stock has a market capitalization of $111.71 billion, a price-to-earnings ratio of 38.32, a P/E/G ratio of 0.76 and a beta of 1.37. The stock has a fifty day simple moving average of $64.71 and a two-hundred day simple moving average of $63.53. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.62 by $0.12. The business had revenue of $7.03 billion for the quarter, compared to the consensus estimate of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.The business’s revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.54 EPS. On average, analysts predict that Freeport-McMoRan Inc. will post 2.79 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Shareholders of record on Wednesday, July 15th were issued a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Freeport-McMoRan 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.