Oaktree Capital Management LP Has $67.14 Million Stock Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Oaktree Capital Management LP trimmed its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 27.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,763,003 shares of the natural resource company’s stock after selling 662,236 shares during the period. Freeport-McMoRan comprises approximately 1.2% of Oaktree Capital Management LP’s investment portfolio, making the stock its 19th biggest position. Oaktree Capital Management LP owned approximately 0.12% of Freeport-McMoRan worth $67,135,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of FCX. Asset Planning Inc acquired a new stake in Freeport-McMoRan during the 4th quarter valued at approximately $25,000. Vision Financial Markets LLC bought a new stake in Freeport-McMoRan during the fourth quarter valued at $27,000. Laurel Wealth Advisors LLC grew its holdings in Freeport-McMoRan by 487.8% during the 4th quarter. Laurel Wealth Advisors LLC now owns 723 shares of the natural resource company’s stock worth $28,000 after acquiring an additional 600 shares during the period. Roxbury Financial LLC bought a new position in shares of Freeport-McMoRan in the 4th quarter worth about $28,000. Finally, Kohmann Bosshard Financial Services LLC acquired a new position in shares of Freeport-McMoRan in the 4th quarter valued at about $29,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have issued reports on FCX shares. BMO Capital Markets dropped their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research note on Friday, January 24th. StockNews.com lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Thursday, March 20th. Deutsche Bank Aktiengesellschaft raised 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. JPMorgan Chase & Co. upgraded Freeport-McMoRan from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $48.00 to $52.00 in a report on Thursday, March 20th. Finally, Dbs Bank upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a report on Monday, March 10th. Six equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and an average price target of $52.04.

Freeport-McMoRan Price Performance

Shares of NYSE:FCX opened at $38.36 on Friday. Freeport-McMoRan Inc. has a fifty-two week low of $33.98 and a fifty-two week high of $55.24. The company’s 50-day moving average is $38.14 and its 200 day moving average is $41.97. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.18 and a current ratio of 2.42. The company has a market capitalization of $55.13 billion, a P/E ratio of 29.74, a price-to-earnings-growth ratio of 0.87 and a beta of 1.87.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing analysts’ consensus estimates 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, equities research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

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

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.