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

Oaktree Capital Management LP lowered its position in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 8.9% during the second quarter, according to its most recent filing with the SEC. The institutional investor owned 1,996,075 shares of the natural resource company's stock after selling 195,033 shares during the period. Freeport-McMoRan accounts for approximately 1.5% of Oaktree Capital Management LP's portfolio, making the stock its 12th biggest holding. Oaktree Capital Management LP owned approximately 0.14% of Freeport-McMoRan worth $86,530,000 at the end of the most recent quarter.

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Other hedge funds and other institutional investors have also recently modified their holdings of the company. Twin Peaks Wealth Advisors LLC purchased a new stake in Freeport-McMoRan during the 2nd quarter valued at about $28,000. Dagco Inc. purchased a new position in Freeport-McMoRan in the 1st quarter worth approximately $37,000. Beacon Capital Management LLC boosted its holdings in shares of Freeport-McMoRan by 59.6% during the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group purchased a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $40,000. Finally, Greykasell Wealth Strategies Inc. acquired a new stake in shares of Freeport-McMoRan in the first quarter valued at approximately $42,000. 80.77% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FCX shares. Wells Fargo & Company raised Freeport-McMoRan to a "strong-buy" rating in a research note on Wednesday, October 8th. Raymond James Financial lowered their price target on shares of Freeport-McMoRan from $46.00 to $45.00 and set an "outperform" rating on the stock in a research report on Wednesday, November 19th. Sanford C. Bernstein cut their price objective on shares of Freeport-McMoRan from $48.50 to $45.00 and set an "outperform" rating for the company in a research report on Tuesday, October 14th. Morgan Stanley cut their price objective on shares of Freeport-McMoRan from $46.00 to $44.00 and set an "overweight" rating for the company in a research report on Wednesday, November 19th. Finally, Clarkson Capital upgraded shares of Freeport-McMoRan from a "neutral" rating to a "buy" rating and set a $46.00 target price on the stock in a report on Wednesday, November 19th. Four equities research analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $46.73.

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Read Our Latest Report on Freeport-McMoRan

Freeport-McMoRan Stock Up 0.3%

Shares of FCX opened at $44.66 on Friday. The firm has a market cap of $64.13 billion, a P/E ratio of 31.45, a price-to-earnings-growth ratio of 1.00 and a beta of 1.49. Freeport-McMoRan Inc. has a 12-month low of $27.66 and a 12-month high of $49.12. The company's 50-day moving average price is $40.98 and its 200 day moving average price is $42.12. The company has a current ratio of 2.45, a quick ratio of 1.19 and a debt-to-equity ratio of 0.29.

• A Copper Catalyst: Why Freeport-McMoRan Is Positioned to Rebound

Freeport-McMoRan (NYSE:FCX - Get Free Report) last announced its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share for the quarter, topping the consensus estimate of $0.41 by $0.09. Freeport-McMoRan had a net margin of 7.97% and a return on equity of 7.84%. The company had revenue of $6.97 billion during the quarter, compared to analyst estimates of $6.74 billion. During the same quarter last year, the firm posted $0.38 earnings per share. Freeport-McMoRan's revenue was up 2.7% compared to the same quarter last year. On average, sell-side analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, November 3rd. Investors of record on Wednesday, October 15th were issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.3%. The ex-dividend date was Wednesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is 21.13%.

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.

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