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

Oaktree Capital Management LP lowered its stake in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,201,122 shares of the natural resource company’s stock after selling 19,000 shares during the quarter. Freeport-McMoRan comprises 1.0% of Oaktree Capital Management LP’s holdings, making the stock its 16th largest holding. Oaktree Capital Management LP’s holdings in Freeport-McMoRan were worth $75,539,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Pinnacle Bancorp Inc. boosted its holdings in shares of Freeport-McMoRan by 7.9% in the 1st quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company’s stock valued at $118,000 after buying an additional 147 shares in the last quarter. Steph & Co. grew its position in shares of Freeport-McMoRan by 43.7% in the 1st quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after buying an additional 150 shares during the last quarter. Richardson Financial Services Inc. raised its stake in shares of Freeport-McMoRan by 11.6% during the 2nd quarter. Richardson Financial Services Inc. now owns 1,539 shares of the natural resource company’s stock worth $97,000 after acquiring an additional 160 shares in the last quarter. Essex Bank raised its stake in shares of Freeport-McMoRan by 1.2% during the 1st quarter. Essex Bank now owns 14,104 shares of the natural resource company’s stock worth $829,000 after acquiring an additional 163 shares in the last quarter. Finally, Fiduciary Financial Group LLC lifted its position in Freeport-McMoRan by 2.6% during the second quarter. Fiduciary Financial Group LLC now owns 6,788 shares of the natural resource company’s stock valued at $427,000 after acquiring an additional 173 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Up 1.5%

NYSE FCX opened at $77.79 on Tuesday. Freeport-McMoRan Inc. has a 12-month low of $35.15 and a 12-month high of $78.88. The company 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. The stock has a market cap of $111.71 billion, a P/E ratio of 38.32, a P/E/G ratio of 0.76 and a beta of 1.37.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.12. The firm 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 firm’s revenue was down 7.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.54 EPS. On average, analysts forecast that Freeport-McMoRan Inc. will post 2.79 earnings per share for the current year.

Freeport-McMoRan Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were issued a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Insider Activity

In other news, CAO Stephen T. Higgins sold 14,277 shares of the firm’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $69.50, for a total value of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares in the company, valued at $3,795,951. This trade represents a 20.72% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CAO Ellie L. Mikes sold 4,773 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total value of $334,110.00. Following the sale, the chief accounting officer directly owned 36,000 shares of the company’s stock, valued at $2,520,000. This trade represents a 11.71% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 26,600 shares of company stock valued at $1,802,012. Company insiders own 0.73% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have weighed in on FCX shares. The Goldman Sachs Group lowered their target price on shares of Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating for the company in a research note on Wednesday, July 8th. Bank of America upped their price target on Freeport-McMoRan from $74.00 to $80.00 and gave the stock a “buy” rating in a research report on Thursday, July 9th. Weiss Ratings raised Freeport-McMoRan from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, July 31st. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Finally, HSBC increased their price target on Freeport-McMoRan from $72.00 to $75.00 in a research note on Friday, June 12th. One analyst has rated the stock with a Strong Buy rating, nineteen have assigned a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $70.27.

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.