Oaktree Capital Management LP Has $100.92 Million Holdings in Freeport-McMoRan Inc. (NYSE:FCX)
Oaktree Capital Management LP lifted its holdings in Freeport-McMoRan Inc. (NYSE:FCX[1] - Free Report[2]) by 3.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 2,706,305 shares of the natural resource company's stock after acquiring an additional 78,500 shares during the period. Freeport-McMoRan makes up approximately 1.5% of Oaktree Capital Management LP's investment portfolio, making the stock its 11th largest position. Oaktree Capital Management LP owned about 0.19% of Freeport-McMoRan worth $100,918,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of FCX. Mystic Asset Management Inc. increased its position in Freeport-McMoRan by 2.4% during the 2nd quarter. Mystic Asset Management Inc. now owns 10,650 shares of the natural resource company's stock valued at $426,000 after purchasing an additional 250 shares during the period. Cape ANN Savings Bank grew its position in shares of Freeport-McMoRan by 1.6% during the 2nd quarter. Cape ANN Savings Bank now owns 15,588 shares of the natural resource company's stock worth $624,000 after buying an additional 250 shares during the period. FinTrust Capital Advisors LLC grew its position in shares of Freeport-McMoRan by 5.1% during the 4th quarter. FinTrust Capital Advisors LLC now owns 5,252 shares of the natural resource company's stock worth $200,000 after buying an additional 253 shares during the period. Sheaff Brock Investment Advisors LLC grew its position in shares of Freeport-McMoRan by 2.2% during the 2nd quarter. Sheaff Brock Investment Advisors LLC now owns 11,861 shares of the natural resource company's stock worth $474,000 after buying an additional 255 shares during the period. Finally, Granite Investment Partners LLC grew its position in shares of Freeport-McMoRan by 2.2% during the 2nd quarter. Granite Investment Partners LLC now owns 12,173 shares of the natural resource company's stock worth $487,000 after buying an additional 260 shares during the period. 77.96% of the stock is currently owned by institutional investors and hedge funds.
Analysts Set New Price Targets
FCX has been the subject of several recent analyst reports. UBS Group reduced their price objective on shares of Freeport-McMoRan from $42.00 to $41.00 and set a "neutral" rating for the company in a research report on Wednesday, December 13th. Sanford C. Bernstein raised shares of Freeport-McMoRan from a "market perform" rating to an "outperform" rating and raised their price objective for the stock from $41.00 to $48.50 in a research report on Monday, January 8th. Raymond James lifted their price target on shares of Freeport-McMoRan from $42.00 to $43.00 and gave the company an "outperform" rating in a research report on Thursday, January 4th. Morgan Stanley reduced their price target on shares of Freeport-McMoRan from $41.00 to $40.00 and set an "equal weight" rating for the company in a research report on Thursday, December 7th. Finally, Royal Bank of Canada reissued a "sector perform" rating and issued a $55.00 price target on shares of Freeport-McMoRan in a research report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and six have assigned a buy rating to the company's stock. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of "Hold" and an average target price of $44.95.
Check Out Our Latest Analysis on Freeport-McMoRan[3]
Freeport-McMoRan Price Performance
Shares of NYSE:FCX[4] opened at $38.96 on Friday. The company has a current ratio of 2.42, a quick ratio of 1.38 and a debt-to-equity ratio of 0.32. The stock's fifty day simple moving average is $40.10 and its two-hundred day simple moving average is $38.36. Freeport-McMoRan Inc. has a 1-year low of $32.83 and a 1-year high of $44.70. The stock has a market cap of $55.88 billion, a PE ratio of 30.68 and a beta of 2.06.
Freeport-McMoRan (NYSE:FCX[5] - Get Free Report[6]) last issued its quarterly earnings data on Wednesday, January 24th. The natural resource company reported $0.27 earnings per share for the quarter, beating the consensus estimate of $0.23 by $0.04. Freeport-McMoRan had a return on equity of 8.41% and a net margin of 8.09%. The business had revenue of $5.91 billion for the quarter, compared to analysts' expectations of $5.85 billion. During the same period last year, the business earned $0.52 EPS. The business's revenue was up 2.6% on a year-over-year basis. As a group, analysts forecast that Freeport-McMoRan Inc. will post 1.51 EPS for the current fiscal year.
Freeport-McMoRan Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, February 1st. Stockholders of record on Friday, January 12th were paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.54%. The ex-dividend date of this dividend was Thursday, January 11th. Freeport-McMoRan's payout ratio is 23.62%.
Freeport-McMoRan Company Profile
(Free Report[7])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.
Want to see what other hedge funds are holding FCX? Visit HoldingsChannel.com[8] to get the latest 13F filings and insider trades for Freeport-McMoRan Inc. (NYSE:FCX[9] - Free Report[10]).
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