Oaktree Fund Advisors LLC Trims Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Oaktree Fund Advisors LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 17.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 258,752 shares of the natural resource company’s stock after selling 55,756 shares during the quarter. Freeport-McMoRan accounts for 11.8% of Oaktree Fund Advisors LLC’s portfolio, making the stock its 3rd largest position. Oaktree Fund Advisors LLC’s holdings in Freeport-McMoRan were worth $12,575,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of FCX. Brown Advisory Inc. grew its stake in shares of Freeport-McMoRan by 45.0% during the fourth quarter. Brown Advisory Inc. now owns 27,703 shares of the natural resource company’s stock valued at $1,179,000 after buying an additional 8,602 shares during the last quarter. Quest Partners LLC bought a new position in Freeport-McMoRan during the 4th quarter worth approximately $527,000. Assetmark Inc. grew its position in Freeport-McMoRan by 71.3% during the 4th quarter. Assetmark Inc. now owns 1,555 shares of the natural resource company’s stock worth $66,000 after acquiring an additional 647 shares during the last quarter. US Bancorp DE increased its stake in Freeport-McMoRan by 15.8% in the 4th quarter. US Bancorp DE now owns 178,251 shares of the natural resource company’s stock worth $7,588,000 after purchasing an additional 24,282 shares during the period. Finally, Cypress Asset Management Inc. TX bought a new stake in Freeport-McMoRan in the fourth quarter valued at approximately $429,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on FCX. Scotiabank cut their target price on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a research report on Wednesday, July 24th. Deutsche Bank Aktiengesellschaft increased their target price on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the stock a “hold” rating in a report on Monday, June 10th. Raymond James reduced their price target on Freeport-McMoRan from $54.00 to $53.00 and set an “outperform” rating on the stock in a report on Wednesday, July 24th. Finally, BNP Paribas upgraded Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Four investment analysts have rated the stock with a hold rating, eleven have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $52.79.

Freeport-McMoRan Trading Down 1.4 %

Shares of NYSE FCX opened at $44.51 on Friday. The stock has a market cap of $63.94 billion, a P/E ratio of 39.39, a price-to-earnings-growth ratio of 1.94 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. Freeport-McMoRan Inc. has a 1 year low of $32.83 and a 1 year high of $55.24. The firm has a 50-day moving average of $43.55 and a 200 day moving average of $47.09.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, topping analysts’ consensus estimates of $0.39 by $0.07. The firm had revenue of $6.62 billion for the quarter, compared to analysts’ expectations of $6 billion. Freeport-McMoRan had a return on equity of 7.60% and a net margin of 7.83%. The business’s revenue for the quarter was up 15.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.35 EPS. As a group, sell-side analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were given a $0.15 dividend. This represents a $0.60 annualized dividend and a dividend yield of 1.35%. The ex-dividend date of this dividend was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is presently 26.55%.

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.