Oaktree Capital Management LP raised its stake in Freeport-McMoRan Inc. (NYSE: FCX – Get Rating) by 8.3% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 1,985,458 shares of the natural resource company stock after buying an additional 151,908 shares during the quarter. Freeport-McMoRan comprises approximately 0.9% of Oaktree Capital Management LP’s investment portfolio, making the stock its 25th biggest holding. Oaktree Capital Management LP owned 0.14% of Freeport-McMoRan worth $ 82,853,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its holdings in Freeport-McMoRan by 2.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 2,572,113 shares of the natural resource company stock worth $ 107,335,000 after buying an additional 69,709 shares during the last quarter. Autumn Glory Partners LLC acquired a new position in Freeport-McMoRan during the fourth quarter worth about $ 221,000. Deutsche Bank AG raised its stake in Freeport-McMoRan by 18.4% during the fourth quarter. Deutsche Bank AG now owns 4,999,207 shares of the natural resource company stock worth $ 208,616,000 after acquiring an additional 778,679 shares in the last quarter. California State Teachers Retirement System increased its stake in shares of Freeport-McMoRan by 3.9% in the fourth quarter. California State Teachers Retirement System now owns 2,660,480 shares of the natural resource company stock valued at $ 111,022,000 after buying an additional 100,182 shares during the period. Finally, Horizon Investments LLC increased its position in Freeport-McMoRan by 12.4% during the 4th quarter. Horizon Investments LLC now owns 33,935 shares of the natural resource company stock valued at $ 1,411,000 after purchasing an additional 3,742 shares during the period. 77.37% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Hugh Grant acquired 12,300 shares of the business’s stock in a transaction that occurred on Monday, April 25th. The stock was purchased at an average cost of $ 40.75 per share, for a total transaction of $ 501,225.00. Following the transaction, the director now directly owns 15,776 shares of the company stock, valued at approximately $ 642,872. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dustan E. Mccoy sold 8,200 shares of the business’s stock in a transaction on Tuesday, May 31st. The shares were sold at an average price of $ 39.24, for a total value of $ 321,768.00. Following the completion of the transaction, the director now owns 134,400 shares of the company stock, valued at $ 5,273,856. The disclosure for this sale can be found here. 0.72% of the stock is owned by corporate insiders.
Shares of FCX opened at $ 36.82 on Wednesday. The company has a quick ratio of 1.68, a current ratio of 2.37 and a debt-to-equity ratio of 0.34. The firm has a market cap of $ 53.36 billion, a PE ratio of 10.67, a price-to-earnings-growth ratio of 0.35 and a beta of 2.02. The company fifty day moving average is $ 41.33 and its two-hundred day moving average is $ 42.47. Freeport-McMoRan Inc. has a fifty-two week low of $ 30.02 and a fifty-two week high of $ 51.99.
Freeport-McMoRan (NYSE: FCX – Get Rating) last announced its quarterly earnings results on Thursday, April 21st. The natural resource company reported $ 1.07 EPS for the quarter, topping the consensus estimate of $ 0.88 by $ 0.19. Freeport-McMoRan had a net margin of 20.79% and a return on equity of 24.06%. The company had revenue of $ 6.60 billion for the quarter, compared to analyst estimates of $ 6.29 billion. During the same quarter in the prior year, the business posted $ 0.51 EPS. Freeport-McMoRan’s quarterly revenue was up 36.1% on a year-over-year basis. As a group, equities research analysts anticipate that Freeport-McMoRan Inc. will post 3.9 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 2nd. Stockholders of record on Thursday, April 14th were given a dividend of $ 0.15 per share. The ex-dividend date was Wednesday, April 13th. This represents a $ 0.60 dividend on an annualized basis and a dividend yield of 1.63%. Freeport-McMoRan’s dividend payout ratio (DPR) is presently 8.70%.
FCX has been the topic of a number of recent research reports. Morgan Stanley cut their target price on Freeport-McMoRan from $ 43.00 to $ 39.00 and set an “equal weight” rating on the stock in a report on Monday, April 25th. Barclays lifted their price target on Freeport-McMoRan from $ 28.00 to $ 29.00 in a research report on Thursday, April 21st. Stifel Nicolaus lifted their price target on Freeport-McMoRan from $ 49.00 to $ 54.00 in a research note on Thursday, March 17th. Royal Bank of Canada lifted their price target on Freeport-McMoRan from $ 46.00 to $ 47.00 and gave the company a “sector perform” rating in a research report on Friday, April 22nd. Finally, BMO Capital Markets dropped their target price on Freeport-McMoRan from $ 62.00 to $ 56.00 and set an “outperform” rating on the stock in a report on Friday, April 22nd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, Freeport-McMoRan has an average rating of “Hold” and an average target price of $ 48.00.
About Freeport-McMoRan: (Get Rating)
Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. The company primarily explores for copper, gold, molybdenum, silver, and other metals, as well as oil and gas. Its assets include the Grasberg minerals district in Indonesia; Morenci, Baghdad, Safford, Sierrita, and Miami in Arizona; Tyrone and Chino 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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