Grantham Mayo Van Otterloo & Co. LLC Decreases Holdings in Freeport-McMoRan Inc. $FCX

Grantham Mayo Van Otterloo & Co. LLC decreased its position in Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 573,082 shares of the natural resource company’s stock after selling 26,700 shares during the quarter. Grantham Mayo Van Otterloo & Co. LLC’s holdings in Freeport-McMoRan were worth $22,476,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. grew its position in Freeport-McMoRan by 1.4% during the third quarter. Vanguard Group Inc. now owns 128,760,188 shares of the natural resource company’s stock valued at $5,049,975,000 after acquiring an additional 1,776,241 shares during the last quarter. Fisher Asset Management LLC lifted its holdings in shares of Freeport-McMoRan by 1.4% in the 3rd quarter. Fisher Asset Management LLC now owns 63,258,414 shares of the natural resource company’s stock worth $2,480,995,000 after acquiring an additional 899,699 shares during the last quarter. State Street Corp boosted its stake in shares of Freeport-McMoRan by 0.5% in the 2nd quarter. State Street Corp now owns 61,787,174 shares of the natural resource company’s stock valued at $2,678,474,000 after purchasing an additional 320,514 shares in the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Freeport-McMoRan by 2.1% in the 3rd quarter. Bank of New York Mellon Corp now owns 21,671,223 shares of the natural resource company’s stock valued at $849,945,000 after purchasing an additional 435,963 shares in the last quarter. Finally, DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main grew its holdings in shares of Freeport-McMoRan by 89.4% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 17,569,169 shares of the natural resource company’s stock valued at $761,623,000 after purchasing an additional 8,292,873 shares during the last quarter. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Trading Down 5.4%

NYSE:FCX opened at $59.29 on Monday. The firm has a market capitalization of $85.21 billion, a P/E ratio of 39.27, a P/E/G ratio of 0.70 and a beta of 1.41. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The company has a fifty day moving average of $60.80 and a 200 day moving average of $49.40. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. Freeport-McMoRan had a net margin of 8.50% and a return on equity of 8.50%. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.42 billion. During the same quarter last year, the firm earned $0.31 EPS. The company’s revenue was down 1.5% on a year-over-year basis. On average, research analysts predict that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio is currently 19.87%.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. UBS Group lifted their target price on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the stock a “buy” rating in a research report on Friday, January 23rd. Clarkson Capital raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price objective on the stock in a research note on Wednesday, November 19th. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating on shares of Freeport-McMoRan in a report on Wednesday, November 26th. Bank of America boosted their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the company a “buy” rating in a research note on Thursday, February 26th. Finally, Weiss Ratings restated a “hold (c)” rating on shares of Freeport-McMoRan in a report on Thursday, January 22nd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $62.59.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction that occurred on Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the transaction, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. This represents a 27.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Ellie L. Mikes sold 11,000 shares of the stock in a transaction that occurred on Wednesday, February 18th. The stock was sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer owned 40,773 shares of the company’s stock, valued at approximately $2,529,149.19. This trade represents a 21.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold 603,140 shares of company stock valued at $37,660,139 over the last ninety days. Corporate insiders own 0.75% of the company’s stock.

Freeport-McMoRan Company 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.