Grantham Mayo Van Otterloo & Co. LLC Sells 26,700 Shares of Freeport-McMoRan Inc. $FCX

Grantham Mayo Van Otterloo & Co. LLC reduced its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor 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 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Great Lakes Advisors LLC boosted its stake in Freeport-McMoRan by 8.0% in the 3rd quarter. Great Lakes Advisors LLC now owns 1,551,258 shares of the natural resource company’s stock worth $60,840,000 after purchasing an additional 115,285 shares during the period. Summit Global Investments grew its holdings in Freeport-McMoRan by 278.4% during the 3rd quarter. Summit Global Investments now owns 46,157 shares of the natural resource company’s stock valued at $1,810,000 after buying an additional 33,959 shares in the last quarter. Arrow Capital Pty Ltd increased its position in shares of Freeport-McMoRan by 88.5% during the second quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock valued at $4,903,000 after buying an additional 53,100 shares during the period. Foster Victor Wealth Advisors LLC lifted its holdings in shares of Freeport-McMoRan by 5.7% in the third quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock worth $15,213,000 after buying an additional 20,586 shares in the last quarter. Finally, Momentum Wealth Planning LLC purchased a new stake in shares of Freeport-McMoRan in the second quarter worth about $3,459,000. 80.77% of the stock is owned by institutional investors.

Freeport-McMoRan Stock Down 5.4%

FCX stock opened at $59.29 on Monday. The company has a current ratio of 2.29, a quick ratio of 1.05 and a debt-to-equity ratio of 0.29. The company’s 50 day moving average is $60.80 and its 200 day moving average is $49.40. The stock has a market cap of $85.21 billion, a price-to-earnings ratio of 39.27, a price-to-earnings-growth ratio of 0.70 and a beta of 1.41. Freeport-McMoRan Inc. has a 1-year low of $27.66 and a 1-year high of $69.75.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share for the quarter, beating 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 the consensus estimate of $5.42 billion. During the same period last year, the firm posted $0.31 earnings per share. Freeport-McMoRan’s quarterly revenue was down 1.5% on a year-over-year basis. Sell-side analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were given a dividend of $0.075 per share. The ex-dividend date was Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. Freeport-McMoRan’s dividend payout ratio (DPR) is 19.87%.

Analyst Ratings Changes

FCX has been the subject of several recent analyst reports. HSBC boosted their price objective on shares of Freeport-McMoRan from $48.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, January 20th. Citigroup increased their target price on shares of Freeport-McMoRan from $48.00 to $67.00 and gave the stock a “buy” rating in a research note on Monday, January 12th. Stifel Nicolaus raised their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the company a “buy” rating in a report on Wednesday, February 11th. UBS Group boosted their price target on shares of Freeport-McMoRan from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday, January 23rd. Finally, Morgan Stanley set a $70.00 price target on shares of Freeport-McMoRan in a report on Tuesday, January 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $62.59.

Insider Activity at Freeport-McMoRan

In other news, Chairman Richard C. Adkerson sold 152,960 shares of Freeport-McMoRan stock in a transaction on Wednesday, February 11th. The shares were sold at an average price of $64.65, for a total transaction of $9,888,864.00. Following the completion of the sale, the chairman directly owned 3,356,159 shares of the company’s stock, valued at approximately $216,975,679.35. The trade was a 4.36% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Stephen T. Higgins sold 29,654 shares of the company’s stock in a transaction 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 trade represents a 27.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 603,140 shares of company stock worth $37,660,139 in the last three months. 0.75% of the stock is owned by insiders.

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.