Anchor Capital Advisors LLC Has $4.60 Million Position in Freeport-McMoRan Inc. $FCX

Anchor Capital Advisors LLC cut its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 25.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 117,243 shares of the natural resource company’s stock after selling 39,239 shares during the period. Anchor Capital Advisors LLC’s holdings in Freeport-McMoRan were worth $4,598,000 as of its most recent filing with the SEC.

Several other large investors have also made changes to their positions in the business. Callan Family Office LLC grew its stake in shares of Freeport-McMoRan by 229.9% in the 2nd quarter. Callan Family Office LLC now owns 26,983 shares of the natural resource company’s stock valued at $1,170,000 after purchasing an additional 18,803 shares during the period. New York Life Investment Management LLC lifted its holdings in Freeport-McMoRan by 11.8% during the 2nd quarter. New York Life Investment Management LLC now owns 215,058 shares of the natural resource company’s stock valued at $9,323,000 after purchasing an additional 22,766 shares during the last quarter. Arrow Capital Pty Ltd grew its position in Freeport-McMoRan by 88.5% during the 2nd quarter. Arrow Capital Pty Ltd now owns 113,100 shares of the natural resource company’s stock worth $4,903,000 after acquiring an additional 53,100 shares during the last quarter. Bourgeon Capital Management LLC raised its holdings in shares of Freeport-McMoRan by 8.1% in the second quarter. Bourgeon Capital Management LLC now owns 331,549 shares of the natural resource company’s stock valued at $14,373,000 after buying an additional 24,803 shares during the last quarter. Finally, Foster Victor Wealth Advisors LLC increased its position in Freeport-McMoRan by 5.7% in the 3rd quarter. Foster Victor Wealth Advisors LLC now owns 383,488 shares of the natural resource company’s stock valued at $15,213,000 after acquiring an additional 20,586 shares in the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insiders Place Their Bets

In related news, CAO Stephen T. Higgins sold 28,423 shares of the stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $47.99, for a total value of $1,364,019.77. Following the completion of the sale, the chief accounting officer directly owned 105,294 shares in the company, valued at $5,053,059.06. This represents a 21.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Ellie L. Mikes sold 9,572 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $47.66, for a total value of $456,201.52. Following the transaction, the chief accounting officer owned 38,761 shares of the company’s stock, valued at $1,847,349.26. This trade represents a 19.80% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.79% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on FCX. BNP Paribas Exane cut their price target on Freeport-McMoRan from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Friday, December 5th. Jefferies Financial Group reissued a “buy” rating and set a $68.00 price objective on shares of Freeport-McMoRan in a research report on Monday, January 5th. HSBC reduced their price target on Freeport-McMoRan from $50.00 to $48.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Royal Bank Of Canada lowered their price target on Freeport-McMoRan from $54.00 to $48.00 and set a “sector perform” rating on the stock in a research report on Wednesday, October 1st. Finally, Clarkson Capital raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $46.00 price target on the stock in a research report on Wednesday, November 19th. Three investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Freeport-McMoRan currently has a consensus rating of “Buy” and a consensus price target of $54.30.

Freeport-McMoRan Stock Up 2.3%

NYSE FCX opened at $60.05 on Wednesday. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.45 and a quick ratio of 1.19. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $60.71. The stock has a market capitalization of $86.23 billion, a PE ratio of 42.29, a PEG ratio of 0.70 and a beta of 1.45. The business has a fifty day moving average price of $48.63 and a two-hundred day moving average price of $44.70.

Freeport-McMoRan (NYSE:FCX) last released its earnings results on Thursday, October 23rd. The natural resource company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.41 by $0.09. The firm had revenue of $6.97 billion for the quarter, compared to analysts’ expectations of $6.74 billion. Freeport-McMoRan had a return on equity of 7.84% and a net margin of 7.97%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.38 earnings per share. Equities analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, February 2nd. Investors of record on Thursday, January 15th will be issued a $0.075 dividend. This represents a $0.30 dividend on an annualized basis and a yield of 0.5%. The ex-dividend date is Thursday, January 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 21.13%.

About Freeport-McMoRan

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.