Are Freeport-McMoRan’s Top Institutional Shareholders Nervous About a Union Strike?

So far in 2012, Freeport-McMoRan Cooper & Gold Inc.’s (NYSE:FCX) shares are down 7.75 percent. On June 5th, workers at the company’s Grasberg mine in Indonesia had threatened to strike amid rising tensions after three union members had been dismissed.

Union spokesman Juli Parorrongan said, “There’s discrimination against workers who participated in last year’s strike that is creating a lot of problems and the sacking of three of our members is making it worse. We are in talks with the management. Hopefully we’ll reach an agreement within two weeks otherwise I can’t rule out another strike.”

In February and part of March, Freeport halted production there after violence erupted following a three-month strike in 2011 over pay. This had affected global supply and increased copper prices. Grasberg has the world’s biggest recoverable copper reserves.

With the threat of a strike looming, will Freeport-McMoRan’s largest shareholders decrease their holdings? 1077 institutional firms indicated owning shares of Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) in Q1 2012. These firms reported owning a total of 706.092 million shares on 03/31/2012. The shares closed at $37.71 on 03/31/2012.

Here are the ten largest positions in Freeport-McMoRan Copper & Gold Inc. at the end of March 31st, 2012.

Vanguard Group Inc held 39,529,152 shares on 03/31/2012 worth $1,503,688,978. This brought the portfolio total to 0.2%.

State Street Corp held 37,572,515 shares on 03/31/2012 worth $1,429,258,505. This brought the portfolio total to 0.22%.

Blackrock Group Ltd held 29,191,041 shares on 03/31/2012 worth $1,110,427,226. This brought the portfolio total to 0.79%.

Blackrock Institutional Trust Company N.A. held 25,686,211 shares on 03/31/2012 worth $977,103,490. This brought the portfolio total to 0.22%.

JPMorgan Chase & Co held 16,387,892 shares on 03/31/2012 worth $623,395,427. This brought the portfolio total to 0.25%.

Fisher Asset Management LLC held 14,208,367 shares on 03/31/2012 worth $540,486,294. This brought the portfolio total to 1.44%.

FMR LLC held 14,188,244 shares on 03/31/2012 worth $539,720,815. This brought the portfolio total to 0.1%.

Bank of New York Mellon Corp held 12,032,396 shares on 03/31/2012 worth $457,712,355. This brought the portfolio total to 0.17%.

Northern Trust Corp held 11,903,606 shares on 03/31/2012 worth $452,813,183. This brought the portfolio total to 0.21%.

Ameriprise Financial Inc held 11,143,796 shares on 03/31/2012 worth $423,910,010. This brought the portfolio total to 0.3%.

About the company: Freeport-McMoRan Copper & Gold Inc., through its subsidiary, is a copper, gold and molybdenum mining company. The Company primarily mines for copper and owns mining interests in Chile and Indonesia. Freeport-McMoRan Copper & Gold also, through a subsidiary, is involved in smelting and refining of copper concentrates.

Knowing which stocks have institutional support will help improve your investing skills, and teach you how to ride the waves of strong moves. In fact, “S = Support is Provided By Institutional Investors & Company Insiders” is a core component of our CHEAT SHEET investing framework for this very reason. Don’t waste another minute — click here and get our CHEAT SHEET stock picks now.