TD Asset Management Inc Has $29.47 Million Stock Position in Freeport-McMoRan Inc. $FCX

TD Asset Management Inc lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% during the third quarter, Holdings Channel reports. The firm owned 751,298 shares of the natural resource company’s stock after selling 35,798 shares during the period. TD Asset Management Inc’s holdings in Freeport-McMoRan were worth $29,466,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of FCX. Portside Wealth Group LLC grew its stake in Freeport-McMoRan by 0.8% during the second quarter. Portside Wealth Group LLC now owns 30,333 shares of the natural resource company’s stock worth $1,315,000 after buying an additional 245 shares in the last quarter. Hollencrest Capital Management boosted its position in shares of Freeport-McMoRan by 0.6% during the 2nd quarter. Hollencrest Capital Management now owns 45,133 shares of the natural resource company’s stock worth $1,957,000 after acquiring an additional 250 shares in the last quarter. Benjamin Edwards Inc. increased its stake in Freeport-McMoRan by 0.6% in the third quarter. Benjamin Edwards Inc. now owns 45,095 shares of the natural resource company’s stock valued at $1,769,000 after acquiring an additional 250 shares during the last quarter. Waterloo Capital L.P. raised its position in Freeport-McMoRan by 3.9% during the second quarter. Waterloo Capital L.P. now owns 6,658 shares of the natural resource company’s stock valued at $289,000 after purchasing an additional 251 shares in the last quarter. Finally, Transcend Capital Advisors LLC lifted its stake in Freeport-McMoRan by 3.1% during the third quarter. Transcend Capital Advisors LLC now owns 8,491 shares of the natural resource company’s stock worth $333,000 after purchasing an additional 257 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Freeport-McMoRan Stock Down 0.5%

Shares of NYSE FCX opened at $68.03 on Friday. The company has a 50 day simple moving average of $59.55 and a 200 day simple moving average of $48.52. The company has a debt-to-equity ratio of 0.29, a current ratio of 2.29 and a quick ratio of 1.05. Freeport-McMoRan Inc. has a 1 year low of $27.66 and a 1 year high of $69.75. The firm has a market cap of $97.77 billion, a PE ratio of 45.05, a price-to-earnings-growth ratio of 0.75 and a beta of 1.47.

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

Freeport-McMoRan Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 19.87%.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FCX shares. Freedom Capital upgraded Freeport-McMoRan from a “hold” rating to a “strong-buy” rating in a research note on Saturday, February 21st. Raymond James Financial boosted their target price on Freeport-McMoRan from $53.00 to $66.00 and gave the stock an “outperform” rating in a research note on Thursday, January 15th. HSBC raised their price target 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. BNP Paribas Exane increased their price objective on shares of Freeport-McMoRan from $56.00 to $75.00 and gave the company an “outperform” rating in a research note on Thursday, February 12th. Finally, Jefferies Financial Group boosted their target price on shares of Freeport-McMoRan from $68.00 to $76.00 and gave the stock a “buy” rating in a research note on Tuesday, February 17th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $62.59.

Insider Buying and Selling

In related news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction that occurred on Friday, February 13th. The stock was sold at an average price of $61.55, for a total value of $2,985,175.00. Following the sale, the chief financial officer directly owned 79,894 shares in the company, valued at $4,917,475.70. This represents a 37.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Douglas N. Currault II sold 75,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total transaction of $4,839,000.00. Following the transaction, the executive vice president owned 219,181 shares of the company’s stock, valued at approximately $14,141,558.12. The trade was a 25.49% 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 90 days. 0.75% of the stock is currently owned by corporate 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.