TD Asset Management Inc Boosts Stake in Freeport-McMoRan Inc. $FCX

TD Asset Management Inc raised its holdings in Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 787,096 shares of the natural resource company’s stock after purchasing an additional 46,629 shares during the quarter. TD Asset Management Inc’s holdings in Freeport-McMoRan were worth $34,121,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in FCX. Dagco Inc. purchased a new stake in Freeport-McMoRan in the 1st quarter valued at about $37,000. Beacon Capital Management LLC raised its holdings in Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company’s stock valued at $38,000 after buying an additional 327 shares during the period. CKW Financial Group purchased a new stake in Freeport-McMoRan in the 1st quarter valued at about $40,000. Greykasell Wealth Strategies Inc. purchased a new stake in shares of Freeport-McMoRan in the 1st quarter valued at approximately $42,000. Finally, Hilltop National Bank purchased a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $43,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

FCX has been the topic of several research analyst reports. HSBC cut their price objective on Freeport-McMoRan from $46.00 to $43.00 and set a “hold” rating on the stock in a report on Thursday, September 25th. Bank of America raised shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $42.00 target price on the stock in a research note on Tuesday, September 30th. Royal Bank Of Canada cut their price objective 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. Dbs Bank cut their target price on shares of Freeport-McMoRan from $51.00 to $48.00 in a research note on Thursday, October 2nd. Finally, Clarkson Capital reiterated a “neutral” rating and issued a $42.00 price objective on shares of Freeport-McMoRan in a report on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $46.56.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $41.66 on Friday. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.12. The business’s 50-day moving average price is $42.65 and its 200 day moving average price is $40.62. The firm has a market cap of $59.81 billion, a P/E ratio of 31.56, a P/E/G ratio of 0.95 and a beta of 1.58.

Freeport-McMoRan (NYSE:FCX) last announced its earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share for the quarter, beating the consensus estimate of $0.45 by $0.09. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The company had revenue of $7.58 billion for the quarter, compared to the consensus estimate of $6.85 billion. During the same period last year, the business posted $0.46 EPS. The company’s revenue was up 14.5% on a year-over-year basis. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Investors of record on Wednesday, October 15th will be given a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a yield of 1.4%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is 22.73%.

Freeport-McMoRan Profile

Freeport-McMoRan Inc engages in the mining of mineral properties in North America, South America, and Indonesia. It primarily explores for copper, gold, molybdenum, silver, and other metals. The company's assets include the Grasberg minerals district in Indonesia; Morenci, Bagdad, Safford, Sierrita, and Miami in Arizona; Chino and Tyrone in New Mexico; and Henderson and Climax in Colorado, North America, as well as Cerro Verde in Peru and El Abra in Chile.