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

TD Asset Management Inc lifted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 6.3% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 787,096 shares of the natural resource company’s stock after buying an additional 46,629 shares during the period. TD Asset Management Inc owned approximately 0.05% of Freeport-McMoRan worth $34,121,000 as of its most recent SEC filing.

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

Wall Street Analysts Forecast Growth

FCX has been the topic of several research analyst reports. UBS Group set a $48.00 price target on Freeport-McMoRan and gave the company a “buy” rating in a research note on Friday, October 3rd. CICC Research lowered their price target on shares of Freeport-McMoRan from $51.60 to $42.30 and set an “outperform” rating on the stock in a report on Friday, September 26th. BNP Paribas Exane lowered their target price on Freeport-McMoRan from $56.00 to $52.00 and set an “outperform” rating on the stock in a research note on Thursday, September 25th. Sanford C. Bernstein upgraded Freeport-McMoRan from a “market perform” rating to an “outperform” rating and set a $48.50 price objective on the stock in a research report on Thursday, September 25th. Finally, Stifel Canada raised shares of Freeport-McMoRan to a “strong-buy” rating in a report on Tuesday, July 8th. Three research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and seven have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $46.56.

Freeport-McMoRan Trading Down 0.1%

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

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

Freeport-McMoRan Announces Dividend

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

Freeport-McMoRan Company 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.