TD Waterhouse Canada Inc. Grows Holdings in Freeport-McMoRan Inc. $FCX

TD Waterhouse Canada Inc. boosted its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 22.7% during the second quarter, Holdings Channel.com reports. The fund owned 887,663 shares of the natural resource company’s stock after acquiring an additional 164,297 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Freeport-McMoRan were worth $53,783,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also added to or reduced their stakes in FCX. Steph & Co. increased its stake in shares of Freeport-McMoRan by 43.7% in the first quarter. Steph & Co. now owns 493 shares of the natural resource company’s stock worth $29,000 after purchasing an additional 150 shares in the last quarter. Cassaday & Co Wealth Management LLC purchased a new position in shares of Freeport-McMoRan during the 1st quarter valued at $29,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Freeport-McMoRan during the 4th quarter valued at $25,000. Kemnay Advisory Services Inc. bought a new position in Freeport-McMoRan in the 4th quarter worth $29,000. Finally, Financial Life Planners purchased a new stake in Freeport-McMoRan in the 1st quarter worth $34,000. Hedge funds and other institutional investors own 80.77% of the company’s stock.

Insider Activity

In related news, CAO Stephen Higgins sold 14,277 shares of Freeport-McMoRan stock in a transaction dated Wednesday, August 5th. The shares were sold at an average price of $69.50, for a total transaction of $992,251.50. Following the completion of the transaction, the chief accounting officer directly owned 54,618 shares of the company’s stock, valued at approximately $3,795,951. The trade was a 20.72% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Douglas Currault, II sold 80,000 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the transaction, the executive vice president owned 211,016 shares in the company, valued at $16,577,416.96. The trade was a 27.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 110,398 shares of company stock worth $8,387,271 over the last 90 days. Insiders own 0.73% of the company’s stock.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $72.78 on Friday. The stock has a market cap of $104.51 billion, a price-to-earnings ratio of 35.85, a price-to-earnings-growth ratio of 0.73 and a beta of 1.41. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.92 and a current ratio of 2.07. The stock has a 50 day moving average price of $66.19 and a 200-day moving average price of $64.31. Freeport-McMoRan Inc. has a one year low of $35.15 and a one year high of $80.24.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, beating the consensus estimate of $0.62 by $0.12. The company had revenue of $7.03 billion for the quarter, compared to analyst estimates of $6.62 billion. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%.Freeport-McMoRan’s quarterly revenue was down 7.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.54 EPS. Equities analysts expect that Freeport-McMoRan Inc. will post 2.81 EPS for the current year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, August 3rd. Stockholders of record on Wednesday, July 15th were paid a $0.075 dividend. The ex-dividend date of this dividend was Wednesday, July 15th. This represents a $0.30 annualized dividend and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is currently 14.78%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on FCX shares. Deutsche Bank Aktiengesellschaft reissued a “buy” rating on shares of Freeport-McMoRan in a report on Friday, May 15th. The Goldman Sachs Group decreased their target price on Freeport-McMoRan from $75.00 to $74.00 and set a “buy” rating on the stock in a research note on Wednesday, July 8th. Citigroup restated a “positive” rating on shares of Freeport-McMoRan in a research note on Wednesday, July 15th. Jefferies Financial Group increased their price objective on shares of Freeport-McMoRan from $75.00 to $85.00 and gave the company a “buy” rating in a report on Monday, June 8th. Finally, Barclays boosted their target price on shares of Freeport-McMoRan from $80.00 to $82.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. One investment analyst has rated the stock with a Strong Buy rating, twenty have given a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $70.27.

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.