Freeport-McMoRan Inc. $FCX Stock Acquired by TD Waterhouse Canada Inc.

TD Waterhouse Canada Inc. increased its position in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 24.6% in the third quarter, HoldingsChannel.com reports. The firm owned 1,106,298 shares of the natural resource company’s stock after acquiring an additional 218,635 shares during the quarter. TD Waterhouse Canada Inc.’s holdings in Freeport-McMoRan were worth $76,743,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Fifth Third Bancorp lifted its position in shares of Freeport-McMoRan by 34.5% during the 1st quarter. Fifth Third Bancorp now owns 1,062,916 shares of the natural resource company’s stock worth $62,478,000 after buying an additional 272,726 shares during the last quarter. Iowa State Bank boosted its holdings in shares of Freeport-McMoRan by 50.7% in the 3rd quarter. Iowa State Bank now owns 50,144 shares of the natural resource company’s stock valued at $3,510,000 after buying an additional 16,868 shares in the last quarter. Barrow Hanley Mewhinney & Strauss LLC boosted its holdings in shares of Freeport-McMoRan by 1.4% in the 2nd quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 9,970,872 shares of the natural resource company’s stock valued at $627,068,000 after buying an additional 141,738 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in shares of Freeport-McMoRan by 4.6% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,687,524 shares of the natural resource company’s stock valued at $169,018,000 after buying an additional 117,888 shares during the last quarter. Finally, HighTower Advisors LLC grew its position in shares of Freeport-McMoRan by 17.1% in the 2nd quarter. HighTower Advisors LLC now owns 1,249,858 shares of the natural resource company’s stock valued at $78,604,000 after buying an additional 182,714 shares during the last quarter. Institutional investors and hedge funds own 80.77% of the company’s stock.

Insider Activity

In other news, Director Lydia H. Kennard sold 3,798 shares of Freeport-McMoRan stock in a transaction dated Thursday, August 27th. The shares were sold at an average price of $79.11, for a total value of $300,459.78. Following the sale, the director owned 122,702 shares of the company’s stock, valued at $9,706,955.22. The trade was a 3.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Ellie L. Mikes sold 4,773 shares of the business’s stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $70.00, for a total transaction of $334,110.00. Following the transaction, the chief accounting officer owned 36,000 shares in the company, valued at approximately $2,520,000. This trade represents a 11.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 110,398 shares of company stock worth $8,387,271 over the last quarter. Insiders own 0.73% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FCX. Wall Street Zen lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Saturday, August 8th. Erste Group Bank began coverage on shares of Freeport-McMoRan in a research report on Thursday, August 27th. They issued a “buy” rating for the company. Stifel Nicolaus upped their price objective on shares of Freeport-McMoRan from $76.00 to $80.00 and gave the company a “buy” rating in a research note on Tuesday, July 21st. Sanford C. Bernstein dropped their price objective on Freeport-McMoRan from $50.00 to $47.00 and set a “market perform” rating on the stock in a report on Wednesday, September 9th. Finally, BMO Capital Markets raised their price objective on Freeport-McMoRan from $78.00 to $85.00 and gave the stock an “outperform” rating in a report on Tuesday, September 29th. One analyst has rated the stock with a Strong Buy rating, twenty have assigned a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $76.22.

Freeport-McMoRan Stock Performance

Shares of Freeport-McMoRan stock traded down $0.72 during trading hours on Friday, hitting $69.33. 12,069,916 shares of the company were exchanged, compared to its average volume of 10,967,696. Freeport-McMoRan Inc. has a 1 year low of $38.54 and a 1 year high of $80.24. The company has a current ratio of 2.07, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. The business has a 50-day moving average of $72.12 and a 200-day moving average of $66.62. The stock has a market capitalization of $99.57 billion, a price-to-earnings ratio of 34.16, a P/E/G ratio of 0.66 and a beta of 1.39.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, July 23rd. The natural resource company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.12. Freeport-McMoRan had a return on equity of 10.63% and a net margin of 11.39%. The firm had revenue of $7.03 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same period last year, the company earned $0.54 earnings per share. The company’s revenue for the quarter was down 7.3% on a year-over-year basis. As a group, analysts expect that Freeport-McMoRan Inc. will post 2.90 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th will be given a dividend of $0.0750 per share. The ex-dividend date is Thursday, October 15th. This represents a $0.30 dividend on an annualized basis and a yield of 0.4%. Freeport-McMoRan’s dividend payout ratio is presently 14.78%.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc (NYSE: FCX) is a leading international mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Copper is its principal product and is used in electrical systems, construction, transportation, renewable energy infrastructure and other industrial applications. The company also produces copper cathodes and concentrates, gold, molybdenum products and certain quantities of silver and other byproducts.

Freeport-McMoRan operates a portfolio of mining and processing assets in North America, South America and Indonesia.