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

TD Asset Management Inc decreased its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 4.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 751,298 shares of the natural resource company’s stock after selling 35,798 shares during the period. TD Asset Management Inc owned 0.05% of Freeport-McMoRan worth $29,466,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Steigerwald Gordon & Koch Inc. acquired a new position in shares of Freeport-McMoRan during the 3rd quarter worth approximately $25,000. Twin Peaks Wealth Advisors LLC acquired a new stake in shares of Freeport-McMoRan in the 2nd quarter valued at approximately $28,000. Salomon & Ludwin LLC grew its stake in shares of Freeport-McMoRan by 1,962.9% in the third quarter. Salomon & Ludwin LLC now owns 722 shares of the natural resource company’s stock valued at $29,000 after buying an additional 687 shares in the last quarter. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Freeport-McMoRan in the third quarter valued at $36,000. Finally, Proffitt & Goodson Inc. increased its holdings in Freeport-McMoRan by 39.8% during the third quarter. Proffitt & Goodson Inc. now owns 977 shares of the natural resource company’s stock worth $38,000 after buying an additional 278 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Insider Buying and Selling

In related news, CFO Maree E. Robertson sold 48,500 shares of the company’s stock in a transaction dated Friday, February 13th. The shares were sold at an average price of $61.55, for a total value of $2,985,175.00. Following the transaction, the chief financial officer directly owned 79,894 shares in the company, valued at approximately $4,917,475.70. This represents a 37.77% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Stephen T. Higgins sold 29,654 shares of Freeport-McMoRan stock in a transaction dated Friday, February 20th. The stock was sold at an average price of $63.00, for a total transaction of $1,868,202.00. Following the completion of the sale, the chief accounting officer owned 76,445 shares of the company’s stock, valued at $4,816,035. This trade represents a 27.95% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 603,140 shares of company stock valued at $37,660,139 in the last 90 days. 0.75% of the stock is currently owned by corporate insiders.

Freeport-McMoRan Stock Down 0.5%

Freeport-McMoRan stock opened at $68.03 on Friday. The company’s 50-day moving average price is $59.55 and its two-hundred day moving average price is $48.52. The company has a quick ratio of 1.05, a current ratio of 2.29 and a debt-to-equity ratio of 0.29. The stock has a market cap of $97.77 billion, a P/E ratio of 45.05, a P/E/G ratio of 0.75 and a beta of 1.47. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $69.75.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings data on Thursday, January 22nd. The natural resource company reported $0.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.28 by $0.19. The company had revenue of $5.63 billion during the quarter, compared to analysts’ expectations of $5.42 billion. Freeport-McMoRan had a return on equity of 8.50% and a net margin of 8.50%.The business’s revenue was down 1.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.31 earnings per share. As a group, analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, February 2nd. Stockholders of record on Thursday, January 15th were issued a dividend of $0.075 per share. The ex-dividend date of this dividend was Thursday, January 15th. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.4%. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 19.87%.

Analyst Ratings Changes

A number of analysts have commented on FCX shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Freeport-McMoRan in a research note on Thursday, January 22nd. Morgan Stanley set a $70.00 target price on shares of Freeport-McMoRan in a report on Tuesday, January 27th. Scotiabank raised their target price on shares of Freeport-McMoRan from $70.00 to $72.00 and gave the company an “outperform” rating in a research note on Thursday, February 19th. Argus raised Freeport-McMoRan from a “hold” rating to a “buy” rating in a research report on Friday, February 13th. Finally, Wells Fargo & Company upped their price objective on Freeport-McMoRan from $55.00 to $64.00 and gave the company an “overweight” rating in a research note on Tuesday, January 13th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $62.59.

Freeport-McMoRan 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.