TD Asset Management Inc Lowers Stake in Freeport-McMoRan Inc. (NYSE:FCX)

Key Points

• TD Asset Management Inc reduced its stake in Freeport-McMoRan Inc. by 18.1% in Q1, selling 163,242 shares and holding 740,467 shares worth approximately $28 million afterwards.
• Analysts have upgraded Freeport-McMoRan's stock ratings, with Wolfe Research setting a new price objective of $39.00 and Citigroup increasing their target to $48.00.
• Freeport-McMoRan declared a quarterly dividend of $0.15 per share, leading to an annualized yield of 1.39% and a payout ratio of 22.73%.

TD Asset Management Inc reduced its position in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 18.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 740,467 shares of the natural resource company's stock after selling 163,242 shares during the quarter. TD Asset Management Inc owned approximately 0.05% of Freeport-McMoRan worth $28,034,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Wellington Management Group LLP raised its holdings in Freeport-McMoRan by 237.4% in the 4th quarter. Wellington Management Group LLP now owns 9,218,518 shares of the natural resource company's stock worth $351,041,000 after purchasing an additional 6,486,011 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Freeport-McMoRan by 21.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 31,885,531 shares of the natural resource company's stock worth $1,214,203,000 after buying an additional 5,735,171 shares during the period. Bank of New York Mellon Corp grew its position in shares of Freeport-McMoRan by 13.7% in the 1st quarter. Bank of New York Mellon Corp now owns 21,942,063 shares of the natural resource company's stock worth $830,726,000 after buying an additional 2,642,810 shares during the period. Phoenix Financial Ltd. grew its position in shares of Freeport-McMoRan by 1,354.9% in the 1st quarter. Phoenix Financial Ltd. now owns 2,641,129 shares of the natural resource company's stock worth $100,001,000 after buying an additional 2,459,598 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Freeport-McMoRan by 39.2% in the 4th quarter. Deutsche Bank AG now owns 5,469,258 shares of the natural resource company's stock worth $208,269,000 after buying an additional 1,539,124 shares during the period. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock traded up $1.13 on Thursday, hitting $40.27. 26,253,306 shares of the company traded hands, compared to its average volume of 19,345,884. The stock has a market capitalization of $57.87 billion, a P/E ratio of 30.51, a price-to-earnings-growth ratio of 0.71 and a beta of 1.64. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.21 and a current ratio of 2.47. Freeport-McMoRan Inc. has a 52 week low of $27.66 and a 52 week high of $52.61. The business has a 50-day simple moving average of $42.70 and a 200 day simple moving average of $39.05.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings data on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.09. The firm had revenue of $7.58 billion for the quarter, compared to analysts' expectations of $6.85 billion. Freeport-McMoRan had a net margin of 7.45% and a return on equity of 7.37%. The company's revenue for the quarter was up 14.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.46 earnings per share. Research analysts expect that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Tuesday, July 15th will be issued a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. Freeport-McMoRan's dividend payout ratio (DPR) is presently 22.73%.

Analyst Upgrades and Downgrades

FCX has been the topic of a number of recent research reports. JPMorgan Chase & Co. upped their target price on shares of Freeport-McMoRan from $42.00 to $56.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 9th. Wolfe Research raised shares of Freeport-McMoRan from a "peer perform" rating to an "outperform" rating and set a $39.00 target price on the stock in a research report on Wednesday, April 16th. Stifel Nicolaus assumed coverage on shares of Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 target price on the stock. Jefferies Financial Group restated a "buy" rating and set a $50.00 price objective (up from $48.00) on shares of Freeport-McMoRan in a research note on Friday, April 25th. Finally, Citigroup increased their price target on shares of Freeport-McMoRan from $44.00 to $48.00 and gave the company a "neutral" rating in a report on Tuesday, July 8th. Eight equities research analysts have rated the stock with a hold rating, nine have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $51.00.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction on Monday, June 2nd. The shares were sold at an average price of $40.02, for a total transaction of $343,531.68. Following the completion of the transaction, the chief accounting officer directly owned 48,333 shares of the company's stock, valued at $1,934,286.66. The trade was a 15.08% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.75% of the company's stock.

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.