Toronto Dominion Bank Sells 13,807 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Toronto Dominion Bank reduced its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 1.6% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 847,476 shares of the natural resource company’s stock after selling 13,807 shares during the quarter. Toronto Dominion Bank owned about 0.06% of Freeport-McMoRan worth $39,848,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in FCX. Brookstone Capital Management boosted its position in shares of Freeport-McMoRan by 7.7% in the 4th quarter. Brookstone Capital Management now owns 7,334 shares of the natural resource company’s stock worth $312,000 after purchasing an additional 524 shares in the last quarter. HB Wealth Management LLC boosted its position in shares of Freeport-McMoRan by 42.1% in the 4th quarter. HB Wealth Management LLC now owns 16,851 shares of the natural resource company’s stock worth $717,000 after purchasing an additional 4,990 shares in the last quarter. CoreCap Advisors LLC boosted its position in shares of Freeport-McMoRan by 19.2% in the 4th quarter. CoreCap Advisors LLC now owns 6,660 shares of the natural resource company’s stock worth $284,000 after purchasing an additional 1,075 shares in the last quarter. CVA Family Office LLC bought a new stake in shares of Freeport-McMoRan in the 4th quarter worth approximately $38,000. Finally, Kingswood Wealth Advisors LLC raised its holdings in Freeport-McMoRan by 10.4% in the 4th quarter. Kingswood Wealth Advisors LLC now owns 24,480 shares of the natural resource company’s stock worth $1,042,000 after acquiring an additional 2,311 shares during the last quarter. 80.77% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FCX. Royal Bank of Canada restated a “sector perform” rating and issued a $60.00 price objective on shares of Freeport-McMoRan in a report on Wednesday. StockNews.com upgraded shares of Freeport-McMoRan from a “hold” rating to a “buy” rating in a report on Thursday, April 25th. Scotiabank decreased their price objective on shares of Freeport-McMoRan from $60.00 to $58.00 and set a “sector outperform” rating for the company in a report on Wednesday. HSBC boosted their target price on shares of Freeport-McMoRan from $39.00 to $45.00 and gave the company a “hold” rating in a research note on Tuesday, April 23rd. Finally, Bank of America upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and set a $59.00 target price for the company in a research note on Tuesday, April 9th. Five equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $53.07.

Insider Buying and Selling

In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Freeport-McMoRan news, CAO Stephen T. Higgins sold 42,767 shares of the stock in a transaction dated Friday, May 3rd. The shares were sold at an average price of $50.35, for a total transaction of $2,153,318.45. Following the completion of the transaction, the chief accounting officer now owns 104,377 shares of the company’s stock, valued at approximately $5,255,381.95. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Stephen T. Higgins sold 43,900 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $51.08, for a total transaction of $2,242,412.00. Following the transaction, the chief accounting officer now directly owns 104,377 shares of the company’s stock, valued at approximately $5,331,577.16. The disclosure for this sale can be found here. In the last quarter, insiders sold 445,667 shares of company stock valued at $22,755,070. Company insiders own 0.79% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX traded up $0.47 during midday trading on Friday, hitting $45.00. The company had a trading volume of 10,389,902 shares, compared to its average volume of 13,718,868. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.41. The company has a market cap of $64.64 billion, a price-to-earnings ratio of 39.82, a PEG ratio of 1.01 and a beta of 1.92. Freeport-McMoRan Inc. has a 12-month low of $32.83 and a 12-month high of $55.24. The company has a fifty day moving average of $49.68 and a two-hundred day moving average of $46.02.

Freeport-McMoRan (NYSE:FCX) last issued its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. The company had revenue of $6.62 billion during the quarter, compared to the consensus estimate of $6 billion. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. Freeport-McMoRan’s quarterly revenue was up 15.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.35 EPS. On average, equities research analysts expect that Freeport-McMoRan Inc. will post 1.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Investors of record on Monday, July 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.33%. The ex-dividend date of this dividend is Monday, July 15th. Freeport-McMoRan’s dividend payout ratio is currently 26.55%.

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.