Toronto Dominion Bank Buys 803,114 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Toronto Dominion Bank grew its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 110.9% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,527,116 shares of the natural resource company's stock after purchasing an additional 803,114 shares during the quarter. Toronto Dominion Bank owned about 0.11% of Freeport-McMoRan worth $76,234,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Sequoia Financial Advisors LLC raised its holdings in shares of Freeport-McMoRan by 9.2% during the second quarter. Sequoia Financial Advisors LLC now owns 31,935 shares of the natural resource company's stock valued at $1,552,000 after purchasing an additional 2,702 shares during the period. Diversified Trust Co raised its stake in Freeport-McMoRan by 38.5% during the 2nd quarter. Diversified Trust Co now owns 6,307 shares of the natural resource company's stock worth $307,000 after buying an additional 1,754 shares during the period. ORG Partners LLC boosted its holdings in Freeport-McMoRan by 99,150.0% in the second quarter. ORG Partners LLC now owns 5,955 shares of the natural resource company's stock worth $288,000 after acquiring an additional 5,949 shares in the last quarter. PGGM Investments acquired a new stake in Freeport-McMoRan in the second quarter valued at approximately $500,000. Finally, Cornerstone Wealth Management LLC grew its stake in Freeport-McMoRan by 3.4% in the second quarter. Cornerstone Wealth Management LLC now owns 10,141 shares of the natural resource company's stock valued at $493,000 after acquiring an additional 335 shares during the period. Institutional investors own 80.77% of the company's stock.

Freeport-McMoRan Stock Performance

Freeport-McMoRan stock traded up $0.41 during trading on Wednesday, hitting $43.08. The stock had a trading volume of 4,982,586 shares, compared to its average volume of 12,808,910. The company has a quick ratio of 1.30, a current ratio of 2.33 and a debt-to-equity ratio of 0.31. The stock's 50 day moving average is $46.00 and its two-hundred day moving average is $46.32. Freeport-McMoRan Inc. has a 1 year low of $36.26 and a 1 year high of $55.24. The stock has a market cap of $61.90 billion, a price-to-earnings ratio of 31.16, a price-to-earnings-growth ratio of 16.60 and a beta of 1.86.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Tuesday, October 22nd. The natural resource company reported $0.38 earnings per share for the quarter, topping the consensus estimate of $0.37 by $0.01. Freeport-McMoRan had a return on equity of 7.40% and a net margin of 7.81%. The company had revenue of $6.79 billion during the quarter, compared to the consensus estimate of $6.45 billion. During the same quarter in the prior year, the company earned $0.39 EPS. The firm's quarterly revenue was up 16.6% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.5 EPS for the current year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, November 1st. Stockholders of record on Tuesday, October 15th were given a $0.075 dividend. This represents a $0.30 annualized dividend and a dividend yield of 0.70%. The ex-dividend date of this dividend was Tuesday, October 15th. Freeport-McMoRan's dividend payout ratio (DPR) is currently 21.90%.

Analyst Upgrades and Downgrades

Several research firms have weighed in on FCX. Scotiabank lowered their price objective on shares of Freeport-McMoRan from $53.00 to $52.00 and set a "sector perform" rating on the stock in a report on Wednesday, October 23rd. Raymond James increased their price objective on Freeport-McMoRan from $55.00 to $57.00 and gave the stock an "outperform" rating in a research note on Wednesday, October 23rd. JPMorgan Chase & Co. lifted their target price on Freeport-McMoRan from $53.00 to $55.00 and gave the company a "neutral" rating in a research report on Tuesday, October 15th. StockNews.com downgraded Freeport-McMoRan from a "buy" rating to a "hold" rating in a report on Thursday, September 26th. Finally, Morgan Stanley dropped their price objective on Freeport-McMoRan from $60.00 to $58.00 and set an "overweight" rating on the stock in a research note on Thursday, September 19th. Six research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $53.92.

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.