Toronto Dominion Bank Decreases Holdings in Freeport-McMoRan Inc. (NYSE:FCX)

Toronto Dominion Bank trimmed its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 14.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 724,002 shares of the natural resource company’s stock after selling 123,474 shares during the quarter. Toronto Dominion Bank owned 0.05% of Freeport-McMoRan worth $35,186,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in FCX. Assetmark Inc. raised its position in shares of Freeport-McMoRan by 71.3% during the 4th quarter. Assetmark Inc. now owns 1,555 shares of the natural resource company’s stock valued at $66,000 after buying an additional 647 shares in the last quarter. Orion Portfolio Solutions LLC raised its position in shares of Freeport-McMoRan by 8.8% during the 4th quarter. Orion Portfolio Solutions LLC now owns 26,699 shares of the natural resource company’s stock valued at $1,127,000 after buying an additional 2,150 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Freeport-McMoRan by 5.3% during the 4th quarter. Parallel Advisors LLC now owns 63,722 shares of the natural resource company’s stock valued at $2,713,000 after buying an additional 3,204 shares in the last quarter. Focus Financial Network Inc. ADV bought a new position in Freeport-McMoRan during the 4th quarter valued at about $1,383,000. Finally, Weiss Asset Management LP bought a new position in Freeport-McMoRan during the 4th quarter valued at about $568,000. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft upped their price target on shares of Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a report on Monday, June 10th. UBS Group upgraded shares of Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the company from $54.00 to $55.00 in a report on Wednesday, September 4th. BNP Paribas upgraded shares of Freeport-McMoRan to a “strong-buy” rating in a report on Friday, June 21st. Scotiabank cut their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a report on Monday, August 19th. Finally, StockNews.com downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday. Five equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.93.

Freeport-McMoRan Price Performance

Shares of FCX opened at $48.31 on Thursday. The company has a 50 day moving average price of $43.42 and a 200-day moving average price of $47.33. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The stock has a market capitalization of $69.41 billion, a PE ratio of 42.75, a PEG ratio of 2.89 and a beta of 1.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.34 and a current ratio of 2.40.

Freeport-McMoRan (NYSE:FCX) last announced its quarterly 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. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The firm had revenue of $6.62 billion during the quarter, compared to analysts’ expectations of $6 billion. During the same quarter in the prior year, the company earned $0.35 EPS. The company’s revenue was up 15.5% compared to the same quarter last year. Equities analysts predict that Freeport-McMoRan Inc. will post 1.61 earnings per share for the current fiscal year.

About Freeport-McMoRan

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.