Allspring Global Investments Holdings LLC Has $238.68 Million Stock Holdings in Freeport-McMoRan Inc. $FCX

Allspring Global Investments Holdings LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 9.0% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,596,124 shares of the natural resource company’s stock after selling 456,128 shares during the period. Allspring Global Investments Holdings LLC owned 0.32% of Freeport-McMoRan worth $238,677,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Steigerwald Gordon & Koch Inc. bought a new position in shares of Freeport-McMoRan during the third quarter valued at $25,000. Twin Peaks Wealth Advisors LLC bought a new stake in shares of Freeport-McMoRan in the second quarter worth $28,000. Salomon & Ludwin LLC increased its holdings in 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 purchasing an additional 687 shares during the period. JPL Wealth Management LLC acquired a new stake in Freeport-McMoRan in the third quarter valued at $33,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Freeport-McMoRan during the 3rd quarter worth $36,000. Institutional investors own 80.77% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Douglas N. Currault II sold 75,000 shares of the firm’s stock in a transaction dated Wednesday, February 11th. The stock was sold at an average price of $64.52, for a total value of $4,839,000.00. Following the completion of the sale, the executive vice president directly owned 219,181 shares in the company, valued at $14,141,558.12. This trade represents a 25.49% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CAO Ellie L. Mikes sold 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $62.03, for a total value of $682,330.00. Following the completion of the sale, the chief accounting officer directly owned 40,773 shares of the company’s stock, valued at $2,529,149.19. This trade represents a 21.25% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 565,145 shares of company stock valued at $35,839,918. 0.79% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have commented on FCX shares. Bank of America lifted their target price on Freeport-McMoRan from $68.00 to $81.00 and gave the stock a “buy” rating in a report on Thursday, February 26th. HSBC raised their price objective on Freeport-McMoRan from $48.00 to $69.00 and gave the stock a “buy” rating in a research report on Tuesday, January 20th. UBS Group reduced their target price on Freeport-McMoRan from $70.00 to $66.00 and set a “buy” rating on the stock in a report on Friday. Sanford C. Bernstein downgraded shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and increased their target price for the company from $53.50 to $54.00 in a research report on Friday, January 23rd. Finally, Stifel Nicolaus raised their price target on shares of Freeport-McMoRan from $52.00 to $76.00 and gave the stock a “buy” rating in a report on Wednesday, February 11th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.40.

Freeport-McMoRan Trading Down 2.9%

Shares of FCX stock opened at $54.60 on Tuesday. Freeport-McMoRan Inc. has a fifty-two week low of $27.66 and a fifty-two week high of $69.75. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.05 and a current ratio of 2.29. The stock has a 50 day simple moving average of $61.26 and a two-hundred day simple moving average of $50.78. The company has a market cap of $78.48 billion, a P/E ratio of 36.16, a PEG ratio of 0.66 and a beta of 1.41.

Freeport-McMoRan (NYSE:FCX) last posted its quarterly earnings results 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 firm had revenue of $5.63 billion for 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 company’s revenue for the quarter was down 1.5% compared to the same quarter last year. During the same period in the prior year, the business earned $0.31 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, May 1st. Investors of record on Wednesday, April 15th will be paid a dividend of $0.075 per share. The ex-dividend date of this dividend is Wednesday, April 15th. This represents a $0.30 annualized dividend and a yield of 0.5%. Freeport-McMoRan’s dividend payout ratio is currently 19.87%.

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.