Allspring Global Investments Holdings LLC Sells 159,777 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Allspring Global Investments Holdings LLC lessened its stake in Freeport-McMoRan Inc. (NYSE:FCX) by 3.0% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,176,415 shares of the natural resource company’s stock after selling 159,777 shares during the period. Allspring Global Investments Holdings LLC owned about 0.36% of Freeport-McMoRan worth $258,407,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. boosted its position in shares of Freeport-McMoRan by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 120,698,442 shares of the natural resource company’s stock valued at $5,675,241,000 after purchasing an additional 1,210,833 shares in the last quarter. Capital Research Global Investors boosted its position in shares of Freeport-McMoRan by 22.0% during the 1st quarter. Capital Research Global Investors now owns 72,896,288 shares of the natural resource company’s stock valued at $3,427,583,000 after purchasing an additional 13,143,562 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in shares of Freeport-McMoRan by 6.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 36,882,874 shares of the natural resource company’s stock valued at $1,734,234,000 after purchasing an additional 2,392,800 shares in the last quarter. Capital World Investors boosted its position in shares of Freeport-McMoRan by 40.9% during the 1st quarter. Capital World Investors now owns 15,155,256 shares of the natural resource company’s stock valued at $712,600,000 after purchasing an additional 4,396,309 shares in the last quarter. Finally, Clearbridge Investments LLC boosted its position in shares of Freeport-McMoRan by 1.4% during the 1st quarter. Clearbridge Investments LLC now owns 14,454,789 shares of the natural resource company’s stock valued at $679,664,000 after purchasing an additional 200,877 shares in the last quarter. Institutional investors own 80.77% of the company’s stock.

Freeport-McMoRan Stock Performance

Shares of FCX traded up $0.23 on Friday, reaching $48.18. 8,823,005 shares of the company’s stock traded hands, compared to its average volume of 13,123,217. The company has a current ratio of 2.40, a quick ratio of 1.34 and a debt-to-equity ratio of 0.30. The stock has a market cap of $69.21 billion, a PE ratio of 42.64, a PEG ratio of 2.03 and a beta of 1.90. The stock’s 50 day simple moving average is $45.48 and its two-hundred day simple moving average is $47.88. Freeport-McMoRan Inc. has a 52-week low of $32.83 and a 52-week high of $55.24.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 EPS for the quarter, beating analysts’ consensus estimates 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 return on equity of 7.60% and a net margin of 7.83%. Freeport-McMoRan’s revenue was up 15.5% on a year-over-year basis. During the same period last year, the business posted $0.35 earnings per share. On average, analysts forecast that Freeport-McMoRan Inc. will post 1.58 earnings per share for the current fiscal year.

Freeport-McMoRan Cuts Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Tuesday, October 15th will be given a dividend of $0.075 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.62%. The ex-dividend date of this dividend is Tuesday, October 15th. Freeport-McMoRan’s payout ratio is 26.55%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the company. Morgan Stanley cut their target price on Freeport-McMoRan from $60.00 to $58.00 and set an “overweight” rating on the stock in a research report on Thursday, September 19th. StockNews.com downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating in a research note on Thursday, September 26th. UBS Group raised Freeport-McMoRan from a “neutral” rating to a “buy” rating and upped their price target for the stock from $54.00 to $55.00 in a research note on Wednesday, September 4th. JPMorgan Chase & Co. upped their price target on Freeport-McMoRan from $53.00 to $55.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 15th. Finally, Scotiabank upped their price target on Freeport-McMoRan from $52.00 to $53.00 and gave the stock a “sector perform” rating in a research note on Tuesday, October 8th. Six research analysts have rated the stock with a hold rating, nine have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Freeport-McMoRan has a consensus rating of “Moderate Buy” and an average price target of $53.29.

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.