Allspring Global Investments Holdings LLC Acquires 227,261 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Allspring Global Investments Holdings LLC increased its stake in Freeport-McMoRan by 4.8%, acquiring an additional 227,261 shares, which now totals 4,972,908 shares valued at approximately $219 million.
• Analysts have issued mixed ratings for Freeport-McMoRan, with three ratings classified as Strong Buy, fourteen as Buy, and a consensus price target around $46.56.
• Freeport-McMoRan recently declared a quarterly dividend of $0.15 per share, marking an annual yield of 1.5%, with a payout ratio of 22.73%.

Allspring Global Investments Holdings LLC grew its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 4.8% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 4,972,908 shares of the natural resource company's stock after buying an additional 227,261 shares during the period. Allspring Global Investments Holdings LLC owned 0.35% of Freeport-McMoRan worth $219,057,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Dagco Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth about $37,000. Beacon Capital Management LLC raised its position in shares of Freeport-McMoRan by 59.6% in the 2nd quarter. Beacon Capital Management LLC now owns 876 shares of the natural resource company's stock worth $38,000 after purchasing an additional 327 shares during the last quarter. CKW Financial Group purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth about $40,000. Greykasell Wealth Strategies Inc. purchased a new position in shares of Freeport-McMoRan in the 1st quarter worth about $42,000. Finally, Hilltop National Bank purchased a new position in shares of Freeport-McMoRan in the 2nd quarter worth about $43,000. Hedge funds and other institutional investors own 80.77% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Deutsche Bank Aktiengesellschaft lowered their price target on Freeport-McMoRan from $47.00 to $45.00 and set a "buy" rating for the company in a research report on Thursday, October 2nd. Stifel Nicolaus initiated coverage on Freeport-McMoRan in a research report on Wednesday, July 9th. They issued a "buy" rating and a $56.00 price target for the company. Clarkson Capital reissued a "neutral" rating and issued a $42.00 target price on shares of Freeport-McMoRan in a research report on Thursday, September 25th. JPMorgan Chase & Co. boosted their target price on Freeport-McMoRan from $46.00 to $50.00 and gave the stock an "overweight" rating in a research report on Thursday. Finally, Hsbc Global Res lowered Freeport-McMoRan from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 22nd. Three research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and seven have given a Hold rating to the stock. According to MarketBeat, Freeport-McMoRan currently has an average rating of "Moderate Buy" and a consensus target price of $46.56.

Freeport-McMoRan Trading Down 5.5%

Freeport-McMoRan stock opened at $40.92 on Monday. The business has a 50-day simple moving average of $42.51 and a two-hundred day simple moving average of $40.55. The company has a market cap of $58.74 billion, a P/E ratio of 31.00, a P/E/G ratio of 0.93 and a beta of 1.58. Freeport-McMoRan Inc. has a 52-week low of $27.66 and a 52-week high of $50.28. The company has a quick ratio of 1.21, a current ratio of 2.47 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Wednesday, July 23rd. The natural resource company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.45 by $0.09. The business had revenue of $7.58 billion during the quarter, compared to the consensus estimate of $6.85 billion. Freeport-McMoRan had a return on equity of 7.37% and a net margin of 7.45%.The business's quarterly revenue was up 14.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.46 EPS. Analysts predict that Freeport-McMoRan Inc. will post 1.68 EPS for the current year.

Freeport-McMoRan Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, November 3rd. Shareholders of record on Wednesday, October 15th will be paid a dividend of $0.15 per share. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Wednesday, October 15th. Freeport-McMoRan's payout ratio is currently 22.73%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.