Allspring Global Investments Holdings LLC Decreases Position in Freeport-McMoRan Inc. $FCX

Key Points

• Allspring Global Investments cut its Freeport-McMoRan stake by 17.5% in the first quarter, selling 806,027 shares and leaving it with 3.79 million shares valued at about $232 million.
• Freeport-McMoRan beat earnings expectations in its latest quarter, reporting $0.57 EPS on $6.23 billion in revenue versus forecasts of $0.47 EPS and $5.73 billion, with revenue up 8.8% year over year.
• The company recently declared a quarterly dividend of $0.075 per share, payable August 3, which works out to a 0.5% annualized yield and a payout ratio of 15.96%.

Allspring Global Investments Holdings LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 17.5% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,790,097 shares of the natural resource company's stock after selling 806,027 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.26% of Freeport-McMoRan worth $231,954,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in FCX. Pinnacle Bancorp Inc. boosted its stake in Freeport-McMoRan by 7.9% in the first quarter. Pinnacle Bancorp Inc. now owns 2,011 shares of the natural resource company's stock valued at $118,000 after acquiring an additional 147 shares in the last quarter. Steph & Co. increased its position in Freeport-McMoRan by 43.7% during the first quarter. Steph & Co. now owns 493 shares of the natural resource company's stock worth $29,000 after buying an additional 150 shares during the period. Essex Bank lifted its stake in Freeport-McMoRan by 1.2% in the first quarter. Essex Bank now owns 14,104 shares of the natural resource company's stock valued at $829,000 after buying an additional 163 shares during the last quarter. Leo Wealth LLC boosted its holdings in shares of Freeport-McMoRan by 2.5% in the fourth quarter. Leo Wealth LLC now owns 6,838 shares of the natural resource company's stock valued at $347,000 after acquiring an additional 170 shares during the period. Finally, Klein Pavlis & Peasley Financial Inc. grew its position in shares of Freeport-McMoRan by 0.9% during the first quarter. Klein Pavlis & Peasley Financial Inc. now owns 18,674 shares of the natural resource company's stock worth $1,098,000 after acquiring an additional 175 shares during the last quarter. 80.77% of the stock is currently owned by hedge funds and other institutional investors.

Freeport-McMoRan Stock Performance

NYSE FCX opened at $58.50 on Friday. The business has a 50 day moving average price of $63.93 and a 200 day moving average price of $61.96. The company has a market capitalization of $84.10 billion, a P/E ratio of 31.12, a PEG ratio of 0.61 and a beta of 1.37. Freeport-McMoRan Inc. has a 1-year low of $35.15 and a 1-year high of $72.28. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.39 and a quick ratio of 1.13.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its earnings results on Thursday, April 23rd. The natural resource company reported $0.57 earnings per share for the quarter, beating the consensus estimate of $0.47 by $0.10. The company had revenue of $6.23 billion for the quarter, compared to analyst estimates of $5.73 billion. Freeport-McMoRan had a return on equity of 9.88% and a net margin of 10.34%.Freeport-McMoRan's revenue was up 8.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. Sell-side analysts expect that Freeport-McMoRan Inc. will post 2.68 EPS for the current fiscal year.

Freeport-McMoRan Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 3rd. Investors of record on Wednesday, July 15th will be given a dividend of $0.075 per share. This represents a $0.30 annualized dividend and a dividend yield of 0.5%. The ex-dividend date is Wednesday, July 15th. Freeport-McMoRan's payout ratio is currently 15.96%.

Trending Headlines about Freeport-McMoRan

Here are the key news stories impacting Freeport-McMoRan this week:

• Positive Sentiment: Analysts still see FCX as having a favorable setup for its next earnings report, with expectations for earnings growth and a possible beat supported by the company’s operating leverage to copper prices. Article Title
• Positive Sentiment: Morgan Stanley raised its price target on Freeport-McMoRan to $70 from $66, which signals continued confidence in FCX’s long-term copper exposure despite keeping an Equal Weight rating. Article Title
• Neutral Sentiment: Coverage highlighted Freeport-McMoRan’s importance to mining and materials stocks, reinforcing that FCX remains a key bellwether for the sector rather than providing a new company-specific catalyst. Article Title
• Neutral Sentiment: Another article framed FCX as a test case for copper demand, suggesting investors are waiting for clearer signals on industrial demand and commodity pricing before re-rating the stock. Article Title
• Negative Sentiment: The stock declined more than the market in the latest session, reflecting pressure on investor sentiment and likely concerns about copper demand or broader resource-sector weakness. Article Title

Wall Street Analyst Weigh In

A number of analysts recently weighed in on FCX shares. JPMorgan Chase & Co. increased their price target on shares of Freeport-McMoRan from $73.00 to $77.00 and gave the stock an "overweight" rating in a research note on Thursday, July 9th. Bank of America increased their target price on shares of Freeport-McMoRan from $74.00 to $80.00 and gave the stock a "buy" rating in a research note on Thursday, July 9th. HSBC boosted their price target on Freeport-McMoRan from $72.00 to $75.00 in a research report on Friday, June 12th. Morgan Stanley increased their price objective on Freeport-McMoRan from $66.00 to $70.00 and gave the stock an "equal weight" rating in a research report on Wednesday, July 8th. Finally, Deutsche Bank Aktiengesellschaft reissued a "buy" rating on shares of Freeport-McMoRan in a report on Friday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat, Freeport-McMoRan has an average rating of "Moderate Buy" and an average price target of $68.77.

Freeport-McMoRan Company 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.

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