Allspring Global Investments Holdings LLC Sells 837,732 Shares of Freeport-McMoRan Inc. $FCX

Key Points

• Allspring Global Investments cut its Freeport-McMoRan stake by 28.4% in the third quarter, selling 837,732 shares; it still held 2.11 million shares valued at about $146.4 million.
• Freeport approved a $4.5 billion expansion of its Bagdad mine, targeting more than double the mine’s output and roughly 20% lower long-term unit costs, though the investment has raised concerns about near-term spending.
• The company beat third-quarter earnings and revenue estimates: EPS was $0.88 versus an $0.82 consensus, while revenue rose 8.2% year over year to $7.55 billion.

Allspring Global Investments Holdings LLC trimmed its holdings in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 28.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,113,232 shares of the natural resource company's stock after selling 837,732 shares during the period. Allspring Global Investments Holdings LLC owned 0.15% of Freeport-McMoRan worth $146,405,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. NBH Bank acquired a new position in shares of Freeport-McMoRan during the 2nd quarter worth approximately $28,000. Cassaday & Co Wealth Management LLC acquired a new stake in Freeport-McMoRan during the 1st quarter valued at $29,000. REAP Financial Group LLC bought a new position in Freeport-McMoRan during the third quarter worth $32,000. Roxbury Financial LLC increased its holdings in shares of Freeport-McMoRan by 196.5% in the second quarter. Roxbury Financial LLC now owns 593 shares of the natural resource company's stock valued at $37,000 after purchasing an additional 393 shares during the last quarter. Finally, Harel Insurance Investments & Financial Services Ltd. acquired a new position in shares of Freeport-McMoRan in the first quarter valued at $39,000. 80.77% of the stock is owned by institutional investors and hedge funds.

Key Freeport-McMoRan News

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

• Positive Sentiment: Freeport approved a $4.5 billion expansion of its Bagdad mine in Arizona. The project aims to more than double mining and milling rates, increase copper and molybdenum output, and reduce long-term unit costs by about 20%—potentially supporting future growth and margins. Article: Freeport's $4.5 Billion Bagdad Expansion to Boost U.S. Production
• Negative Sentiment: The project’s substantial capital cost, alongside higher capital-spending guidance, has raised near-term concerns and reportedly pressured shares after the company’s third-quarter results. Scotiabank also lowered its FY2026 and FY2027 EPS estimates to $3.20 and $2.57, respectively, though it kept a Sector Outperform rating and a $78 price target. Article: Powering Up: Freeport-McMoRan's $4.5B Copper Expansion

Insider Buying and Selling

In other news, EVP Douglas Currault, II sold 80,000 shares of the firm's stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $78.56, for a total transaction of $6,284,800.00. Following the transaction, the executive vice president directly owned 211,016 shares of the company's stock, valued at approximately $16,577,416.96. This trade represents a 27.49% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lydia Kennard sold 3,798 shares of the firm's stock in a transaction that occurred on Thursday, August 27th. The stock was sold at an average price of $79.11, for a total transaction of $300,459.78. Following the transaction, the director directly owned 122,702 shares in the company, valued at $9,706,955.22. This represents a 3.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.73% of the company's stock.

Freeport-McMoRan Trading Down 0.1%

FCX stock opened at $59.36 on Monday. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.91 and a current ratio of 2.02. The company's 50-day simple moving average is $69.84 and its 200 day simple moving average is $65.27. Freeport-McMoRan Inc. has a 52 week low of $38.75 and a 52 week high of $80.24. The company has a market capitalization of $85.25 billion, a PE ratio of 24.94, a price-to-earnings-growth ratio of 0.55 and a beta of 1.38.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last released its quarterly earnings results on Tuesday, October 27th. The natural resource company reported $0.88 EPS for the quarter, topping analysts' consensus estimates of $0.82 by $0.06. Freeport-McMoRan had a net margin of 13.03% and a return on equity of 12.09%. The business had revenue of $7.55 billion for the quarter, compared to analyst estimates of $7.36 billion. During the same period last year, the firm earned $0.50 earnings per share. Freeport-McMoRan's revenue for the quarter was up 8.2% compared to the same quarter last year. As a group, sell-side analysts anticipate that Freeport-McMoRan Inc. will post 3.02 earnings per share for the current year.

Freeport-McMoRan Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, November 2nd. Shareholders of record on Thursday, October 15th were given a dividend of $0.0750 per share. This represents a $0.30 dividend on an annualized basis and a dividend yield of 0.5%. The ex-dividend date was Thursday, October 15th. Freeport-McMoRan's dividend payout ratio is presently 12.61%.

Wall Street Analyst Weigh In

FCX has been the topic of several research analyst reports. UBS Group dropped their price objective on shares of Freeport-McMoRan from $88.00 to $85.00 and set a "buy" rating on the stock in a research report on Wednesday, October 28th. JPMorgan Chase & Co. reduced their target price on shares of Freeport-McMoRan from $92.00 to $90.00 and set an "overweight" rating for the company in a report on Wednesday, October 28th. Weiss Ratings downgraded shares of Freeport-McMoRan from a "buy (b)" rating to a "buy (b-)" rating in a report on Friday, October 30th. The Goldman Sachs Group reiterated a "buy" rating on shares of Freeport-McMoRan in a research note on Thursday, September 10th. Finally, Sanford C. Bernstein lowered their price target on shares of Freeport-McMoRan from $50.00 to $47.00 and set a "market perform" rating on the stock in a report on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, twenty have issued a Buy rating and four have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $75.30.

Freeport-McMoRan Company Profile

Freeport-McMoRan Inc is a mining company focused primarily on the exploration, development and production of copper, gold and molybdenum. Its products serve industries including construction, manufacturing, electronics and energy.

The company operates mines and related facilities in North America, South America and Indonesia. Its assets include the Grasberg minerals district in Indonesia and copper operations in the United States, Peru and Chile.

Freeport-McMoRan traces its roots to Freeport Sulphur Company, founded in 1912, and has since developed into a major international mining business.

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