Freeport-McMoRan Inc. (NYSE:FCX) Shares Sold by Allspring Global Investments Holdings LLC

Allspring Global Investments Holdings LLC lowered its stake in Freeport-McMoRan Inc. (NYSE:FCX - Free Report) by 9.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,745,647 shares of the natural resource company's stock after selling 467,346 shares during the quarter. Allspring Global Investments Holdings LLC owned about 0.33% of Freeport-McMoRan worth $180,952,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of FCX. Mizuho Bank Ltd. acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $26,000. Vision Financial Markets LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $27,000. Kohmann Bosshard Financial Services LLC acquired a new stake in shares of Freeport-McMoRan during the fourth quarter worth about $29,000. Coppell Advisory Solutions LLC lifted its position in shares of Freeport-McMoRan by 47.4% during the fourth quarter. Coppell Advisory Solutions LLC now owns 833 shares of the natural resource company's stock worth $32,000 after purchasing an additional 268 shares in the last quarter. Finally, City Holding Co. acquired a new stake in shares of Freeport-McMoRan during the first quarter worth about $33,000. Institutional investors and hedge funds own 80.77% of the company's stock.

Freeport-McMoRan Trading Down 1.4%

Shares of FCX stock opened at $43.83 on Friday. The firm has a 50-day moving average price of $39.22 and a 200 day moving average price of $38.18. Freeport-McMoRan Inc. has a twelve month low of $27.66 and a twelve month high of $52.61. The company has a market capitalization of $62.99 billion, a price-to-earnings ratio of 36.23, a PEG ratio of 0.87 and a beta of 1.64. The company has a current ratio of 2.32, a quick ratio of 1.13 and a debt-to-equity ratio of 0.30.

Freeport-McMoRan (NYSE:FCX - Get Free Report) last posted its quarterly earnings results on Thursday, April 24th. The natural resource company reported $0.24 EPS for the quarter, beating the consensus estimate of $0.23 by $0.01. The company had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $5.36 billion. Freeport-McMoRan had a return on equity of 7.03% and a net margin of 7.11%. The firm's revenue was down 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.32 EPS. Research analysts forecast that Freeport-McMoRan Inc. will post 1.68 earnings per share for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Shareholders of record on Tuesday, July 15th will be issued a $0.15 dividend. This represents a $0.60 annualized dividend and a yield of 1.37%. Freeport-McMoRan's dividend payout ratio (DPR) is 24.79%.

Analyst Upgrades and Downgrades

FCX has been the topic of several analyst reports. Dbs Bank raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, March 10th. Scotiabank raised shares of Freeport-McMoRan from a "sector perform" rating to a "sector outperform" rating and raised their target price for the company from $43.00 to $48.00 in a report on Monday, June 16th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $50.00 target price (up previously from $48.00) on shares of Freeport-McMoRan in a report on Friday, April 25th. Hsbc Global Res raised shares of Freeport-McMoRan from a "hold" rating to a "strong-buy" rating in a report on Monday, April 14th. Finally, Deutsche Bank Aktiengesellschaft raised shares of Freeport-McMoRan from a "hold" rating to a "buy" rating and set a $47.00 target price on the stock in a report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, nine have issued a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $48.27.

Insider Buying and Selling at Freeport-McMoRan

In other Freeport-McMoRan news, CAO Ellie L. Mikes sold 8,584 shares of Freeport-McMoRan stock in a transaction dated Monday, June 2nd. The stock was sold at an average price of $40.02, for a total value of $343,531.68. Following the completion of the sale, the chief accounting officer now owns 48,333 shares in the company, valued at $1,934,286.66. The trade was a 15.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.75% of the stock is owned by company insiders.

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.

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