Allspring Global Investments Holdings LLC Acquires 36,578 Shares of Freeport-McMoRan Inc. (NYSE:FCX)

Allspring Global Investments Holdings LLC raised its holdings in shares of Freeport-McMoRan Inc. (NYSE:FCX) by 0.7% in the fourth quarter, Holdings Channel reports. The institutional investor owned 5,212,993 shares of the natural resource company’s stock after acquiring an additional 36,578 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Freeport-McMoRan were worth $197,474,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Sanctuary Advisors LLC raised its holdings in Freeport-McMoRan by 9.7% in the 3rd quarter. Sanctuary Advisors LLC now owns 164,640 shares of the natural resource company’s stock worth $8,219,000 after purchasing an additional 14,501 shares during the period. Easterly Investment Partners LLC raised its stake in Freeport-McMoRan by 137.5% during the 3rd quarter. Easterly Investment Partners LLC now owns 147,735 shares of the natural resource company’s stock worth $7,375,000 after acquiring an additional 85,542 shares during the period. Summit Global Investments lifted its holdings in Freeport-McMoRan by 1,559.3% during the third quarter. Summit Global Investments now owns 76,493 shares of the natural resource company’s stock valued at $3,819,000 after purchasing an additional 71,883 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in shares of Freeport-McMoRan in the third quarter worth approximately $754,000. Finally, AIA Group Ltd increased its stake in shares of Freeport-McMoRan by 16.2% in the third quarter. AIA Group Ltd now owns 92,224 shares of the natural resource company’s stock worth $4,604,000 after purchasing an additional 12,887 shares in the last quarter. 80.77% of the stock is currently owned by institutional investors.

Freeport-McMoRan Trading Down 2.2 %

FCX opened at $37.62 on Wednesday. The stock has a 50-day moving average of $39.13 and a 200 day moving average of $42.95. The company has a current ratio of 2.42, a quick ratio of 1.18 and a debt-to-equity ratio of 0.31. Freeport-McMoRan Inc. has a 12 month low of $34.89 and a 12 month high of $55.24. The firm has a market cap of $54.05 billion, a P/E ratio of 29.16, a P/E/G ratio of 0.81 and a beta of 1.85.

Freeport-McMoRan (NYSE:FCX) last released its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share for the quarter, missing the consensus estimate of $0.36 by ($0.05). Freeport-McMoRan had a net margin of 7.42% and a return on equity of 7.50%. As a group, research analysts forecast that Freeport-McMoRan Inc. will post 1.71 EPS for the current year.

Analysts Set New Price Targets

A number of research firms have recently weighed in on FCX. Scotiabank dropped their price objective on Freeport-McMoRan from $48.00 to $45.00 and set a “sector perform” rating for the company in a research note on Friday, January 24th. Jefferies Financial Group downgraded Freeport-McMoRan from a “buy” rating to a “hold” rating and dropped their price target for the stock from $48.00 to $40.00 in a research note on Friday, January 24th. BMO Capital Markets reduced their price objective on shares of Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating on the stock in a research report on Friday, January 24th. Argus lowered shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a research report on Friday, January 31st. Finally, Sanford C. Bernstein cut shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and cut their target price for the company from $51.00 to $46.00 in a research note on Tuesday, January 7th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.46.

Freeport-McMoRan Company 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.