Independence Bank of Kentucky Has $97,000 Position in Freeport-McMoRan Inc. (NYSE:FCX)

Independence Bank of Kentucky lessened its position in Freeport-McMoRan Inc. (NYSE:FCX) by 26.0% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,560 shares of the natural resource company’s stock after selling 900 shares during the quarter. Independence Bank of Kentucky’s holdings in Freeport-McMoRan were worth $97,000 as of its most recent filing with the SEC.

Several other institutional investors have also recently bought and sold shares of FCX. Chicago Partners Investment Group LLC boosted its holdings in Freeport-McMoRan by 16.9% during the fourth quarter. Chicago Partners Investment Group LLC now owns 5,948 shares of the natural resource company’s stock worth $236,000 after purchasing an additional 860 shares during the last quarter. Ausbil Investment Management Ltd lifted its position in Freeport-McMoRan by 130.8% during the 4th quarter. Ausbil Investment Management Ltd now owns 16,500 shares of the natural resource company’s stock worth $622,000 after buying an additional 70,000 shares in the last quarter. Heck Capital Advisors LLC acquired a new position in shares of Freeport-McMoRan during the 4th quarter worth about $383,000. Hartford Financial Management Inc. grew its holdings in shares of Freeport-McMoRan by 3.1% in the 4th quarter. Hartford Financial Management Inc. now owns 17,397 shares of the natural resource company’s stock valued at $662,000 after acquiring an additional 519 shares in the last quarter. Finally, Strategic Advocates LLC increased its position in shares of Freeport-McMoRan by 15.9% in the fourth quarter. Strategic Advocates LLC now owns 11,345 shares of the natural resource company’s stock valued at $432,000 after acquiring an additional 1,553 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. BMO Capital Markets decreased their price target on Freeport-McMoRan from $54.00 to $50.00 and set an “outperform” rating for the company in a research note on Friday, January 24th. Argus downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating in a report on Friday. JPMorgan Chase & Co. cut their price target on shares of Freeport-McMoRan from $55.00 to $48.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Sanford C. Bernstein lowered shares of Freeport-McMoRan from an “outperform” rating to a “market perform” rating and lowered their price objective for the stock from $51.00 to $46.00 in a research note on Tuesday, January 7th. Finally, Jefferies Financial Group downgraded shares of Freeport-McMoRan from a “buy” rating to a “hold” rating and cut their target price for the company from $48.00 to $40.00 in a research note on Friday, January 24th. Nine research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $51.46.

Freeport-McMoRan Price Performance

Shares of Freeport-McMoRan stock opened at $35.81 on Monday. The company has a 50-day simple moving average of $40.06 and a two-hundred day simple moving average of $43.35. Freeport-McMoRan Inc. has a twelve month low of $35.46 and a twelve month high of $55.24. The stock has a market capitalization of $51.46 billion, a price-to-earnings ratio of 27.76, a price-to-earnings-growth ratio of 0.86 and a beta of 1.87. The company has a quick ratio of 1.18, a current ratio of 2.42 and a debt-to-equity ratio of 0.31.

Freeport-McMoRan (NYSE:FCX) last issued its quarterly earnings results on Thursday, January 23rd. The natural resource company reported $0.31 earnings per share (EPS) 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%. Analysts forecast that Freeport-McMoRan Inc. will post 1.75 EPS for the current year.

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.