Independence Bank of Kentucky Has $137,000 Stock Position in Freeport-McMoRan Inc. (NYSE:FCX)

Independence Bank of Kentucky boosted its position in Freeport-McMoRan Inc. (NYSE:FCX) by 114.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,810 shares of the natural resource company’s stock after buying an additional 1,500 shares during the quarter. Independence Bank of Kentucky’s holdings in Freeport-McMoRan were worth $137,000 at the end of the most recent reporting period.

Several other institutional investors have also recently bought and sold shares of the company. Lynx Investment Advisory acquired a new stake in shares of Freeport-McMoRan in the second quarter valued at about $26,000. LRI Investments LLC bought a new stake in Freeport-McMoRan during the 1st quarter valued at approximately $26,000. RFP Financial Group LLC grew its holdings in Freeport-McMoRan by 261.3% in the 2nd quarter. RFP Financial Group LLC now owns 589 shares of the natural resource company’s stock valued at $29,000 after buying an additional 426 shares during the last quarter. Versant Capital Management Inc increased its position in Freeport-McMoRan by 209.9% in the 2nd quarter. Versant Capital Management Inc now owns 657 shares of the natural resource company’s stock worth $32,000 after buying an additional 445 shares during the period. Finally, Jones Financial Companies Lllp lifted its holdings in shares of Freeport-McMoRan by 422.2% during the fourth quarter. Jones Financial Companies Lllp now owns 658 shares of the natural resource company’s stock worth $28,000 after buying an additional 532 shares during the last quarter. Institutional investors own 80.77% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the stock. Morgan Stanley upgraded shares of Freeport-McMoRan from an “equal weight” rating to an “overweight” rating and raised their price objective for the stock from $49.50 to $62.00 in a research note on Friday, June 21st. Scotiabank decreased their price target on shares of Freeport-McMoRan from $58.00 to $52.00 and set a “sector outperform” rating on the stock in a research report on Monday, August 19th. UBS Group upped their price objective on shares of Freeport-McMoRan from $41.00 to $54.00 and gave the company a “neutral” rating in a research report on Tuesday, May 14th. BNP Paribas raised Freeport-McMoRan to a “strong-buy” rating in a research report on Friday, June 21st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Freeport-McMoRan from $48.00 to $51.00 and gave the company a “hold” rating in a research note on Monday, June 10th. Five analysts have rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Freeport-McMoRan currently has an average rating of “Moderate Buy” and a consensus target price of $53.00.

Freeport-McMoRan Stock Performance

Shares of NYSE:FCX opened at $44.66 on Monday. The company has a debt-to-equity ratio of 0.30, a current ratio of 2.40 and a quick ratio of 1.34. The business’s fifty day moving average price is $46.30 and its two-hundred day moving average price is $46.55. Freeport-McMoRan Inc. has a fifty-two week low of $32.83 and a fifty-two week high of $55.24. The stock has a market capitalization of $64.15 billion, a price-to-earnings ratio of 39.52, a price-to-earnings-growth ratio of 2.07 and a beta of 1.92.

Freeport-McMoRan (NYSE:FCX) last posted its earnings results on Tuesday, July 23rd. The natural resource company reported $0.46 earnings per share for the quarter, topping the consensus estimate of $0.39 by $0.07. Freeport-McMoRan had a net margin of 7.83% and a return on equity of 7.60%. The business had revenue of $6.62 billion for the quarter, compared to analyst estimates of $6 billion. During the same quarter in the prior year, the firm earned $0.35 EPS. The firm’s quarterly revenue was up 15.5% compared to the same quarter last year. As a group, analysts predict that Freeport-McMoRan Inc. will post 1.67 EPS for the current fiscal year.

Freeport-McMoRan Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, August 1st. Stockholders of record on Monday, July 15th were paid a $0.15 dividend. This represents a $0.60 dividend on an annualized basis and a dividend yield of 1.34%. The ex-dividend date was Monday, July 15th. Freeport-McMoRan’s dividend payout ratio (DPR) is currently 26.55%.

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.