First Quantum Minerals (TSE:FM) Hits New 52-Week High – Here’s What Happened

First Quantum Minerals Ltd. (TSE:FM) hit a new 52-week high during mid-day trading on Wednesday . The stock traded as high as C$23.28 and last traded at C$22.65, with a volume of 2685914 shares traded. The stock had previously closed at C$22.84.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on FM. Canaccord Genuity Group cut shares of First Quantum Minerals from a “buy” rating to a “hold” rating and dropped their price objective for the stock from C$24.00 to C$20.00 in a research report on Thursday, January 16th. TD Securities upped their price target on First Quantum Minerals from C$19.00 to C$20.00 and gave the company a “hold” rating in a research note on Thursday, February 13th. Royal Bank of Canada lifted their price objective on First Quantum Minerals from C$23.00 to C$24.00 in a research report on Wednesday, January 8th. Jefferies Financial Group dropped their price objective on First Quantum Minerals from C$23.00 to C$22.00 in a report on Monday, January 6th. Finally, Morgan Stanley raised their target price on shares of First Quantum Minerals from C$20.20 to C$22.00 and gave the company an “equal weight” rating in a research note on Thursday, December 12th. Ten equities research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of C$21.57.

First Quantum Minerals Trading Down 0.8 %

The company has a debt-to-equity ratio of 56.41, a current ratio of 1.80 and a quick ratio of 1.41. The business’s 50-day moving average is C$19.14 and its two-hundred day moving average is C$18.58. The firm has a market cap of C$12.86 billion, a P/E ratio of -8.37, a P/E/G ratio of -1.28 and a beta of 1.73.

First Quantum Minerals (TSE:FM) last released its earnings results on Tuesday, February 11th. The company reported C$0.04 earnings per share (EPS) for the quarter, topping the consensus estimate of C$0.03 by C$0.01. First Quantum Minerals had a negative return on equity of 14.05% and a negative net margin of 32.41%. During the same quarter last year, the firm earned ($0.37) EPS. As a group, analysts predict that First Quantum Minerals Ltd. will post 0.55872 earnings per share for the current fiscal year.

Insider Buying and Selling at First Quantum Minerals

In related news, Director Charles Kevin Mcarthur acquired 25,000 shares of First Quantum Minerals stock in a transaction on Monday, March 3rd. The stock was purchased at an average cost of C$17.23 per share, with a total value of C$430,842.13. Also, Senior Officer Zenon Wozniak sold 40,000 shares of the firm’s stock in a transaction dated Tuesday, March 18th. The stock was sold at an average price of C$21.11, for a total transaction of C$844,400.00. Corporate insiders own 19.35% of the company’s stock.

About First Quantum Minerals

First Quantum Minerals Ltd., together with its subsidiaries, engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, pyrite, silver, gold, and zinc ores, as well as produces acid. The company has operating mines located in Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania, as well as a development project in Zambia.