Fortescue Metals Group Limited Receives “Underweight” Rating from Morgan Stanley (FMG)
Shares of Fortescue Metals Group Limited (ASX:FMG) traded down 6.24% during mid-day trading on Friday, hitting A$4.060. 25,000 shares of the company’s stock traded hands. Fortescue Metals Group Limited has a 52-week low of A$2.870 and a 52-week high of A$6.220. The stock’s 50-day moving average is A$5.14 and its 200-day moving average is A$5.40. The company has a market cap of A$12.642 billion and a price-to-earnings ratio of 4.52.
A number of other firms have also recently commented on FMG. Analysts at Deutsche Bank reiterated a “hold” rating on shares of Fortescue Metals Group Limited in a research note on Wednesday, May 7th. They now have a $5.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Fortescue Metals Group Limited has an average rating of “Hold” and an average price target of A$6.00 ($5.61).
Fortescue Metals Group Limited (ASX:FMG) is an iron ore producer and explorer operating in the Pilbara region of Western Australia.
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