First Quantum Minerals (TSE:FM) Hits New 52-Week High on Analyst Upgrade

First Quantum Minerals Ltd. (TSE:FM) reached a new 52-week high during trading on Tuesday after Desjardins raised their price target on the stock from C$34.00 to C$40.00. Desjardins currently has a hold rating on the stock. First Quantum Minerals traded as high as C$42.48 and last traded at C$41.41, with a volume of 2330249 shares. The stock had previously closed at C$40.81.

A number of other analysts have also recently issued reports on the stock. Royal Bank Of Canada increased their price objective on shares of First Quantum Minerals from C$35.00 to C$40.00 in a research note on Wednesday, December 10th. Stifel Nicolaus raised shares of First Quantum Minerals from a “hold” rating to a “buy” rating and upped their target price for the stock from C$26.00 to C$38.00 in a report on Tuesday, October 21st. JPMorgan Chase & Co. raised First Quantum Minerals from a “neutral” rating to an “overweight” rating and raised their price target for the company from C$20.00 to C$42.00 in a report on Friday, October 10th. CIBC boosted their price objective on First Quantum Minerals from C$26.00 to C$36.00 in a research report on Friday, October 10th. Finally, Citigroup upped their price objective on First Quantum Minerals from C$26.00 to C$39.00 and gave the stock a “buy” rating in a research note on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating and five have given a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of C$38.56.

Insider Buying and Selling at First Quantum Minerals

In related news, Director Charles Kevin Mcarthur bought 10,000 shares of the business’s stock in a transaction that occurred on Friday, October 31st. The stock was bought at an average cost of C$29.06 per share, with a total value of C$290,600.00. Following the completion of the purchase, the director owned 35,000 shares of the company’s stock, valued at approximately C$1,017,100. The trade was a 40.00% increase in their position. Insiders have acquired a total of 10,474 shares of company stock worth $304,575 in the last three months. 19.35% of the stock is currently owned by corporate insiders.

First Quantum Minerals Trading Up 1.5%

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 stock has a 50-day moving average price of C$35.47 and a two-hundred day moving average price of C$29.88. The stock has a market cap of C$34.54 billion, a PE ratio of 690.17, a price-to-earnings-growth ratio of -1.28 and a beta of 1.37.

First Quantum Minerals (TSE:FM) last posted its earnings results on Tuesday, October 28th. The company reported C($0.02) EPS for the quarter. First Quantum Minerals had a negative return on equity of 14.05% and a negative net margin of 32.41%.The firm had revenue of C$1.87 billion during the quarter. Sell-side analysts forecast that First Quantum Minerals Ltd. will post 0.55872 earnings per share for the current fiscal year.

About First Quantum Minerals

First Quantum Minerals Ltd is a diversified mining company. The company’s principal activities include mineral exploration, mine engineering and construction, and development and mining operations. The firm produces copper in concentrate, copper anode, copper cathode, nickel, gold, zinc, silver, acid, and pyrite. It has operating mines located in Zambia, Finland, Turkey, Spain, and Mauritania. The firm’s project comprises Guelb Moghrein, Sentinel, Kansanshi, Cobre Panama, Pyhasalmi, Ravensthorpe, among others.