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

First Quantum Minerals Ltd. (TSE:FM)’s stock price reached a new 52-week high on Friday . The company traded as high as C$21.75 and last traded at C$21.21, with a volume of 4305493 shares changing hands. The stock had previously closed at C$20.34.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Morgan Stanley upped their price objective 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. Canaccord Genuity Group lowered shares of First Quantum Minerals from a “buy” rating to a “hold” rating and cut their price objective for the stock from C$24.00 to C$20.00 in a report on Thursday, January 16th. Scotiabank decreased their target price on shares of First Quantum Minerals from C$22.00 to C$21.50 and set a “sector perform” rating on the stock in a research report on Thursday, January 16th. JPMorgan Chase & Co. dropped their price target on shares of First Quantum Minerals from C$18.00 to C$17.00 in a research report on Thursday, January 30th. Finally, TD Securities increased their price target on shares of First Quantum Minerals from C$19.00 to C$20.00 and gave the stock a “hold” rating in a research note on Thursday, February 13th. Nine research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of C$21.57.

First Quantum Minerals Trading Up 3.4 %

The firm has a market cap of C$11.94 billion, a price-to-earnings ratio of -7.77, a price-to-earnings-growth ratio of -1.28 and a beta of 1.73. The company has a quick ratio of 1.41, a current ratio of 1.80 and a debt-to-equity ratio of 56.41. The business has a 50 day moving average price of C$18.76 and a 200-day moving average price of C$18.25.

First Quantum Minerals (TSE:FM) last issued its quarterly earnings data on Tuesday, February 11th. The company reported C$0.04 EPS for the quarter, topping analysts’ consensus estimates of C$0.03 by C$0.01. First Quantum Minerals had a negative net margin of 32.41% and a negative return on equity of 14.05%. During the same period last year, the company posted ($0.37) EPS. As a group, research analysts expect that First Quantum Minerals Ltd. will post 0.55872 EPS for the current fiscal year.

Insider Buying and Selling at First Quantum Minerals

In related news, Director Simon John Scott purchased 1,397 shares of the business’s stock in a transaction that occurred on Tuesday, December 31st. The shares were acquired at an average price of C$18.57 per share, with a total value of C$25,942.29. Also, Director Charles Kevin Mcarthur bought 25,000 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was bought at an average price of C$17.23 per share, for a total transaction of C$430,842.13. 19.35% of the stock is currently owned by insiders.

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.