First Quantum Minerals (TSE:FM) Sets New 12-Month High on Analyst Upgrade

Shares of First Quantum Minerals Limited (TSE:FM) hit a new 52-week high on Wednesday after Raymond James raised their price target on the stock from C$16.00 to C$17.00. Raymond James currently has a market perform rating on the stock. First Quantum Minerals traded as high as C$14.17 and last traded at C$14.14, with a volume of 2885447 shares traded. The stock had previously closed at C$13.09.

Several other equities analysts also recently commented on the company. Citigroup increased their target price on First Quantum Minerals from C$11.00 to C$14.10 in a research report on Tuesday, July 7th. Jefferies Financial Group increased their target price on First Quantum Minerals from C$16.00 to C$18.00 in a research report on Friday, June 19th. CIBC increased their target price on First Quantum Minerals from C$10.00 to C$15.00 in a research report on Wednesday, July 15th. Eight Capital increased their target price on First Quantum Minerals from C$15.00 to C$17.00 in a research report on Monday, July 20th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a C$16.00 target price on shares of First Quantum Minerals in a research report on Wednesday. Five research analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and an average target price of C$14.53.

The firm has a 50 day moving average of C$12.43 and a 200 day moving average of C$9.80. The firm has a market cap of $9.84 billion and a price-to-earnings ratio of -24.20. The company has a quick ratio of 0.69, a current ratio of 1.50 and a debt-to-equity ratio of 95.70.

First Quantum Minerals (TSE:FM) last released its earnings results on Tuesday, July 28th. The company reported C($0.17) EPS for the quarter, topping the consensus estimate of C($0.24) by C$0.07. The business had revenue of C$1.41 billion for the quarter, compared to analyst estimates of C$1.39 billion. Equities analysts expect that First Quantum Minerals Limited will post 0.38 EPS for the current year.

The firm also recently announced a Semi-Annual dividend, which will be paid on Monday, September 21st. Investors of record on Friday, August 28th will be paid a dividend of $0.005 per share. The ex-dividend date is Thursday, August 27th. This represents a yield of 0.04%. First Quantum Minerals’s dividend payout ratio is currently -1.24%.

About First Quantum Minerals (TSE:FM)

First Quantum Minerals Ltd. engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, gold, and zinc ores, as well as produces acid. The company operates seven mines, including the Ravensthorpe nickel mine in Australia; the Kansanshi copper-gold mine and copper smelter in Zambia; the Sentinel copper operation in North Western Province of Zambia; the Guelb Moghrein copper-gold mine in Mauritania; the Çayeli copper-zinc mine in Turkey; the Las Cruces copper mine in Spain; and the Pyhäsalmi copper-zinc mine in Finland.

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