First Quantum Minerals (TSE:FM) Downgraded to Hold at Canaccord Genuity Group

First Quantum Minerals (TSE:FMGet Rating) was downgraded by investment analysts at Canaccord Genuity Group to a “hold” rating in a report released on Monday, TipRanks reports. They presently have a C$44.00 price objective on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 4.46% from the stock’s previous close.

FM has been the topic of several other reports. Barclays lowered shares of First Quantum Minerals from an “equal weight” rating to an “underperform” rating and set a C$23.00 target price on the stock. in a research report on Thursday, February 3rd. Raymond James boosted their price objective on First Quantum Minerals from C$39.00 to C$41.00 and gave the stock an “outperform” rating in a research note on Tuesday, March 22nd. BMO Capital Markets boosted their price objective on First Quantum Minerals from C$39.00 to C$41.00 in a report on Monday. Morgan Stanley downgraded First Quantum Minerals from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from C$39.00 to C$36.00 in a research report on Thursday, March 24th. Finally, Deutsche Bank Aktiengesellschaft upgraded First Quantum Minerals to a “buy” rating and set a C$50.00 target price for the company in a research report on Monday, April 11th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of C$38.06.

Shares of TSE:FM traded down C$0.76 during trading on Monday, reaching C$42.12. 347,600 shares of the company’s stock traded hands, compared to its average volume of 1,909,322. First Quantum Minerals has a fifty-two week low of C$20.67 and a fifty-two week high of C$45.38. The company has a quick ratio of 1.48, a current ratio of 2.34 and a debt-to-equity ratio of 80.46. The firm has a market cap of C$28.90 billion and a PE ratio of 27.77. The company has a 50-day simple moving average of C$39.09 and a 200-day simple moving average of C$32.71.

First Quantum Minerals (TSE:FMGet Rating) last released its quarterly earnings results on Tuesday, February 15th. The company reported C$0.55 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of C$0.65 by C($0.10). The firm had revenue of C$2.60 billion for the quarter, compared to analysts’ expectations of C$2.54 billion. On average, equities research analysts forecast that First Quantum Minerals will post 3.15759 EPS for the current year.

In other news, Senior Officer Hannes Meyer sold 31,765 shares of the firm’s stock in a transaction dated Thursday, February 17th. The shares were sold at an average price of C$35.78, for a total value of C$1,136,662.88. Following the transaction, the insider now directly owns 89,463 shares of the company’s stock, valued at C$3,201,299.26. Also, Director Philip K.R. Pascall sold 81,582 shares of the business’s stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of C$36.72, for a total transaction of C$2,995,691.04. Following the completion of the transaction, the director now owns 5,872,725 shares in the company, valued at C$215,646,462. Over the last ninety days, insiders have sold 292,201 shares of company stock worth $11,371,329.

About First Quantum Minerals (Get Rating)

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, gold, silver, 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.

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