Scotiabank Issues Positive Forecast for First Quantum Minerals (TSE:FM) Stock Price

First Quantum Minerals (TSE:FM) had its price target increased by equities researchers at Scotiabank from C$35.00 to C$41.00 in a note issued to investors on Thursday,BayStreet.CA reports. The brokerage presently has a “sector perform” rating on the stock. Scotiabank’s target price indicates a potential upside of 8.87% from the company’s current price.

A number of other research analysts have also recently issued reports on FM. Citigroup lifted their target price on First Quantum Minerals from C$26.00 to C$39.00 and gave the company a “buy” rating in a research report on Wednesday, October 8th. Jefferies Financial Group upped their price objective on shares of First Quantum Minerals from C$33.00 to C$38.00 in a research report on Monday, October 6th. Morgan Stanley increased their price objective on shares of First Quantum Minerals from C$30.20 to C$33.50 in a research note on Tuesday, December 16th. CIBC boosted their target price on shares of First Quantum Minerals from C$26.00 to C$36.00 in a research note on Friday, October 10th. Finally, Royal Bank Of Canada upped their price target on shares of First Quantum Minerals from C$35.00 to C$40.00 in a report on Wednesday, December 10th. Three equities research analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating and five have given a Hold rating to the company’s stock. According to MarketBeat, First Quantum Minerals currently has an average rating of “Moderate Buy” and an average price target of C$35.39.

First Quantum Minerals Price Performance

FM traded down C$0.49 during trading on Thursday, hitting C$37.66. 1,035,427 shares of the stock traded hands, compared to its average volume of 1,853,476. The business has a 50 day moving average price of C$32.58 and a 200 day moving average price of C$28.33. The company has a debt-to-equity ratio of 56.41, a current ratio of 1.80 and a quick ratio of 1.41. First Quantum Minerals has a twelve month low of C$14.41 and a twelve month high of C$40.81. The company has a market cap of C$31.42 billion, a price-to-earnings ratio of 627.67, a PEG ratio of -1.28 and a beta of 1.37.

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

Insider Activity

In other First Quantum Minerals news, Director Charles Kevin Mcarthur purchased 10,000 shares of the business’s stock in a transaction dated Friday, October 31st. The shares were bought at an average price of C$29.06 per share, for a total transaction of C$290,600.00. Following the completion of the acquisition, the director owned 35,000 shares in the company, valued at approximately C$1,017,100. This trade represents a 40.00% increase in their ownership of the stock. Insiders have acquired a total of 10,474 shares of company stock worth $304,575 over the last ninety days. 19.35% of the stock is currently owned by company insiders.

First Quantum Minerals Company Profile

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.