Zacks Research Downgrades Fortescue (OTCMKTS:FSUGY) to Hold

Fortescue (OTCMKTS:FSUGY) was downgraded by analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Wednesday,Zacks.com reports.

Separately, The Goldman Sachs Group lowered shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 target price on the stock. in a research note on Thursday, July 2nd. Two investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Fortescue has a consensus rating of “Reduce” and a consensus target price of $16.90.

Fortescue Price Performance

Shares of Fortescue stock opened at $25.76 on Wednesday. The firm has a fifty day simple moving average of $27.09 and a 200-day simple moving average of $28.61. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.28 and a current ratio of 3.03. Fortescue has a 1-year low of $23.86 and a 1-year high of $33.44.

About Fortescue

Fortescue (OTCMKTS:FSUGY) is the U.S. over‑the‑counter ticker for Fortescue Metals Group, an Australian company principally engaged in the exploration, mining, processing and sale of iron ore. Since its founding in 2003, the company has developed large‑scale open‑pit operations in the Pilbara region of Western Australia and built integrated infrastructure — including rail and port facilities — to move bulk shipments of iron ore to international steelmakers.

Fortescue’s core products are iron ore lump and fines, which it markets to customers around the world, with strong trade links to Asian steel producers.