First Quantum Minerals (TSE:FM) Trading Down 2.2% on Analyst Downgrade

First Quantum Minerals Ltd. (TSE:FM - Get Free Report) shares dropped 2.2% on Wednesday after Morgan Stanley lowered their price target on the stock from C$19.70 to C$19.40. The company traded as low as C$14.46 and last traded at C$14.72. Approximately 1,602,292 shares were traded during mid-day trading, a decline of 38% from the average daily volume of 2,604,265 shares. The stock had previously closed at C$15.05.

A number of other research firms have also weighed in on FM. Stifel Canada raised shares of First Quantum Minerals to a "hold" rating in a report on Wednesday, March 19th. Desjardins raised shares of First Quantum Minerals to a "hold" rating in a research note on Thursday, April 3rd. Raymond James lifted their target price on First Quantum Minerals from C$20.00 to C$21.00 in a report on Friday, April 4th. JPMorgan Chase & Co. decreased their price target on First Quantum Minerals from C$18.00 to C$17.00 in a research note on Thursday, January 30th. Finally, Scotiabank cut their price objective on First Quantum Minerals from C$22.00 to C$21.50 and set a "sector perform" rating on the stock in a research note on Thursday, January 16th. Eleven research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of C$21.68.

Insiders Place Their Bets

In related news, Director Alison Cheryl Beckett bought 1,388 shares of the company's stock in a transaction on Monday, March 31st. The shares were purchased at an average price of C$19.25 per share, for a total transaction of C$26,719.00. Also, Senior Officer Zenon Wozniak sold 40,000 shares of First Quantum Minerals stock in a transaction on Tuesday, March 18th. The shares were sold at an average price of C$21.11, for a total value of C$844,400.00. Company insiders own 19.35% of the company's stock.

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First Quantum Minerals Stock Performance

The company's fifty day simple moving average is C$18.82 and its 200 day simple moving average is C$18.76. The stock has a market capitalization of C$9.35 billion, a P/E ratio of -6.09, a P/E/G ratio of -1.28 and a beta of 1.73. The company has a current ratio of 1.80, a quick ratio of 1.41 and a debt-to-equity ratio of 56.41.

First Quantum Minerals (TSE:FM - Get Free Report) last posted its quarterly earnings data on Tuesday, February 11th. The company reported C$0.04 earnings per share (EPS) for the quarter, beating the consensus estimate of C$0.03 by C$0.01. First Quantum Minerals had a negative return on equity of 14.05% and a negative net margin of 32.41%. During the same quarter last year, the business earned ($0.37) earnings per share. As a group, sell-side analysts forecast that First Quantum Minerals Ltd. will post 0.55872 earnings per share for the current fiscal year.

About First Quantum Minerals

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.