Morgan Stanley Downgrades First Quantum Minerals (TSE:FM) to Equal Weight

Morgan Stanley cut shares of First Quantum Minerals (TSE:FM) from an overweight rating to an equal weight rating in a research note released on Monday, BayStreet.CA reports.

A number of other research firms also recently weighed in on FM. BMO Capital Markets downgraded First Quantum Minerals from an outperform rating to a market perform rating and upped their price target for the stock from C$17.00 to C$19.00 in a research report on Tuesday, May 21st. TD Securities increased their price objective on First Quantum Minerals from C$17.00 to C$18.00 and gave the company a hold rating in a report on Thursday, April 25th. Deutsche Bank Aktiengesellschaft raised First Quantum Minerals from a hold rating to a buy rating and increased their price objective for the company from C$19.00 to C$26.00 in a report on Wednesday, June 26th. Bank of America increased their price objective on First Quantum Minerals from C$16.00 to C$17.00 in a report on Tuesday, April 9th. Finally, Scotiabank increased their price objective on First Quantum Minerals from C$18.00 to C$19.00 and gave the company a sector perform rating in a report on Thursday, May 30th. Eleven investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average target price of C$19.46.

First Quantum Minerals Stock Performance

Shares of TSE:FM opened at C$18.31 on Monday. The stock has a market capitalization of C$15.26 billion, a P/E ratio of -7.93, a P/E/G ratio of -1.28 and a beta of 1.96. First Quantum Minerals has a 1-year low of C$9.31 and a 1-year high of C$39.13. The company has a current ratio of 2.68, a quick ratio of 1.41 and a debt-to-equity ratio of 52.05. The business has a 50-day moving average price of C$17.96 and a two-hundred day moving average price of C$15.08.

First Quantum Minerals (TSE:FM) last announced its quarterly earnings results on Tuesday, April 23rd. The company reported C($0.27) EPS for the quarter, missing analysts’ consensus estimates of C($0.19) by C($0.08). The company had revenue of C$1.40 billion during the quarter, compared to the consensus estimate of C$1.25 billion. First Quantum Minerals had a negative net margin of 20.02% and a negative return on equity of 12.97%. Equities analysts predict that First Quantum Minerals will post 1.0067358 earnings per share for the current year.

Insider Buying and Selling

In other First Quantum Minerals news, Senior Officer Zenon Wozniak sold 49,250 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of C$17.97, for a total value of C$885,022.50. 16.10% of the stock is currently owned by corporate insiders.

About First Quantum Minerals

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, silver, gold, 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.