Morgan Stanley Cuts First Quantum Minerals (TSE:FM) Price Target to C$19.40

First Quantum Minerals (TSE:FM) had its price target cut by Morgan Stanley from C$19.70 to C$19.40 in a research report sent to investors on Wednesday,BayStreet.CA reports.

A number of other research firms have also issued reports on FM. Jefferies Financial Group lowered their target price on shares of First Quantum Minerals from C$23.00 to C$22.00 in a research note on Monday, January 6th. Desjardins upgraded First Quantum Minerals to a “hold” rating in a research note on Thursday, April 3rd. Royal Bank of Canada raised their target price on First Quantum Minerals from C$23.00 to C$24.00 in a report on Wednesday, January 8th. TD Securities increased their price objective on First Quantum Minerals from C$19.00 to C$20.00 and gave the company a “hold” rating in a research report on Thursday, February 13th. Finally, Raymond James boosted their target price on shares of First Quantum Minerals from C$20.00 to C$21.00 in a research report on Friday, April 4th. Eleven investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. Based on data from MarketBeat, First Quantum Minerals has an average rating of “Hold” and an average price target of C$21.68.

First Quantum Minerals Trading Down 8.2 %

TSE FM traded down C$1.39 on Wednesday, hitting C$15.56. 1,447,682 shares of the company were exchanged, compared to its average volume of 2,662,070. The company’s 50 day moving average price is C$18.97 and its 200-day moving average price is C$18.77. First Quantum Minerals has a twelve month low of C$13.81 and a twelve month high of C$23.28. The company has a debt-to-equity ratio of 56.41, a current ratio of 1.80 and a quick ratio of 1.41. The firm has a market capitalization of C$8.83 billion, a P/E ratio of -5.75, a price-to-earnings-growth ratio of -1.28 and a beta of 1.73.

First Quantum Minerals (TSE:FM) last released its quarterly earnings data on Tuesday, February 11th. The company reported C$0.04 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 in the previous year, the business earned ($0.37) earnings per share. Analysts predict that First Quantum Minerals will post 0.55872 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other First Quantum Minerals news, Director Alison Cheryl Beckett bought 1,388 shares of First Quantum Minerals stock in a transaction on Monday, March 31st. The shares were purchased at an average cost 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 the firm’s stock in a transaction on Tuesday, March 18th. The stock was sold at an average price of C$21.11, for a total transaction of C$844,400.00. Company insiders own 19.35% of the company’s stock.

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.