First Quantum Minerals (TSE:FM) Reaches New 52-Week High - Here's What Happened

Key Points

• First Quantum Minerals reached a new 52-week high, trading as high as C$47.99 and closing last at C$47.50, up from its previous close of C$46.01.
• Analyst sentiment is broadly positive: TD Securities upgraded the stock to “strong buy,” Deutsche Bank raised it to “buy” with a C$50 target, and the consensus rating is “Moderate Buy” with a C$44.68 price target.
• The company reported quarterly revenue of C$2.16 billion and a loss of C$0.19 per share, while insider activity was mixed, with a director buying shares and another insider selling 20,000 shares.

Shares of First Quantum Minerals Ltd. (TSE:FM - Get Free Report) reached a new 52-week high on Friday . The stock traded as high as C$47.99 and last traded at C$47.50, with a volume of 284773 shares trading hands. The stock had previously closed at C$46.01.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on FM. TD Securities raised shares of First Quantum Minerals from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 14th. Deutsche Bank Aktiengesellschaft raised shares of First Quantum Minerals from a "hold" rating to a "buy" rating and raised their target price for the company from C$40.00 to C$50.00 in a research report on Wednesday, June 3rd. Scotia lowered their price target on shares of First Quantum Minerals from C$47.00 to C$44.00 and set a "sector outperform" rating for the company in a research report on Thursday, April 30th. JPMorgan Chase & Co. raised shares of First Quantum Minerals from an "underweight" rating to a "neutral" rating and lifted their price objective for the company from C$28.00 to C$37.00 in a report on Friday, April 24th. Finally, Barclays boosted their price objective on shares of First Quantum Minerals from C$42.00 to C$46.00 in a research note on Thursday, July 16th. One analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of C$44.68.

First Quantum Minerals Trading Up 3.0%

The company has a 50 day moving average of C$40.45 and a two-hundred day moving average of C$37.98. The company has a debt-to-equity ratio of 54.66, a quick ratio of 1.41 and a current ratio of 1.90. The stock has a market capitalization of C$39.52 billion, a PE ratio of -526.44, a P/E/G ratio of -1.28 and a beta of 1.38.

First Quantum Minerals (TSE:FM - Get Free Report) last released its quarterly earnings results on Tuesday, July 28th. The company reported C($0.19) EPS for the quarter. First Quantum Minerals had a negative net margin of 1.44% and a negative return on equity of 0.73%. The business had revenue of C$2.16 billion during the quarter. Sell-side analysts predict that First Quantum Minerals Ltd. will post 0.55872 EPS for the current year.

Insider Buying and Selling

In related news, Director Kathleen Applegate Hogenson purchased 1,073 shares of the firm's stock in a transaction on Tuesday, June 30th. The stock was acquired at an average price of C$37.53 per share, with a total value of C$40,269.69. Following the completion of the acquisition, the director owned 62,240 shares in the company, valued at approximately C$2,335,867.20. This represents a 1.75% increase in their position. Also, insider Gavin Ashley sold 20,000 shares of First Quantum Minerals stock in a transaction on Monday, June 15th. The stock was sold at an average price of C$46.00, for a total transaction of C$920,000.00. Following the sale, the insider owned 75,905 shares of the company's stock, valued at C$3,491,630. The trade was a 20.85% decrease in their ownership of the stock. 19.35% of the stock is owned by company insiders.

First Quantum Minerals Company Profile

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company's Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company's Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.

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