First Quantum Minerals (TSE:FM) Sets New 12-Month High on Analyst Upgrade

Key Points

• First Quantum Minerals reached a new 52-week high at C$31.28 after Jefferies Financial Group upgraded its price target to C$33.00 and maintained a buy rating on the stock.
• Various analysts have adjusted their price targets upwards, with Barclays and Scotiabank raising their targets to C$26.00 and C$28.00 respectively, indicating a positive outlook for the stock.
• Insider activity included a sale by Senior Officer Zenon Wozniak of 8,135 shares and a purchase by Director Alison Cheryl Beckett of 1,029 shares, reflecting mixed sentiment among company insiders.

First Quantum Minerals Ltd. (TSE:FM - Get Free Report)'s stock price hit a new 52-week high on Monday after Jefferies Financial Group raised their price target on the stock from C$28.00 to C$33.00. Jefferies Financial Group currently has a buy rating on the stock. First Quantum Minerals traded as high as C$31.28 and last traded at C$31.26, with a volume of 1214896 shares. The stock had previously closed at C$29.12.

A number of other equities analysts have also recently commented on FM. Barclays lifted their target price on shares of First Quantum Minerals from C$25.80 to C$26.00 and gave the company a "buy" rating in a report on Monday, July 28th. Scotiabank boosted their price objective on shares of First Quantum Minerals from C$27.00 to C$28.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 6th. Raymond James Financial boosted their price objective on shares of First Quantum Minerals from C$23.00 to C$25.00 in a research note on Thursday, August 21st. TD Securities boosted their price objective on shares of First Quantum Minerals from C$25.00 to C$30.00 and gave the company a "hold" rating in a research note on Monday. Finally, Desjardins boosted their price objective on shares of First Quantum Minerals from C$25.00 to C$26.00 and gave the company a "hold" rating in a research note on Wednesday, August 20th. Two equities research analysts have rated the stock with a Strong Buy rating, four have issued a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of C$25.34.

Insiders Place Their Bets

In related news, Senior Officer Zenon Wozniak sold 8,135 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of C$22.82, for a total value of C$185,640.70. Also, Director Alison Cheryl Beckett acquired 1,029 shares of the firm's stock in a transaction that occurred on Wednesday, July 2nd. The stock was acquired at an average price of C$24.59 per share, for a total transaction of C$25,307.84. Corporate insiders own 19.35% of the company's stock.

First Quantum Minerals Stock Performance

The company has a market capitalization of C$26.25 billion, a PE ratio of 125.88, a price-to-earnings-growth ratio of -1.28 and a beta of 1.29. The company has a debt-to-equity ratio of 56.41, a quick ratio of 1.41 and a current ratio of 1.80. The stock's fifty day simple moving average is C$24.54 and its 200-day simple moving average is C$21.87.

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.

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