Fortescue (OTCMKTS:FSUGY) Shares Gap Down - Should You Sell?

Key Points

• Fortescue Ltd.'s share price decreased from $24.78 to $24.08 before the market opened, but it later traded at $25.09.
• Analyst ratings for Fortescue have become more cautious, with RBC lowering its rating to "hold" and Macquarie downgrading it to "strong sell."
• The company declared a dividend of $0.758 per share, yielding an impressive 555.0%, with the payment set for October 3rd to investors of record on September 8th.

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY - Get Free Report)'s share price gapped down before the market opened on Wednesday . The stock had previously closed at $24.78, but opened at $24.08. Fortescue shares last traded at $25.09, with a volume of 987 shares trading hands.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Royal Bank Of Canada lowered shares of Fortescue from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 26th. Macquarie lowered shares of Fortescue from a "hold" rating to a "strong sell" rating in a research note on Thursday, July 24th. One equities research analyst has rated the stock with a Strong Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of "Hold".

Fortescue Trading Up 2.1%

The stock's 50 day moving average price is $24.81 and its two-hundred day moving average price is $21.85. The company has a quick ratio of 1.84, a current ratio of 2.43 and a debt-to-equity ratio of 0.26.

Fortescue Dividend Announcement

The company also recently declared a dividend, which will be paid on Friday, October 3rd. Investors of record on Monday, September 8th will be given a dividend of $0.758 per share. This represents a yield of 555.0%. The ex-dividend date is Friday, September 5th.

Fortescue Company Profile

Fortescue Ltd engages in the exploration, development, production, processing, and sale of iron ore in Australia, China, and internationally. It explores for copper, gold, and lithium deposits; and rare earth elements. The company provides port towage services; owns and operates rail and port facilities; and focuses on producing green energy and green hydrogen, including derivatives comprising green ammonia.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.