Fortescue (OTCMKTS:FSUGY) Trading 0.9% Higher - Here's What Happened

Key Points

• Fortescue Ltd. saw a trading increase of 0.9%, with shares last traded at $25.78, though trading volume was down significantly by 59% from the average.
• Several analysts have recently downgraded Fortescue's stock rating, indicating a shift from "buy" to "hold," with an overall average rating of "Hold" from market analysts.
• The company announced a $0.758 dividend recently, representing an impressive yield of 555.0% for shareholders.

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY - Get Free Report) was up 0.9% during trading on Wednesday . The company traded as high as $25.90 and last traded at $25.78. Approximately 20,298 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 50,082 shares. The stock had previously closed at $25.54.

Analysts Set New Price Targets

Several research analysts recently issued reports on FSUGY shares. Macquarie cut shares of Fortescue from a "hold" rating to a "strong sell" rating in a report on Thursday, July 24th. Royal Bank Of Canada downgraded Fortescue from a "moderate buy" rating to a "hold" rating in a research note on Tuesday, August 26th. One investment analyst has rated the stock with a Strong Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Fortescue presently has an average rating of "Hold".

Fortescue Price Performance

The company has a debt-to-equity ratio of 0.26, a quick ratio of 1.84 and a current ratio of 2.43. The firm's 50 day moving average is $25.20 and its 200-day moving average is $22.22.

Fortescue Dividend Announcement

The business also recently announced a dividend, which was paid on Friday, October 3rd. Shareholders of record on Monday, September 8th were given a $0.758 dividend. The ex-dividend date of this dividend was Friday, September 5th. This represents a yield of 555.0%.

About Fortescue

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.