• Tue. Nov 28th, 2023

    Critical Thought

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    First Quantum Minerals Downgraded to Hold by Deutsche Bank Aktiengesellschaft: What You Need to Know

    ByByron Bekker

    Nov 20, 2023
    First Quantum Minerals Downgraded to Hold by Deutsche Bank Aktiengesellschaft: What You Need to Know

    In a recent report released by Deutsche Bank Aktiengesellschaft, First Quantum Minerals (TSE:FM – Free Report) has been downgraded from a buy rating to a hold rating. This change in rating comes as a number of other brokerages have also weighed in on FM.

    Scotiabank, for instance, decreased their target price on First Quantum Minerals and set an outperform rating for the company. Likewise, Morgan Stanley raised shares of First Quantum Minerals from an underweight rating to an equal weight rating. BMO Capital Markets, on the other hand, raised their rating from market perform to an outperform rating. Meanwhile, Stifel Nicolaus and National Bankshares both lowered their ratings on the stock.

    While these changes have led to a mixed bag of ratings, the consensus rating for First Quantum Minerals is currently listed as Hold, with an average target price of C$29.91.

    First Quantum Minerals stock opened at C$17.46 on Tuesday, with a market capitalization of C$12.11 billion. The company has a PE ratio of 14.43 and a beta of 2.21.

    First Quantum Minerals has a 52-week low of C$13.66 and a 52-week high of C$39.13. The company’s fifty-day moving average is C$30.83, and its two-hundred-day moving average is C$32.35.

    In terms of earnings, First Quantum Minerals reported C$0.70 earnings per share for the quarter, beating the consensus estimate of C$0.34. The company had revenue of C$2.72 billion during the same period. Analysts expect that First Quantum Minerals will post 1.9971449 earnings per share for the current year.

    In other news, First Quantum Minerals recently announced a Semi-Annual dividend, with investors receiving $0.08 per share. This represents a dividend yield of 0.2%. The company’s dividend payout ratio (DPR) is 17.36%.

    Senior Officer Zenon Wozniak also sold a significant number of shares of First Quantum Minerals, representing 19.76% ownership of the stock.

    First Quantum Minerals Ltd. is a company engaged in the exploration, development, and production of mineral properties, primarily copper, nickel, pyrite, silver, gold, and zinc. It operates mines in Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania, with a development project in Zambia.

    While the downgraded rating from Deutsche Bank Aktiengesellschaft may have an impact on First Quantum Minerals, it’s important to note the contradictory ratings from other brokerages. Investors should closely monitor the company’s performance and watch for further updates from analysts.