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    New 1-Year High Reached by First Quantum Minerals

    ByByron Bekker

    Nov 12, 2023
    New 1-Year High Reached by First Quantum Minerals

    First Quantum Minerals Ltd. (TSE:FM) made headlines today as its shares reached a new 52-week high. The stock traded as high as C$36.00 and last traded at C$35.35, with a volume of 267,027 shares changing hands. This surge in stock value reflects the positive sentiment surrounding the company and its outlook in the market.

    Analyst Ratings Changes

    Several analysts have recently changed their ratings on First Quantum Minerals. BMO Capital Markets upgraded the stock from “market perform” to “outperform,” raising their target price from C$35.00 to C$40.00. On the other hand, JPMorgan Chase & Co. lowered their price objective from C$29.00 to C$28.00, while Scotiabank reduced their target price from C$41.00 to C$40.00. Stifel Nicolaus downgraded the stock from “buy” to “hold” and set a C$39.00 price target. Finally, Barclays reduced their price objective from C$27.00 to C$26.00. These changes in ratings indicate the diversity of opinions among analysts, with two analysts rating the stock as sell, three as hold, and five as buy. MarketBeat.com reveals that the company currently holds a consensus rating of “Hold” and a consensus target price of C$34.83.

    Strong Financials and Performance

    First Quantum Minerals boasts strong financials and performance indicators. With a debt-to-equity ratio of 65.56, a quick ratio of 1.41, and a current ratio of 1.70, the company demonstrates a solid financial position. The stock’s 50-day moving average price is C$34.99, while its 200-day moving average price is C$32.40. The market cap of C$24.55 billion, a price-to-earnings ratio of 43.37, a PEG ratio of -1.28, and a beta of 2.19 further strengthen the company’s profile.

    Quarterly Earnings Update

    First Quantum Minerals recently reported its quarterly earnings results, revealing a C$0.15 EPS for the quarter. This figure missed the consensus estimate of C$0.20 by C($0.05). The company generated C$2.22 billion in revenue for the quarter, though this fell short of analyst estimates of C$2.27 billion. The company’s net margin stands at 5.88% and it has a return on equity of 3.29%. For the current year, equities analysts forecast that First Quantum Minerals Ltd. will post 2.1589024 EPS.

    Dividend Announcement

    The company has also made an important dividend announcement. First Quantum Minerals declared a Semi-Annual dividend that will be paid on Tuesday, September 19th. Investors of record on Tuesday, September 19th will be paid a $0.08 dividend. The ex-dividend date of this dividend is Friday, August 25th. With a dividend yield of 0.2%, First Quantum Minerals aims to provide value to its shareholders. The current dividend payout ratio is 26.92%.

    Insider Selling

    In recent news, Senior Officer Zenon Wozniak sold 55,647 shares of First Quantum Minerals stock. The transaction took place on Wednesday, August 16th at an average price of C$33.38, totaling C$1,857,496.86. Insider selling implies an individual’s confidence in the stock’s value and may influence market sentiment.

    About First Quantum Minerals

    First Quantum Minerals Ltd. is a mining company that explores, develops, and produces mineral properties. The company primarily focuses on copper, nickel, pyrite, silver, gold, and zinc ores and also manufactures acid. First Quantum Minerals operates mines in various locations, including Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania, with a development project in Zambia.


    – [First Quantum Minerals on MarketBeat](https://www.marketbeat.com/stocks/TSE/FM/)
    – [First Quantum Minerals – Corporate Information](https://www.first-quantum.com/FAQ/default.aspx)