Scotiabank Forecasts Strong Price Appreciation for First Quantum Minerals (TSE:FM) Stock

First Quantum Minerals (TSE:FM) had its price target lifted by stock analysts at Scotiabank from C$22.50 to C$24.00 in a research note issued to investors on Monday,BayStreet.CA reports. Scotiabank’s target price suggests a potential upside of 11.78% from the company’s previous close.

Other research analysts have also recently issued research reports about the company. Royal Bank of Canada lifted their price objective on First Quantum Minerals from C$24.00 to C$25.00 and gave the company an “outperform” rating in a research note on Wednesday, June 4th. Raymond James lifted their price target on First Quantum Minerals from C$20.00 to C$21.00 in a research report on Friday, April 4th. Barclays lifted their target price on First Quantum Minerals from C$21.40 to C$21.60 in a report on Wednesday, May 7th. Morgan Stanley dropped their price objective on First Quantum Minerals from C$19.70 to C$19.40 in a research report on Wednesday, April 9th. Finally, Canaccord Genuity Group upgraded First Quantum Minerals from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, April 16th. Six research analysts have rated the stock with a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of C$22.28.

First Quantum Minerals Stock Up 2.1%

Shares of FM stock traded up C$0.44 during trading hours on Monday, hitting C$21.47. 918,992 shares of the company’s stock traded hands, compared to its average volume of 2,582,093. The company has a quick ratio of 1.41, a current ratio of 1.80 and a debt-to-equity ratio of 56.41. The stock’s fifty day simple moving average is C$19.11 and its two-hundred day simple moving average is C$19.12. First Quantum Minerals has a 12-month low of C$13.81 and a 12-month high of C$23.28. The stock has a market cap of C$12.19 billion, a price-to-earnings ratio of -7.93, a PEG ratio of -1.28 and a beta of 1.73.

Insider Activity

In other First Quantum Minerals news, Director Alison Cheryl Beckett purchased 1,388 shares of the company’s stock in a transaction on Monday, March 31st. The stock was acquired at an average cost of C$19.25 per share, for a total transaction of C$26,719.00. Also, Senior Officer Zenon Wozniak sold 40,000 shares of the stock in a transaction that occurred on Tuesday, March 18th. The shares were sold at an average price of C$21.11, for a total transaction of C$844,400.00. Insiders own 19.35% of the company’s stock.

First Quantum Minerals Company Profile

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.