Royal Bank of Canada Raises First Quantum Minerals (TSE:FM) Price Target to C$23.00

First Quantum Minerals (TSE:FM) had its price objective upped by equities researchers at Royal Bank of Canada from C$22.00 to C$23.00 in a research note issued on Thursday, BayStreet.CA reports. The firm presently has an “outperform” rating on the stock. Royal Bank of Canada’s target price indicates a potential upside of 24.46% from the stock’s current price.

Other equities analysts also recently issued reports about the company. Cormark dropped their target price on First Quantum Minerals from C$25.00 to C$23.50 and set a “buy” rating for the company in a research report on Thursday, July 25th. Eight Capital lifted their target price on First Quantum Minerals from C$17.00 to C$22.00 in a research report on Thursday, July 11th. Barclays dropped their target price on First Quantum Minerals from C$18.00 to C$17.00 and set an “equal weight” rating for the company in a research report on Wednesday, October 16th. Jefferies Financial Group lifted their price objective on First Quantum Minerals from C$19.50 to C$23.00 in a research note on Monday, July 8th. Finally, Scotiabank lifted their price objective on First Quantum Minerals from C$17.00 to C$18.50 and gave the company a “sector perform” rating in a research note on Tuesday, October 8th. Eleven research analysts have rated the stock with a hold rating and seven have given a buy rating to the company. According to MarketBeat, First Quantum Minerals currently has an average rating of “Hold” and an average price target of C$20.83.

First Quantum Minerals Trading Down 0.7 %

Shares of FM traded down C$0.13 during midday trading on Thursday, reaching C$18.48. The company had a trading volume of 1,169,052 shares, compared to its average volume of 2,650,488. First Quantum Minerals has a 1-year low of C$9.31 and a 1-year high of C$30.68. The stock has a market cap of C$15.41 billion, a PE ratio of -7.14, a price-to-earnings-growth ratio of -1.28 and a beta of 1.73. The firm has a 50 day simple moving average of C$17.07 and a 200-day simple moving average of C$17.11. The company has a quick ratio of 1.41, a current ratio of 2.35 and a debt-to-equity ratio of 67.00.

First Quantum Minerals (TSE:FM) last released its earnings results on Tuesday, July 23rd. The company reported C($0.03) earnings per share for the quarter, beating the consensus estimate of C($0.05) by C$0.02. The company had revenue of C$1.68 billion during the quarter, compared to the consensus estimate of C$1.42 billion. First Quantum Minerals had a negative return on equity of 14.87% and a negative net margin of 24.07%. Research analysts forecast that First Quantum Minerals will post 0.55872 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Senior Officer Zenon Wozniak sold 6,323 shares of the stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of C$18.53, for a total transaction of C$117,165.19. In other First Quantum Minerals news, Senior Officer Zenon Wozniak sold 6,323 shares of the company’s stock in a transaction dated Tuesday, September 24th. The stock was sold at an average price of C$18.53, for a total transaction of C$117,165.19. Also, Senior Officer Ryan Leslie Macwilliam sold 16,000 shares of the company’s stock in a transaction dated Monday, July 29th. The stock was sold at an average price of C$16.54, for a total value of C$264,640.00. 19.35% of the stock is currently owned by corporate insiders.

About First Quantum Minerals

First Quantum Minerals Ltd., together with its subsidiaries, engages in the exploration, development, and production of mineral properties. It primarily explores for copper, nickel, pyrite, silver, gold, and zinc ores, as well as produces acid. The company has operating mines located in Zambia, Panama, Finland, Turkey, Spain, Australia, and Mauritania, as well as a development project in Zambia.