First Quantum Minerals (TSE:FM) Shares Down 31.1% – Here’s Why

First Quantum Minerals Ltd. (TSE:FM) shares fell 31.1% during mid-day trading on Wednesday. The stock traded as low as C$28.00 and last traded at C$31.10. Approximately 1,949,995 shares changed hands during trading, a decline of 32% from the average session volume of 2,868,799 shares. The stock had previously closed at C$45.12.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Canadian Imperial Bank of Commerce reduced their target price on First Quantum Minerals from C$44.00 to C$41.00 in a report on Thursday, July 30th. TD Securities raised shares of First Quantum Minerals from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 14th. National Bank Financial set a C$50.00 price objective on shares of First Quantum Minerals and gave the stock an “outperform” rating in a research note on Monday, September 21st. Morgan Stanley reduced their price objective on shares of First Quantum Minerals from C$46.30 to C$45.20 in a research note on Wednesday, July 8th. Finally, Scotiabank boosted their target price on shares of First Quantum Minerals from C$48.00 to C$55.00 and gave the stock a “sector outperform” rating in a research report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, First Quantum Minerals has a consensus rating of “Moderate Buy” and an average target price of C$46.34.

First Quantum Minerals Stock Performance

The firm’s 50 day moving average price is C$43.65 and its 200-day moving average price is C$39.55. The firm has a market cap of C$25.94 billion, a price-to-earnings ratio of -345.56, a P/E/G ratio of -1.28 and a beta of 1.43. The company has a debt-to-equity ratio of 54.66, a current ratio of 1.90 and a quick ratio of 1.41.

First Quantum Minerals (TSE:FM) last released its earnings results on Tuesday, July 28th. The company reported C($0.19) EPS for the quarter. The company had revenue of C$2.16 billion for the quarter. First Quantum Minerals had a negative net margin of 1.44% and a negative return on equity of 0.73%. On average, analysts anticipate that First Quantum Minerals Ltd. will post 0.55872 earnings per share for the current year.

Insider Activity

In other news, insider Robert Richard Cayton Stone sold 20,000 shares of the business’s stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of C$46.63, for a total transaction of C$932,600.00. Following the transaction, the insider owned 69,196 shares in the company, valued at approximately C$3,226,609.48. The trade was a 22.42% decrease in their position. Insiders own 19.35% of the company’s stock.

About First Quantum Minerals

First Quantum is engaged in the production of copper, nickel and gold, and related activities including exploration and development. The Company has operating mines located in Zambia, Türkiye and Mauritania. The Company’s Cobre Panamá mine was placed into a phase of Preservation and Safe Management in November 2023. The Company’s Ravensthorpe mine was placed into a care and maintenance process in May 2024. The Company is progressing the Taca Taca copper-gold-molybdenum project in Argentina and is exploring La Granja and the Haquira copper deposits in Peru.