Bell Potter Remains a Hold on Fortescue Metals Group Ltd (FSUMF)
Bell Potter analyst David Coates maintained a Hold rating on Fortescue Metals Group Ltd (FSUMF – Research Report) today and set a price target of A$16.79. The company's shares closed today at $10.75.
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According to TipRanks, Coates is a 4-star analyst with an average return of 6.3% and a 52.03% success rate. Coates covers the Basic Materials sector, focusing on stocks such as Evolution Mining , AIC Mines Limited, and Regis Resources Limited.
Currently, the analyst consensus on Fortescue Metals Group Ltd is a Moderate Buy with an average price target of $11.18, which is a 4.00% upside from current levels. In a report released yesterday, UBS also maintained a Hold rating on the stock with a A$15.30 price target.
Based on Fortescue Metals Group Ltd's latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $7.64 billion and a net profit of $1.55 billion. In comparison, last year the company earned a revenue of $9.51 billion and had a net profit of $3.34 billion
Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of FSUMF in relation to earlier this year.
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