Zacks Research Downgrades Fortescue (OTCMKTS:FSUGY) to Hold

Fortescue (OTCMKTS:FSUGY) was downgraded by stock analysts at Zacks Research from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday,Zacks.com reports.

Separately, The Goldman Sachs Group lowered shares of Fortescue from a “hold” rating to a “sell” rating and set a $16.90 price objective for the company. in a research report on Thursday, July 2nd. Two investment analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus price target of $16.90.

Fortescue Stock Up 0.6%

OTCMKTS FSUGY opened at $25.76 on Wednesday. The company’s fifty day moving average is $27.09 and its two-hundred day moving average is $28.61. Fortescue has a 52-week low of $23.86 and a 52-week high of $33.44. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.28 and a current ratio of 3.03.

About Fortescue

Fortescue (OTCMKTS:FSUGY) is the U.S. over‑the‑counter ticker for Fortescue Metals Group, an Australian company principally engaged in the exploration, mining, processing and sale of iron ore. Since its founding in 2003, the company has developed large‑scale open‑pit operations in the Pilbara region of Western Australia and built integrated infrastructure — including rail and port facilities — to move bulk shipments of iron ore to international steelmakers.

Fortescue’s core products are iron ore lump and fines, which it markets to customers around the world, with strong trade links to Asian steel producers.