New Buy Rating for Fortescue Metals Group Ltd (FSUMF), the Basic Materials Giant

Morgan Stanley analyst Rahul Anand maintained a Buy rating on Fortescue Metals Group Ltd (FSUMF – Research Report) today and set a price target of A$16.50. The company’s shares closed yesterday at $10.70.

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Anand covers the Basic Materials sector, focusing on stocks such as Rio Tinto Limited, Iluka Resources Limited, and Evolution Mining . According to TipRanks, Anand has an average return of 5.9% and a 48.00% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Fortescue Metals Group Ltd with a $11.15 average price target.

The company has a one-year high of $18.11 and a one-year low of $8.45. Currently, Fortescue Metals Group Ltd has an average volume of 9,280.

Based on the recent corporate insider activity of 12 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.