Fortescue (OTCMKTS:FSUGY) Hits New 52-Week High – Time to Buy?

Fortescue Ltd. Sponsored ADR (OTCMKTS:FSUGY)’s share price reached a new 52-week high on Tuesday . The company traded as high as $31.70 and last traded at $31.52, with a volume of 70583 shares trading hands. The stock had previously closed at $31.20.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FSUGY shares. Zacks Research cut shares of Fortescue from a “hold” rating to a “strong sell” rating in a report on Thursday, March 19th. Jefferies Financial Group reissued an “underperform” rating on shares of Fortescue in a research report on Monday, February 16th. One equities research analyst has rated the stock with a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Strong Sell”.

Fortescue Price Performance

The firm’s 50-day moving average price is $28.87 and its 200-day moving average price is $28.94.

Fortescue Company Profile

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.