Zacks Investment Research cut shares of Fortescue Metals G (NASDAQ:FSUGY) from a buy rating to a sell rating in a research note issued to investors on Wednesday morning.

According to Zacks, “Fortescue Metals Group Ltd is engaged in the exploration and mining of iron ore properties. Its properties primarily include the Cloudbreak and Christmas Creek mine sites and the Solomon project located in Pilbara, Western Australia. Fortescue Metals Group Ltd is based in East Perth, Australia. “

Fortescue Metals G (NASDAQ FSUGY) traded down 3.69% during midday trading on Wednesday, hitting $8.88. 8,439 shares of the stock traded hands. Fortescue Metals G has a 52-week low of $6.83 and a 52-week high of $11.12. The company has a market cap of $13.81 billion and a price-to-earnings ratio of 6.63. The firm’s 50-day moving average is $9.21 and its 200-day moving average is $8.53.

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