Fortescue Metals Group Limited’s Stock Is Buy After Reaching 52-Week High

 Fortescue Metals Group Limited's Stock Is Buy After Reaching 52 Week High

The stock of Fortescue Metals Group Limited (ASX:FMG) hit a new 52-week high and has $8.42 target or 34.00% above today’s $6.28 share price. The 7 months bullish chart indicates low risk for the $19.55B company. The 1-year high was reported on Nov, 11 by Barchart.com. If the $8.42 price target is reached, the company will be worth $6.65 billion more.
The 52-week high event is an important milestone for every stock because it shows very positive momentum and is time when buyers come in. During such notable technical setup, fundamental investors usually stay away and are careful shorting or selling the stock. The stock increased 4.49% or $0.27 on November 11, hitting $6.28. About 27.99M shares traded hands or 80.35% up from the average. Fortescue Metals Group Limited (ASX:FMG) has risen 106.58% since April 15, 2016 and is uptrending. It has outperformed by 100.43% the S&P500.

More notable recent Fortescue Metals Group Limited (ASX:FMG) news were published by: Fool.com.Au which released: “Is Fortescue Metals Group Limited set for a big fall?” on November 07, 2016, also Fool.com.Au with their article: “Should you sell your Fortescue Metals Group Limited shares?” published on September 20, 2016, Fool.com.Au published: “Is Fortescue Metals Group Limited a $6 stock?” on September 20, 2016. More interesting news about Fortescue Metals Group Limited (ASX:FMG) were released by: Fool.com.Au and their article: “Should you buy Fortescue Metals Group Limited after its latest acquisition?” published on October 10, 2016 as well as Fool.com.Au‘s news article titled: “Fortescue Metals Group Limited triples net profit, is it a buy?” with publication date: August 22, 2016.

Fortescue Metals Group Limited is engaged in the exploration, development, production, processing and sale of iron ore. The company has a market cap of $19.55 billion. It owns and operates an integrated supply chain, including its approximately five berth Herb Elliott Port in Port Hedland and the heavy haul railway with approximately 42 ton axle load capacity over 620 kilometers of track. It has a 15.44 P/E ratio. The Company’s activities span over four mine sites in the Pilbara.

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