Mosaic (MOS) Climbs 4% on Bargain-Hunting

We recently published 10 Big Names Leaving Wall Street in the Dust; 4 at Fresh Highs. The Mosaic Company (NYSE:MOS) is one of the best performers on Friday.

The Mosaic Company extended gains to a second day on Friday, adding 4.05 percent to finish at $26.21 apiece as investors resorted to bargain-hunting following a drop earlier in the week, dampened by an analyst’s price target downgrade for its stock.

On Wednesday, RBC issued a new price target of $27 for The Mosaic Company’s (NYSE:MOS) stock, lower than the $30 previously, on expectations of a weaker fertilizer supply next year.

Additionally, RBC said that softer prices and lower input costs are set to challenge the phosphate business segment, which The Mosaic Company (NYSE:MOS) is currently implementing improvements in.

For its part, Zacks Research upgraded The Mosaic Company (NYSE:MOS) to “hold” from a “strong sell’ previously.

In other news, common shareholders as of the December 4 record date are set to receive $0.22 cash dividends on December 18. This followed the results of its earnings performance in the third quarter of the year, where it expanded its net income by 237 percent to $411 million from only $122 million in the same period last year, on the back of a $308 million mark-to-market unrealized gain on the value of Ma’aden shares worth approximately $1.9 billion.

Net sales also increased by 25 percent to $3.5 billion from $2.8 billion year-on-year, on the back of higher sales across its fertilizer, phosphate, and potash segments.

READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.

Disclosure: None. This article is originally published at Insider Monkey.