Fortescue Ltd (ASX: FMG) shares have fallen to a new 52-week low on Tuesday.

At the time of writing, the Fortescue share price is down 2.37% to $17.28 after briefly touching $17.10 earlier this morning.

There’s a pretty simple explanation behind much of today’s fall. Fortescue is trading ex-dividend for its 46-cent fully franked final dividend, which is due to be paid later this month.

Still, today’s move continues what has been a difficult year for shareholders.

Fortescue shares are now down around 21% since the start of 2026 and have fallen roughly 6.7% over the past month.

So, with the shares back at their lowest level in a year, is this starting to look like a buying opportunity?

A rough few months

Fortescue shares were trading above $22 in late May before beginning their latest slide.

The stock has struggled to regain momentum since then and entered September close to the bottom of its 52-week range.

Today’s ex-dividend move needs to be kept in context. The shares closed at $17.70 yesterday and investors buying from today will no longer receive the 46-cent final dividend.

Looking beyond today’s price swing, Fortescue recently reported FY26 underlying EBITDA of US$8.6 billion, up 9%, and underlying net profit rose 9% to US$3.5 billion.

Free cash flow increased 25% to US$3.2 billion, while iron ore shipments reached a record 201.3 million tonnes.

What do brokers think?

Despite the weaker share price, brokers remain fairly cautious.

According to TipRanks, the average 12-month price target across 11 analysts is $17.95. That’s only around 4% above the current Fortescue share price.

There are currently 2 ‘buy’ ratings, 6 ‘holds’ and 3 ‘sells’.

Morgan Stanley is one of the more bearish brokers. It reiterated its ‘sell’ rating on Tuesday with a $15.45 price target, implying downside of around 11% from current levels.

At the other end, Macquarie has a ‘buy’ rating and $20 target, while Ord Minnett is also positive with a $19.50 target.

Is it time to buy Fortescue shares?

The falling share price has certainly made Fortescue look cheaper than it did a few months ago.

The company paid $1.08 per share in fully franked dividends across FY26. Based on the current share price, that represents a trailing dividend yield of around 6.3%.

But brokers don’t see a huge amount of upside on average, and the shares have remained in a clear downtrend since May.

That leaves investors with a mixed picture. The shares are cheaper and the dividend yield looks decent, but brokers are hardly rushing to call the stock a bargain.

A lot will depend on whether Fortescue can keep producing strong cash flow from here.

The post Fortescue shares just hit a 52-week low. Is it time to buy? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX Small Ords Index (ASX: XSO) is down 9% in the calendar year to date (YTD) and up 3% over the past month.

Meanwhile, the S&P/ASX All Ords Index (ASX: XAO) has risen 2% in the YTD and is 0.5% higher over the past month.

This week on The Bull, two experts offer their latest ratings and insights on 3 ASX small-cap shares.

Advanced Engineered Materials Ltd (ASX: AEM)

AEM produces high purity alumina (HPA) and has production facilities in Quebec, Canada.

The Advanced Engineered Materials share price is steady at 35 cents on Tuesday, and down 43% over 12 months. 

Jonathan Tacadena from MPC Markets has a buy rating on this ASX small-cap materials share. 

Tacadena said: 

HPA is a specialised form of aluminium oxide, which is a critical input for a range of commercial applications, including electronics, semi-conductors and lithium-ion batteries.

The Quebec plant operates a patented low-cost process and is expanding production.

AEM continued to increase production in the first half of 2026 and unaudited revenue was up 85 per cent on the prior corresponding period.

In our view, the stock is trading at a discount and offers good value.

Kina Securities Ltd (ASX: KSL)

KSL is Papua New Guinea’s second largest commercial bank and financial services company, and its biggest wealth manager.

The Kina Securities share price is $1.20, down 0.4% today and down 8% over 12 months. 

Remo Greco from Sanlam Private Wealth has a buy call on this ASX small-cap financial share. 

Greco said: 

Substantial resource development is driving strong lending growth.

The bank’s strong capital base is poised to generate growth and increase its market share. 

In July, the company forecast net profit after tax to increase between 15 per cent and 20 per cent for the financial year ending December 31, 2026.

KSL’s dividend yield is also appealing as it was recently trading above 7.5 per cent.

Metrics Master Income Trust (ASX: MXT)

Metrics Master Income Trust is a non-bank corporate lender and alternative asset manager.

The Metrics Master Income Trust share price is $1.89, down 0.8% today and down 8% over 12 months. 

Greco has a sell rating on this ASX small-cap income share.

He explained: 

MXT … specialises in fixed income, private credit, equity and capital markets.

The trust allocates capital across corporate loans and other income producing assets to pay its investors a regular income.

Our concern is a weakening economy operating under the weight of persistent inflation, stubbornly high interest rates and recent tax changes announced in the federal budget that could penalise capital growth.

The company’s listed price can be volatile.

The post 2 ASX small-cap shares to buy and 1 to sell: Experts appeared first on The Motley Fool Australia.

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• 2 ASX dividend shares yielding 8% (or higher)
• Metrics Master Income Trust posts unfranked August 2026 distribution

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) shares are down 0.33% at 9,046 points on Tuesday.

With reporting season now wrapped up, a number of companies have been downgraded by the experts following their FY26 results.

Let’s find out why Morgans cut its ratings on the following 5 ASX shares.

Mineral Resources Ltd (ASX: MIN)

The Mineral Resources share price is $63.76, down 1.4% today and up 73% over 12 months. 

Morgans lowered its rating on this ASX 200 mining share from buy to accumulate after reviewing the FY26 numbers.

The broker raised its 12-month share price target from $68 to $71.

This implies an 11% potential upside ahead.

Morgans said:

MIN delivered a strong FY26 result and FY27 guidance. Underlying NPAT was an 8% beat vs expectations and MIN declared a final dividend of 83cps (vs consensus 7.4cps).

The stock gave back its early gains post the conference call after MIN flagged copper as a next potential growth pathway which we think unsettled some investors.

South32 Ltd (ASX: S32)

The South32 share price is $5.24, up 1.5% today and up 92% over 12 months.

Morgans downgraded the ASX 200 mining share from accumulate to hold following South32’s FY26 report.

The broker increased its 12-month price target from $4.70 to $4.90.

This suggests a potential 6% downside ahead.

Morgans said:

S32 delivered a broadly in line FY26 result, with FY27 guidance on unit cost and capex reflecting existing market expectations of continued cost pressure.

Don’t count on S32 returning a meaningful part of the Alcoa deal proceeds, with the company going as far as talking down its commitment to its ordinary dividend.

Similar to some of its peers, S32’s earnings have enjoyed a healthy upcycle, our concern is that it is starting to increasingly look factored in (while the company arguably swaps its earnings clout for a mid-cycle M&A war chest post Alcoa deal).

With S32’s share price outperforming even its pure-copper ASX peers year-to-date on larger cycle leverage, we downgrade our rating to HOLD (from Accumulate).

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is $11.66, up 0.4% today and up 44% over 12 months.

Morgans downgraded the ASX 200 energy share from buy to accumulate following the uranium miner’s FY26 results.

The broker has a 12-month price target of $14.10, implying a 20% upside from here.

Cash is starting to flow — PDN delivered positive operating cash flow for the first full year since the restart, generating US$38m in FY26 and marking the transition from ramp-up story to steady-state and cash-generating producer.

Guidance beaten across the board – Langer Heinrich Mine (LHM) exceeded FY26 production, sales and cost guidance, providing further evidence that the operation can sustainably deliver and continues to build momentum as it enters more steady state operations.

Following recent share price strength, we move to an ACCUMULATE (previously BUY) with an increased price target of A$14.10ps.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is $24.73, down 3.9% today and down 41% over 12 months.

Morgans downgraded the ASX 200 retail share from buy to accumulate after its FY26 report.

The broker shaved its 12-month price target from $32.50 to $31.

This indicates potential capital gains of 25% over the next year. 

Morgans said:

LOV delivered a strong FY26 result, with EBIT up 14.1%, ~4.5% ahead of consensus. Excluding estimated ~$22m of EBIT losses from Jewells UK, the underlying business would have grown just shy of 30% yoy.

The global store rollout continues, opening 160 stores in FY26, with management expecting a similar number in FY27.

Trading in the first 8 weeks of FY27 was positive (+3% LFL), against a challenging comp in the pcp (+5.6%).

Our valuation lowers to $31.00 and we move to an ACCUMULATE (from BUY) following recent strength in the share price.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is $2.72, down 1.6% today and down 36% over 12 months.

Morgans downgraded the ASX 300 healthcare share from buy to accumulate after reviewing Nanosonics’ FY26 report.

The broker lowered its 12-month price target from $4 to $3.50.

This suggests a potential near-30% upside ahead.

Morgans said:

Mixed result. Our key focus was whether 2H delivered the guided growth acceleration, it didn’t, but trophon-only earnings confirmed the core business remains in excellent health regardless of the group-level miss and near-term OPEX requirements for the CORIS launch.

Trophon’s demonstrated EBIT growth ex-CORIS underwrites the thesis regardless of near-term CORIS spend, and the FY27 guidance step-down reads to us as front-loaded investment to land the launch properly, not any deterioration in the longer-term opportunity.

The post 5 ASX shares downgraded by Morgans post-results appeared first on The Motley Fool Australia.

More reading

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• ASX 200 mining shares outperform in final week of earnings season
• 3 ASX mining stocks UBS rates as a buy

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa and Nanosonics. The Motley Fool Australia has recommended Lovisa and Nanosonics. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.