Fortuna Mining (NYSE:FSM) Announces Earnings Results

Fortuna Mining (NYSE:FSM) (TSE:FVI) released its earnings results on Wednesday. The basic materials company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01), Zacks reports. Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%.

Fortuna Mining Stock Performance

Shares of Fortuna Mining stock traded up $0.11 during trading on Wednesday, reaching $10.46. The company’s stock had a trading volume of 8,240,961 shares, compared to its average volume of 8,462,771. The company has a quick ratio of 2.73, a current ratio of 3.30 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $10.36 and its 200-day moving average price is $9.00. Fortuna Mining has a 52 week low of $4.13 and a 52 week high of $12.54. The firm has a market cap of $3.19 billion, a PE ratio of 14.53 and a beta of 0.88.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on FSM shares. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Zacks Research upgraded Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 3rd. Scotiabank lifted their target price on Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research note on Monday, January 26th. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. Finally, Wall Street Zen cut shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Saturday. One equities research analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company’s stock. According to data from MarketBeat, Fortuna Mining presently has a consensus rating of “Buy” and a consensus target price of $11.00.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in FSM. Arrowstreet Capital Limited Partnership raised its position in shares of Fortuna Mining by 80.4% in the third quarter. Arrowstreet Capital Limited Partnership now owns 19,530,048 shares of the basic materials company’s stock valued at $174,866,000 after buying an additional 8,706,611 shares in the last quarter. Vanguard Group Inc. increased its stake in Fortuna Mining by 1,623.8% during the 3rd quarter. Vanguard Group Inc. now owns 4,562,023 shares of the basic materials company’s stock worth $40,844,000 after acquiring an additional 4,297,370 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Fortuna Mining by 38.1% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock worth $122,747,000 after acquiring an additional 3,779,920 shares during the period. Invesco Ltd. raised its holdings in Fortuna Mining by 1,130.8% in the 3rd quarter. Invesco Ltd. now owns 3,118,752 shares of the basic materials company’s stock valued at $27,944,000 after acquiring an additional 2,865,367 shares in the last quarter. Finally, Tidal Investments LLC raised its holdings in Fortuna Mining by 31.4% in the 3rd quarter. Tidal Investments LLC now owns 8,947,480 shares of the basic materials company’s stock valued at $80,169,000 after acquiring an additional 2,138,143 shares in the last quarter. Institutional investors and hedge funds own 33.80% of the company’s stock.

About Fortuna Mining

Fortuna Mining Corp. engages in the precious and base metal mining in Argentina, Burkina Faso, Mexico, Peru, and Côte d’Ivoire. It operates through Mansfield, Sanu, Sango, Cuzcatlan, Bateas, and Corporate segments. The company primarily explores for silver, lead, zinc, and gold. Its flagship project is the Séguéla gold mine, which consists of approximately 62,000 hectares and is located in the Worodougou Region of the Woroba District, Côte d’Ivoire. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.