Fortuna Mining (NYSE:FSM) Downgraded to “Strong Sell” Rating by Zacks Research

Fortuna Mining (NYSE:FSM) (TSE:FVI) was downgraded by stock analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

FSM has been the subject of several other reports. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “strong-buy” rating in a report on Saturday, May 9th. Weiss Ratings upgraded Fortuna Mining from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, May 8th. Finally, Scotiabank boosted their price target on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, Fortuna Mining has a consensus rating of “Moderate Buy” and an average price target of $11.00.

Fortuna Mining Price Performance

FSM stock opened at $9.77 on Monday. Fortuna Mining has a 1 year low of $5.67 and a 1 year high of $13.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.74 and a current ratio of 3.17. The stock’s 50 day moving average price is $9.96 and its 200 day moving average price is $10.21. The firm has a market cap of $2.98 billion, a P/E ratio of 9.22 and a beta of 0.94.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). Fortuna Mining had a net margin of 31.07% and a return on equity of 16.26%. The company had revenue of $342.47 million during the quarter, compared to analysts’ expectations of $340.00 million. On average, sell-side analysts expect that Fortuna Mining will post 1.43 earnings per share for the current fiscal year.

Institutional Trading of Fortuna Mining

A number of institutional investors and hedge funds have recently made changes to their positions in FSM. Royal Bank of Canada increased its holdings in shares of Fortuna Mining by 98.8% during the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock worth $7,074,000 after buying an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in shares of Fortuna Mining by 19.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company’s stock worth $51,046,000 after buying an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in shares of Fortuna Mining by 189.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company’s stock worth $5,127,000 after buying an additional 549,665 shares during the last quarter. Geode Capital Management LLC boosted its position in Fortuna Mining by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company’s stock worth $1,123,000 after purchasing an additional 6,405 shares during the period. Finally, Cetera Investment Advisers purchased a new stake in Fortuna Mining during the 2nd quarter worth $122,000. 33.80% of the stock is currently owned by institutional investors and hedge funds.

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.