Zacks Investment Research Lowers Fortuna Silver Mines Inc. (FSM) to Sell
Fortuna Silver Mines Inc. (NYSE:FSM) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a note issued to investors on Tuesday.
According to Zacks, “Fortuna Silver Mines Inc. is engaged in the exploration, mining and development of silver and base metal properties in Latin America. Its core assets include the Caylloma Ag-Pb-Zn-Cu Mine located in Arequipa, Peru and the San Jose Ag – Au Project located in Oaxaca, Mexico. Fortuna Silver Mines Inc. is headquartered in Lima, Peru. “
Several other research firms have also weighed in on FSM. Scotiabank reiterated a “sector perform” rating and issued a $6.25 target price (up from $5.60) on shares of Fortuna Silver Mines in a report on Tuesday, June 14th. Canaccord Genuity reissued a “hold” rating and set a $12.25 price objective (up previously from $11.75) on shares of Fortuna Silver Mines in a research report on Thursday, August 11th. Finally, BMO Capital Markets reissued a “market perform” rating and set a $11.50 price objective (up previously from $9.00) on shares of Fortuna Silver Mines in a research report on Saturday, August 13th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $9.00.
Fortuna Silver Mines (NYSE:FSM) traded down 3.43% on Tuesday, reaching $6.19. 810,614 shares of the company’s stock were exchanged. The firm’s 50-day moving average is $7.56 and its 200-day moving average is $6.95. Fortuna Silver Mines has a 12 month low of $2.00 and a 12 month high of $9.75. The firm’s market cap is $899.57 million.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Raymond James & Associates acquired a new position in Fortuna Silver Mines during the second quarter worth $101,000. CIBC World Markets Inc. increased its position in Fortuna Silver Mines by 14.5% in the first quarter. CIBC World Markets Inc. now owns 31,561 shares of the company’s stock worth $123,000 after buying an additional 4,000 shares during the period. Shell Asset Management Co. increased its position in Fortuna Silver Mines by 9.7% in the second quarter. Shell Asset Management Co. now owns 14,749 shares of the company’s stock worth $133,000 after buying an additional 1,300 shares during the period. Feltz Wealth PLAN Inc. acquired a new position in Fortuna Silver Mines during the second quarter worth $135,000. Finally, Creative Planning increased its position in Fortuna Silver Mines by 9.8% in the second quarter. Creative Planning now owns 22,365 shares of the company’s stock worth $156,000 after buying an additional 1,990 shares during the period. 47.02% of the stock is owned by institutional investors and hedge funds.
About Fortuna Silver Mines
Fortuna Silver Mines Inc is a Canada-based mining company engaged in silver mining and related activities in Latin America, including exploration, extraction and processing. The Company operates the Caylloma silver, lead, and zinc mine (Caylloma) in southern Peru and the San Jose silver and gold mine (San Jose) in southern Mexico.
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