Fortuna Mining (NYSE:FSM) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Fortuna Mining (NYSE:FSM) (TSE:FVI) from a hold rating to a buy rating in a research note published on Saturday morning.

A number of other research analysts have also recently weighed in on the stock. CIBC boosted their price objective on shares of Fortuna Mining from $7.00 to $8.00 and gave the company an “underperformer” rating in a research report on Tuesday, July 15th. Scotiabank boosted their price objective on shares of Fortuna Mining from $7.50 to $8.00 and gave the company a “sector perform” rating in a research report on Wednesday, August 6th. National Bankshares reiterated a “sector perform” rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fortuna Mining in a research note on Saturday, September 27th. Finally, Zacks Research lowered shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Two analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Fortuna Mining has a consensus rating of “Hold” and an average target price of $8.00.

Fortuna Mining Trading Up 2.5%

FSM stock opened at $9.08 on Friday. The firm has a fifty day moving average price of $7.92 and a 200 day moving average price of $6.87. Fortuna Mining has a fifty-two week low of $4.13 and a fifty-two week high of $9.59. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71. The firm has a market cap of $2.79 billion, a PE ratio of 18.15 and a beta of 0.84.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.08). Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. The business had revenue of $230.42 million during the quarter, compared to analysts’ expectations of $220.00 million. Sell-side analysts anticipate that Fortuna Mining will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Hedge funds and other institutional investors have recently modified their holdings of the stock. Cambridge Investment Research Advisors Inc. raised its position in shares of Fortuna Mining by 16.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company’s stock valued at $451,000 after purchasing an additional 10,690 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. acquired a new position in Fortuna Mining in the 1st quarter worth approximately $445,000. Allianz Asset Management GmbH acquired a new stake in shares of Fortuna Mining during the 1st quarter worth approximately $588,000. SG Americas Securities LLC grew its stake in shares of Fortuna Mining by 702.7% during the 1st quarter. SG Americas Securities LLC now owns 178,250 shares of the basic materials company’s stock worth $1,087,000 after purchasing an additional 156,043 shares during the period. Finally, Public Employees Retirement System of Ohio grew its stake in shares of Fortuna Mining by 19.3% during the 2nd quarter. Public Employees Retirement System of Ohio now owns 769,736 shares of the basic materials company’s stock worth $5,145,000 after purchasing an additional 124,687 shares during the period. 33.80% of the stock is owned by hedge funds and other institutional investors.

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.