Fortuna Mining (NYSE:FSM) Announces Earnings Results

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

Fortuna Mining Trading Up 1.1%

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

Wall Street Analysts Forecast Growth

FSM has been the topic of several recent analyst reports. Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Scotiabank raised their target price on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. National Bank Financial raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Finally, Wall Street Zen lowered Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. According to MarketBeat.com, Fortuna Mining currently has a consensus rating of “Buy” and an average target price of $11.00.

Hedge Funds Weigh In On Fortuna Mining

Several hedge funds have recently made changes to their positions in FSM. Arrowstreet Capital Limited Partnership lifted its stake in shares of Fortuna Mining by 80.4% during 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 acquiring an additional 8,706,611 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Fortuna Mining by 38.1% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock valued at $122,747,000 after purchasing an additional 3,779,920 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Fortuna Mining by 8.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 10,066,599 shares of the basic materials company’s stock valued at $98,758,000 after purchasing an additional 758,657 shares during the last quarter. Tidal Investments LLC increased its position 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 during the period. Finally, Goldman Sachs Group Inc. increased its position in 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 valued at $51,046,000 after purchasing an additional 1,368,600 shares during the period. Institutional investors and hedge funds own 33.80% of the company’s stock.

Fortuna Mining Company Profile

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.