Van ECK Associates Corp Cuts Stock Position in Fortuna Mining Corp. $FSM

Van ECK Associates Corp cut its holdings in Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 17.4% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,185,050 shares of the basic materials company’s stock after selling 5,095,677 shares during the quarter. Van ECK Associates Corp owned 7.92% of Fortuna Mining worth $237,253,000 as of its most recent SEC filing.

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

Fortuna Mining Stock Performance

Shares of NYSE:FSM opened at $8.93 on Friday. The company has a debt-to-equity ratio of 0.10, a current ratio of 3.17 and a quick ratio of 2.74. The business’s 50 day moving average price is $9.88 and its 200-day moving average price is $10.27. The firm has a market capitalization of $2.71 billion, a PE ratio of 8.43 and a beta of 0.94. Fortuna Mining Corp. has a 1 year low of $6.17 and a 1 year high of $13.85.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly 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). The firm had revenue of $342.47 million during the quarter, compared to analyst estimates of $340.00 million. Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%. As a group, equities research analysts expect that Fortuna Mining Corp. will post 1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FSM has been the subject of a number of recent analyst reports. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Zacks Research cut Fortuna Mining from a “hold” rating to a “strong sell” rating in a research report on Monday, May 25th. Finally, Weiss Ratings cut Fortuna Mining from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 26th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fortuna Mining presently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

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.