Fortuna Mining (NYSE:FSM) Rating Increased to Strong-Buy at Zacks Research

Fortuna Mining (NYSE:FSM) (TSE:FVI) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a report issued on Tuesday,Zacks.com reports.

FSM has been the subject of several other research reports. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Scotiabank raised 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. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. Wall Street Zen raised Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, December 23rd. Finally, National Bankshares upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Fortuna Mining Stock Up 3.3%

Shares of NYSE:FSM opened at $10.60 on Tuesday. Fortuna Mining has a 52 week low of $4.13 and a 52 week high of $12.54. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.73 and a current ratio of 3.30. The company’s fifty day moving average is $10.16 and its 200-day moving average is $8.73. The company has a market capitalization of $3.24 billion, a PE ratio of 14.72 and a beta of 0.88.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.08). The firm had revenue of $246.75 million for the quarter, compared to the consensus estimate of $242.19 million. Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%. Equities research analysts predict that Fortuna Mining will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FSM. Royal Bank of Canada raised its position in shares of Fortuna Mining by 98.8% during the first quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock worth $7,074,000 after acquiring an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. increased its position in 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 worth $51,046,000 after purchasing an additional 1,368,600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 worth $5,127,000 after purchasing an additional 549,665 shares during the period. Kiker Wealth Management LLC raised its holdings in Fortuna Mining by 4,200.3% during the 2nd quarter. Kiker Wealth Management LLC now owns 30,102 shares of the basic materials company’s stock worth $197,000 after purchasing an additional 29,402 shares during the last quarter. Finally, TD Asset Management Inc lifted its position in Fortuna Mining by 11.2% during the 2nd quarter. TD Asset Management Inc now owns 2,294,955 shares of the basic materials company’s stock valued at $14,986,000 after purchasing an additional 231,104 shares during the period. 33.80% of the stock is currently owned by 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.