Fortuna Mining (NYSE:FSM) Issues Earnings Results, Misses Expectations By $0.01 EPS

Fortuna Mining (NYSE:FSM) (TSE:FVI) issued its quarterly earnings results on Wednesday. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01), Zacks reports. The firm had revenue of $270.20 million for the quarter. Fortuna Mining had a net margin of 27.59% and a return on equity of 14.36%.

Fortuna Mining Stock Up 4.9%

Shares of NYSE FSM opened at $10.95 on Friday. 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 firm has a 50 day moving average price of $10.41 and a 200 day moving average price of $9.03. The stock has a market cap of $3.34 billion, a P/E ratio of 12.17 and a beta of 0.88.

Analyst Ratings Changes

Several brokerages have recently weighed in on FSM. National Bank Financial raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. BMO Capital Markets reiterated an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. Wall Street Zen downgraded shares of Fortuna Mining from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $11.00.

Institutional Investors Weigh In On Fortuna Mining

Several hedge funds have recently modified their holdings of FSM. Geneos Wealth Management Inc. raised its position in Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 2,000 shares during the last quarter. Advisory Services Network LLC acquired a new position in Fortuna Mining in the 3rd quarter valued at approximately $27,000. EverSource Wealth Advisors LLC lifted its holdings in Fortuna Mining by 126.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock worth $31,000 after buying an additional 2,691 shares during the period. Osaic Holdings Inc. raised its position in shares of Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after acquiring an additional 3,006 shares during the last quarter. Finally, Employees Retirement System of Texas lifted its position in shares of Fortuna Mining by 1,250.0% in the 3rd quarter. Employees Retirement System of Texas now owns 7,263 shares of the basic materials company’s stock worth $65,000 after purchasing an additional 6,725 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.