Fortuna Mining (NYSE:FSM) Announces Quarterly Earnings Results

Fortuna Mining (NYSE:FSM) (TSE:FVI) issued its quarterly earnings data on Wednesday. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05), Zacks reports. Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%.The firm had revenue of $318.41 million for the quarter, compared to analysts’ expectations of $325.00 million.

Fortuna Mining Stock Performance

FSM stock traded down $0.03 during trading on Thursday, hitting $9.57. The company had a trading volume of 6,859,872 shares, compared to its average volume of 6,618,890. The firm has a 50-day moving average price of $8.77 and a 200-day moving average price of $9.96. The company has a quick ratio of 2.74, a current ratio of 3.17 and a debt-to-equity ratio of 0.10. The firm has a market cap of $2.83 billion, a PE ratio of 9.03 and a beta of 1.01. Fortuna Mining has a 1-year low of $6.17 and a 1-year high of $13.85.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Advisory Services Network LLC purchased a new stake in shares of Fortuna Mining during the third quarter worth approximately $27,000. Geneos Wealth Management Inc. grew its position in Fortuna Mining by 100.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after buying an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in Fortuna Mining by 126.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after buying an additional 2,691 shares during the last quarter. Osaic Holdings Inc. increased its stake in Fortuna Mining by 96.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock valued at $40,000 after buying an additional 3,006 shares during the period. Finally, Employees Retirement System of Texas increased its stake in 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 valued at $65,000 after buying an additional 6,725 shares during the period. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

FSM has been the subject of a number of research analyst reports. Zacks Research raised Fortuna Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Wall Street Zen lowered Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Weiss Ratings cut Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Finally, Scotiabank reissued an “outperform” rating on shares of Fortuna Mining in a report on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, Fortuna Mining currently has an average rating of “Moderate Buy” and a consensus target price of $14.00.

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.