Fortuna Mining (NYSE:FSM) Issues Quarterly Earnings Results

Fortuna Mining (NYSE:FSM) (TSE:FVI) released its quarterly earnings data on Wednesday. The basic materials company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02), Zacks reports. The company had revenue of $342.47 million for the quarter, compared to analysts’ expectations of $340.00 million. Fortuna Mining had a net margin of 31.07% and a return on equity of 16.73%.

Fortuna Mining Price Performance

NYSE FSM traded up $0.32 during trading hours on Friday, reaching $10.78. The company’s stock had a trading volume of 5,994,218 shares, compared to its average volume of 7,531,332. The firm has a market capitalization of $3.28 billion, a price-to-earnings ratio of 10.17 and a beta of 0.94. Fortuna Mining has a 1-year low of $5.23 and a 1-year high of $13.85. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.98 and a quick ratio of 2.50. The company’s 50-day moving average is $10.54 and its two-hundred day moving average is $10.04.

Wall Street Analyst Weigh In

FSM has been the subject of several recent research reports. Wall Street Zen cut Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Saturday, April 25th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. Scotiabank lifted their target price on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, Zacks Research cut shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research note on Friday, April 24th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $11.00.

Institutional Trading of Fortuna Mining

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership lifted its position in shares of Fortuna Mining by 80.4% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 19,530,048 shares of the basic materials company’s stock valued at $174,866,000 after buying an additional 8,706,611 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Fortuna Mining by 38.1% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock worth $122,747,000 after acquiring an additional 3,779,920 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Fortuna Mining by 8.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 10,066,599 shares of the basic materials company’s stock worth $98,758,000 after acquiring an additional 758,657 shares in the last quarter. Tidal Investments LLC raised its position in Fortuna Mining by 31.4% during the third quarter. Tidal Investments LLC now owns 8,947,480 shares of the basic materials company’s stock worth $80,169,000 after acquiring an additional 2,138,143 shares during the period. Finally, Goldman Sachs Group Inc. raised its position in Fortuna Mining by 19.6% during 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 acquiring an additional 1,368,600 shares during the period. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

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.