Fortuna Mining (NYSE:FSM) Shares Down 7.4% – Time to Sell?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) shares traded down 7.4% during mid-day trading on Wednesday. The stock traded as low as $10.51 and last traded at $10.3490. 3,866,839 shares traded hands during trading, a decline of 39% from the average daily volume of 6,321,827 shares. The stock had previously closed at $11.18.

Analysts Set New Price Targets

A number of equities analysts recently commented on FSM shares. Scotiabank reiterated an “outperform” rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Zacks Research upgraded Fortuna Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Weiss Ratings raised Fortuna Mining from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, September 8th. Finally, Wall Street Zen lowered shares of Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Four analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.00.

Fortuna Mining Stock Performance

The stock has a market capitalization of $3.03 billion, a PE ratio of 8.68 and a beta of 1.05. The company has a quick ratio of 2.50, a current ratio of 3.00 and a debt-to-equity ratio of 0.11. The stock has a fifty day moving average of $11.27 and a 200-day moving average of $10.05.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.24 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05). Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%.The company had revenue of $318.41 million for the quarter, compared to analyst estimates of $325.00 million. Equities analysts anticipate that Fortuna Mining Corp. will post 1.24 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

A number of large investors have recently modified their holdings of FSM. Public Employees Retirement System of Ohio acquired a new position in shares of Fortuna Mining in the 2nd quarter worth approximately $7,076,000. Arrowstreet Capital Limited Partnership grew its position in shares of Fortuna Mining by 3.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 20,216,810 shares of the basic materials company’s stock valued at $198,176,000 after buying an additional 686,762 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Fortuna Mining by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 10,634,157 shares of the basic materials company’s stock worth $105,576,000 after acquiring an additional 567,558 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Fortuna Mining during the 1st quarter worth approximately $3,607,000. Finally, Royal Bank of Canada boosted its position in Fortuna Mining by 33.1% during the 1st quarter. Royal Bank of Canada now owns 1,394,600 shares of the basic materials company’s stock valued at $13,849,000 after purchasing an additional 346,716 shares during the period. 33.80% of the stock is owned by hedge funds and other institutional investors.

Fortuna Mining Company Profile

Fortuna Mining Corp. is a precious metals mining company formerly known as Fortuna Silver Mines Inc The company explores, develops, and operates mines producing gold and silver, with activities spanning Latin America and West Africa.

Fortuna’s operating portfolio includes the Lindero gold mine in Argentina, the Séguéla gold mine in Côte d’Ivoire, the Yaramoko gold mine in Burkina Faso, and the Caylloma silver mine in Peru. The company also conducts mineral exploration and resource development in the regions surrounding its operations.

Founded in 2004, Fortuna initially focused on silver mining in Latin America before expanding into gold production and broadening its geographic presence.