Fortuna Mining (NYSE:FSM) Stock Gets Downgrade from Wall Street Zen

Key Points

• Wall Street Zen downgraded Fortuna Mining from “buy” to “hold.” Despite the change, analyst consensus remains “Moderate Buy,” with a $14 price target.
• Fortuna reported quarterly EPS of $0.17, beating the $0.14 consensus estimate, and revenue of $293.4 million, above estimates of $289.8 million.
• Several institutional investors increased their holdings; institutional investors and hedge funds own 33.8% of the company’s shares.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI was downgraded by Wall Street Zen from a "buy" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other equities research analysts have also issued reports on the company. Zacks Research raised Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Scotiabank reissued an "outperform" rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Finally, Weiss Ratings downgraded shares of Fortuna Mining from a "buy (b)" rating to a "buy (b-)" rating in a research note on Monday, October 26th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $14.00.

Fortuna Mining Trading Up 1.7%

Shares of NYSE FSM opened at $9.64 on Friday. The stock has a market cap of $2.85 billion, a P/E ratio of 10.05 and a beta of 1.02. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.00 and a quick ratio of 2.50. Fortuna Mining has a 1 year low of $7.86 and a 1 year high of $13.85. The firm has a 50-day moving average of $10.91 and a 200 day moving average of $10.30.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its earnings results on Wednesday, November 4th. The basic materials company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.14 by $0.03. Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%. The company had revenue of $293.40 million for the quarter, compared to analyst estimates of $289.78 million. As a group, sell-side analysts expect that Fortuna Mining will post 1.06 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position 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 purchasing an additional 567,558 shares during the period. Euro Pacific Asset Management LLC boosted its position in shares of Fortuna Mining by 0.5% during the first quarter. Euro Pacific Asset Management LLC now owns 4,485,635 shares of the basic materials company's stock valued at $43,925,000 after buying an additional 20,866 shares during the last quarter. Bank of America Corp DE raised its position in shares of Fortuna Mining by 9.8% during the 1st quarter. Bank of America Corp DE now owns 2,856,308 shares of the basic materials company's stock valued at $28,363,000 after buying an additional 255,336 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Fortuna Mining by 33.1% during the first quarter. Royal Bank of Canada now owns 1,394,600 shares of the basic materials company's stock worth $13,849,000 after purchasing an additional 346,716 shares during the period. Finally, Russell Investments Group Ltd. grew its holdings in shares of Fortuna Mining by 193.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 1,184,199 shares of the basic materials company's stock worth $13,315,000 after purchasing an additional 780,745 shares during the period. 33.80% of the stock is owned by institutional investors and hedge funds.

About Fortuna Mining

Fortuna Mining Corp. is a precious metals mining company that explores, develops and operates mines producing gold and silver. The company's portfolio also includes polymetallic production, including lead and zinc concentrates from its Caylloma operation in Peru. Fortuna sells its metal production to international smelters and refiners.

Fortuna's operating portfolio includes the Lindero gold mine in Salta, Argentina; the Séguéla gold mine in Côte d'Ivoire; the Yaramoko gold mine in Burkina Faso; and the Caylloma silver-polymetallic mine in Peru.

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