Fortuna Mining Corp. (NYSE:FSM) Given Average Rating of "Moderate Buy" by Brokerages

Key Points

• Fortuna Mining has a “Moderate Buy” consensus rating: Four of five analysts recommend buying the stock, while one advises holding it. The average 12-month price target is $14.00, above its reported opening price of $11.49.
• Recent quarterly results fell short of expectations: Fortuna reported adjusted earnings of $0.24 per share versus the $0.29 consensus estimate, while revenue of $318.41 million was below expectations of $325 million.
• Institutional ownership remains significant: Hedge funds and other institutional investors own 33.8% of the company, with several institutions increasing their positions or initiating new stakes during the second quarter.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI has earned a consensus recommendation of "Moderate Buy" from the five brokerages that are presently covering the stock, MarketBeat reports. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $14.00.

FSM has been the topic of a number of research analyst reports. Zacks Research upgraded Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Weiss Ratings upgraded shares of Fortuna Mining from a "hold (c+)" rating to a "buy (b-)" rating in a research report on Tuesday, September 8th. Wall Street Zen cut shares of Fortuna Mining from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 12th. Finally, Scotiabank restated an "outperform" rating on shares of Fortuna Mining in a report on Thursday, July 30th.

Fortuna Mining Trading Down 1.3%

Shares of Fortuna Mining stock opened at $11.49 on Thursday. Fortuna Mining has a 12-month low of $7.69 and a 12-month high of $13.85. The company has a current ratio of 3.00, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11. The stock has a market cap of $3.40 billion, a PE ratio of 9.74 and a beta of 1.08. The company has a 50-day moving average of $10.40 and a two-hundred day moving average of $10.05.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings results on Wednesday, August 5th. The basic materials company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.05). Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%.The firm had revenue of $318.41 million for the quarter, compared to analysts' expectations of $325.00 million. On average, research analysts anticipate that Fortuna Mining will post 1.24 EPS for the current fiscal year.

Institutional Investors Weigh In On Fortuna Mining

A number of institutional investors and hedge funds have recently bought and sold shares of FSM. Engineers Gate Manager LP increased its position in Fortuna Mining by 44.2% during the second quarter. Engineers Gate Manager LP now owns 330,415 shares of the basic materials company's stock worth $2,792,000 after buying an additional 101,266 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of Fortuna Mining by 15.1% during the second quarter. Integrated Wealth Concepts LLC now owns 12,729 shares of the basic materials company's stock valued at $108,000 after acquiring an additional 1,672 shares during the last quarter. Spark Investment Management LLC purchased a new stake in Fortuna Mining during the 2nd quarter worth about $380,000. Groupe la Francaise grew its holdings in shares of Fortuna Mining by 10.4% during the second quarter. Groupe la Francaise now owns 1,130,000 shares of the basic materials company's stock worth $9,557,000 after buying an additional 106,620 shares in the last quarter. Finally, TD Waterhouse Canada Inc. purchased a new position in shares of Fortuna Mining during the second quarter valued at approximately $2,388,000. Hedge funds and other institutional investors own 33.80% of the company's stock.

About Fortuna Mining

Fortuna Mining Corp. is a precious metals mining company that explores, develops and operates mines in the Americas and West Africa. The company produces gold, silver, lead and zinc, with gold representing an important part of its current operating portfolio.

Fortuna's principal assets include the Séguéla gold mine in Côte d'Ivoire, the Lindero gold mine in Argentina and the Caylloma polymetallic mine in Peru. The company also maintains exploration and development activities in the regions surrounding its operations.

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