Fortuna Mining Corp. $FSM Stake Reduced by Aigen Investment Management LP

Key Points

• Aigen Investment Management LP significantly reduced its holdings in Fortuna Mining Corp. by 81.6%, owning only 12,594 shares valued at approximately $77,000 after the sale.
• Fortuna Mining's earnings report showed a miss in earnings per share, reporting $0.14 against a consensus estimate of $0.22, despite generating revenue of $230.42 million.
• Various analysts have issued mixed ratings for Fortuna Mining, with one downgrading the stock from "strong-buy" to "hold," while the current consensus rating remains a "Hold" with a price target of $8.00.

Aigen Investment Management LP cut its stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 81.6% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,594 shares of the basic materials company's stock after selling 55,982 shares during the period. Aigen Investment Management LP's holdings in Fortuna Mining were worth $77,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Mackenzie Financial Corp grew its holdings in shares of Fortuna Mining by 224.6% during the fourth quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company's stock worth $20,240,000 after buying an additional 3,266,096 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Fortuna Mining by 123.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock valued at $29,553,000 after buying an additional 2,688,900 shares during the last quarter. Tidal Investments LLC lifted its position in Fortuna Mining by 40.3% in the fourth quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company's stock valued at $32,359,000 after buying an additional 2,165,430 shares during the last quarter. Invesco Ltd. lifted its position in Fortuna Mining by 1,558.0% in the fourth quarter. Invesco Ltd. now owns 1,940,748 shares of the basic materials company's stock valued at $8,326,000 after buying an additional 1,823,695 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its position in shares of Fortuna Mining by 17.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 8,340,195 shares of the basic materials company's stock worth $35,779,000 after purchasing an additional 1,219,864 shares in the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Wall Street Zen downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, CIBC raised their target price on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a report on Tuesday, July 15th. One analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $8.00.

Fortuna Mining Trading Up 3.5%

Shares of NYSE FSM traded up $0.2450 during midday trading on Thursday, hitting $7.3350. The stock had a trading volume of 9,499,789 shares, compared to its average volume of 11,963,886. The company has a market capitalization of $2.25 billion, a price-to-earnings ratio of 14.67 and a beta of 0.85. Fortuna Mining Corp. has a 1-year low of $4.13 and a 1-year high of $7.55. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average price of $6.74 and a 200 day moving average price of $6.06.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.14 earnings per share for the quarter, missing the consensus estimate of $0.22 by ($0.08). The firm had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. On average, analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Fortuna Mining 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.