Aigen Investment Management LP Sells 55,982 Shares of Fortuna Mining Corp. $FSM

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 trimmed its stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 81.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm 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 SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FSM. Mackenzie Financial Corp grew its holdings in shares of Fortuna Mining by 224.6% during the 4th quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company's stock worth $20,240,000 after acquiring an additional 3,266,096 shares during the period. Connor Clark & Lunn Investment Management Ltd. grew its stake 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 worth $29,553,000 after purchasing an additional 2,688,900 shares during the period. Tidal Investments LLC grew its stake 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 worth $32,359,000 after purchasing an additional 2,165,430 shares during the period. Invesco Ltd. raised its holdings 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 worth $8,326,000 after purchasing an additional 1,823,695 shares in the last quarter. Finally, D. E. Shaw & Co. Inc. lifted its position in 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 valued at $35,779,000 after buying an additional 1,219,864 shares during the period. Hedge funds and other institutional investors own 33.80% of the company's stock.

Fortuna Mining Stock Up 1.7%

Shares of FSM stock traded up $0.1150 during mid-day trading on Wednesday, hitting $7.0450. The company's stock had a trading volume of 9,284,623 shares, compared to its average volume of 14,826,029. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71. Fortuna Mining Corp. has a 52-week low of $4.13 and a 52-week high of $7.55. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of 14.09 and a beta of 0.85. The business has a 50-day moving average price of $6.72 and a 200 day moving average price of $6.04.

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 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.08). The business had revenue of $230.42 million during the quarter, compared to the consensus estimate of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. Research analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the stock. Scotiabank upped their target price on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. CIBC upped their price objective on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a report on Tuesday, July 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. Wall Street Zen cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Zacks Research cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. One equities research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Hold" and an average price target of $8.00.

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.