Allianz Asset Management GmbH Buys New Position in Fortuna Mining Corp. (NYSE:FSM)

Key Points

• Allianz Asset Management GmbH has acquired 96,708 shares of Fortuna Mining Corp., valued at approximately $588,000, during the first quarter.
• Wall Street analysts have recently adjusted their price targets for Fortuna Mining, with CIBC raising it to $8.00 and Scotiabank to $7.00, while the average consensus target is $7.50.
• Fortuna Mining reported earnings of $0.20 EPS for the last quarter, falling short of the consensus estimate, with a revenue of $290.15 million.

Allianz Asset Management GmbH purchased a new stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI during the first quarter, according to its most recent filing with the SEC. The fund purchased 96,708 shares of the basic materials company's stock, valued at approximately $588,000.

Several other hedge funds have also bought and sold shares of FSM. Raymond James Financial Inc. purchased a new position in shares of Fortuna Mining in the 4th quarter worth approximately $523,000. Commonwealth Equity Services LLC lifted its position in Fortuna Mining by 10.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 20,456 shares of the basic materials company's stock worth $88,000 after buying an additional 2,000 shares during the last quarter. LPL Financial LLC boosted its stake in Fortuna Mining by 65.4% during the fourth quarter. LPL Financial LLC now owns 93,505 shares of the basic materials company's stock worth $401,000 after buying an additional 36,963 shares during the period. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. bought a new position in Fortuna Mining during the fourth quarter valued at $320,000. Finally, Franklin Resources Inc. raised its stake in shares of Fortuna Mining by 15.5% in the fourth quarter. Franklin Resources Inc. now owns 292,798 shares of the basic materials company's stock valued at $1,255,000 after acquiring an additional 39,298 shares during the period. Hedge funds and other institutional investors own 33.80% of the company's stock.

Analyst Ratings Changes

A number of analysts recently weighed in on the stock. CIBC increased their price objective on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research report on Tuesday, July 15th. Wall Street Zen upgraded Fortuna Mining from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Finally, Scotiabank increased their target price on Fortuna Mining from $6.00 to $7.00 and gave the stock a "sector perform" rating in a research note on Monday, April 14th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Fortuna Mining has a consensus rating of "Hold" and a consensus target price of $7.50.

Fortuna Mining Stock Up 2.9%

NYSE:FSM traded up $0.20 during mid-day trading on Tuesday, reaching $6.91. The company's stock had a trading volume of 6,072,619 shares, compared to its average volume of 14,924,570. The stock has a fifty day moving average of $6.63 and a 200-day moving average of $5.87. Fortuna Mining Corp. has a 1 year low of $4.10 and a 1 year high of $7.55. The firm has a market capitalization of $2.12 billion, a PE ratio of 13.54 and a beta of 0.85. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.12.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its quarterly earnings data on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.01). Fortuna Mining had a return on equity of 12.94% and a net margin of 14.28%. The company had revenue of $290.15 million for the quarter, compared to analysts' expectations of $291.00 million. Equities research analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Fortuna Mining Company 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.