American Century Companies Inc. Buys 889,933 Shares of Fortuna Mining Corp. $FSM

Key Points

• American Century Companies Inc. increased its stake in Fortuna Mining Corp. by 17.7%, acquiring an additional 889,933 shares, bringing their total holdings to 5,928,763 shares worth approximately $36 million.
• Fortuna Mining reported a quarterly earnings per share of $0.14, missing expectations of $0.22, but achieved revenues of $230.42 million compared to an estimate of $220 million.
• The stock has seen varying analyst ratings, with a consensus of and a price target adjustment from $7.50 to $8.00 by Scotiabank.

American Century Companies Inc. lifted its position in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 17.7% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 5,928,763 shares of the basic materials company's stock after buying an additional 889,933 shares during the quarter. American Century Companies Inc. owned about 1.93% of Fortuna Mining worth $36,075,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. Sumitomo Mitsui Trust Group Inc. bought a new stake in shares of Fortuna Mining in the 1st quarter valued at approximately $445,000. Cambridge Investment Research Advisors Inc. lifted its holdings in Fortuna Mining by 16.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company's stock worth $451,000 after purchasing an additional 10,690 shares during the last quarter. Bank of America Corp DE lifted its holdings in Fortuna Mining by 15.4% in the 4th quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock worth $3,978,000 after purchasing an additional 123,720 shares during the last quarter. Legal & General Group Plc lifted its holdings in Fortuna Mining by 10.0% in the 4th quarter. Legal & General Group Plc now owns 863,406 shares of the basic materials company's stock worth $3,704,000 after purchasing an additional 78,284 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its holdings in Fortuna Mining by 29.0% in the 4th quarter. Nuveen Asset Management LLC now owns 303,857 shares of the basic materials company's stock worth $1,304,000 after purchasing an additional 68,350 shares during the last quarter. Institutional investors own 33.80% of the company's stock.

Wall Street Analysts Forecast Growth

FSM has been the subject of several analyst reports. Zacks Research lowered Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Scotiabank boosted their target price on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 6th. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. Finally, Wall Street Zen lowered Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, Fortuna Mining currently has a consensus rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Stock Performance

Shares of FSM traded up $0.2050 on Friday, reaching $7.5550. 13,046,002 shares of the stock traded hands, compared to its average volume of 11,881,022. The firm has a market cap of $2.32 billion, a price-to-earnings ratio of 15.11 and a beta of 0.85. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 month high of $7.67. The stock's 50-day moving average price is $6.75 and its 200-day moving average price is $6.09.

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