Amundi Sells 636,070 Shares of Fortuna Mining Corp. $FSM

Key Points

• Amundi cut its Fortuna Mining stake by 16.9%, selling 636,070 shares and retaining 3.12 million shares valued at approximately $31.0 million, or about 1.02% of the company.
• Institutional investors own 33.8% of Fortuna Mining, while several smaller investment firms recently increased their positions or initiated new stakes.
• Analyst sentiment remains moderately positive, with three Buy ratings and two Holds and a consensus price target of $14.00. Shares opened at $8.68, while the company’s latest quarterly earnings of $0.35 per share fell slightly short of estimates.

Amundi lessened its stake in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 16.9% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 3,118,266 shares of the basic materials company's stock after selling 636,070 shares during the quarter. Amundi owned approximately 1.02% of Fortuna Mining worth $30,964,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of FSM. IFP Advisors Inc bought a new stake in shares of Fortuna Mining during the fourth quarter worth about $29,000. Advisory Services Network LLC acquired a new position in Fortuna Mining in the 3rd quarter valued at approximately $27,000. Geneos Wealth Management Inc. raised its stake in shares of Fortuna Mining by 100.0% during the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock valued at $26,000 after acquiring an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC lifted its holdings in shares of Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock worth $31,000 after purchasing an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. grew its stake in shares of Fortuna Mining by 96.7% in the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock worth $40,000 after purchasing an additional 3,006 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several brokerages recently issued reports on FSM. Zacks Research raised Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Scotiabank reiterated an "outperform" rating on shares of Fortuna Mining in a report on Thursday. Weiss Ratings lowered shares of Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Finally, Wall Street Zen lowered shares of Fortuna Mining from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 12th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Fortuna Mining currently has an average rating of "Moderate Buy" and a consensus price target of $14.00.

Fortuna Mining Price Performance

Shares of NYSE FSM opened at $8.68 on Tuesday. The company has a current ratio of 3.17, a quick ratio of 2.74 and a debt-to-equity ratio of 0.10. The firm's 50-day moving average price is $8.79 and its 200-day moving average price is $9.97. The firm has a market capitalization of $2.60 billion, a P/E ratio of 8.18 and a beta of 0.99. Fortuna Mining Corp. has a 1-year low of $6.17 and a 1-year high of $13.85.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share for the quarter, missing analysts' consensus estimates of $0.37 by ($0.02). Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%.The firm had revenue of $342.47 million for the quarter, compared to analyst estimates of $340.00 million. Equities research analysts anticipate that Fortuna Mining Corp. will post 1.32 earnings per share 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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