Arrowstreet Capital Limited Partnership Cuts Stock Holdings in Fortuna Mining Corp. $FSM

Key Points

• Arrowstreet Capital cut its Fortuna Mining stake by 26% in the first quarter, selling 5.25 million shares and ending with 14.97 million shares worth about $148.8 million.
• Other institutions also adjusted positions: Royal Bank of Canada, Goldman Sachs, and UBS all increased holdings, and 33.8% of Fortuna Mining is now owned by institutional investors.
• Fortuna Mining reported Q1 earnings of $0.35 per share, missing estimates, while revenue came in slightly above expectations; analysts currently rate the stock Moderate Buy with an average price target of $14.00.

Arrowstreet Capital Limited Partnership cut its holdings in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 26.0% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,968,770 shares of the basic materials company's stock after selling 5,248,040 shares during the period. Arrowstreet Capital Limited Partnership owned approximately 4.91% of Fortuna Mining worth $148,793,000 at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. Royal Bank of Canada grew its stake in shares of Fortuna Mining by 98.8% during the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company's stock valued at $7,074,000 after purchasing an additional 576,264 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Fortuna Mining by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company's stock worth $51,046,000 after purchasing an additional 1,368,600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Fortuna Mining by 189.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company's stock worth $5,127,000 after buying an additional 549,665 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Fortuna Mining by 3.9% in the second quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company's stock worth $1,123,000 after buying an additional 6,405 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in Fortuna Mining during the second quarter valued at approximately $122,000. 33.80% of the stock is currently owned by institutional investors.

Fortuna Mining Stock Up 1.6%

Shares of NYSE:FSM opened at $8.56 on Friday. The company has a current ratio of 3.17, a quick ratio of 2.74 and a debt-to-equity ratio of 0.10. Fortuna Mining Corp. has a 12 month low of $6.17 and a 12 month high of $13.85. The company has a 50-day moving average price of $8.88 and a 200 day moving average price of $10.04. The company has a market cap of $2.56 billion, a price-to-earnings ratio of 8.07 and a beta of 0.99.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share for the quarter, missing the consensus estimate of $0.37 by ($0.02). Fortuna Mining had a net margin of 31.07% and a return on equity of 16.26%. The company had revenue of $342.47 million for the quarter, compared to the consensus estimate of $340.00 million. As a group, equities research analysts predict that Fortuna Mining Corp. will post 1.32 earnings per share for the current year.

Analysts Set New Price Targets

FSM has been the subject of a number of recent research reports. Zacks Research raised shares of Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Weiss Ratings cut Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Finally, Wall Street Zen downgraded Fortuna Mining from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 12th. Three analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Fortuna Mining presently has an average rating of "Moderate Buy" and an average price target of $14.00.

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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

Want to see what other hedge funds are holding FSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.