Channing Global Advisors LLC Makes New $1.23 Million Investment in Fortuna Mining Corp. $FSM

Key Points

• Channing Global Advisors opened a new position in Fortuna Mining, buying 124,082 shares worth about $1.23 million in the first quarter. The stake represents 0.7% of the firm’s holdings and is its 24th largest position.
• Other institutional investors also made moves in the stock, and hedge funds and institutions now own 33.8% of Fortuna Mining shares. Several smaller firms increased or initiated positions during recent quarters.
• Fortuna Mining recently reported Q1 EPS of $0.35, missing estimates by $0.02, while revenue came in slightly above expectations at $342.47 million. Analysts currently have a Hold consensus rating on the stock with an average target price of $11.00.

Channing Global Advisors LLC bought 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 Securities & Exchange Commission. The firm bought 124,082 shares of the basic materials company's stock, valued at approximately $1,232,000. Fortuna Mining comprises 0.7% of Channing Global Advisors LLC's holdings, making the stock its 24th biggest holding.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Geneos Wealth Management Inc. increased its holdings in shares of Fortuna Mining by 100.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock worth $26,000 after acquiring an additional 2,000 shares during the period. Advisory Services Network LLC acquired a new position in Fortuna Mining during the 3rd quarter valued at about $27,000. IFP Advisors Inc acquired a new position in Fortuna Mining during the 4th quarter valued at about $29,000. EverSource Wealth Advisors LLC boosted its stake in Fortuna Mining by 126.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. grew its position in Fortuna Mining by 96.7% in the 2nd 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. Institutional investors and hedge funds own 33.80% of the company's stock.

Fortuna Mining Stock Performance

NYSE FSM opened at $8.56 on Friday. Fortuna Mining Corp. has a 1-year low of $6.17 and a 1-year high of $13.85. The company has a 50 day moving average of $9.27 and a 200-day moving average of $10.17. 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 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 announced its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.37 by ($0.02). The business had revenue of $342.47 million during the quarter, compared to analyst estimates of $340.00 million. Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%. On average, equities analysts forecast that Fortuna Mining Corp. will post 1.43 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on FSM shares. Wall Street Zen raised shares of Fortuna Mining from a "hold" rating to a "strong-buy" rating in a research note on Saturday, May 9th. Weiss Ratings downgraded Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Thursday, June 18th. Finally, Zacks Research lowered Fortuna Mining from a "hold" rating to a "strong sell" rating in a research report on Monday, May 25th. Three investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $11.00.

About Fortuna Mining

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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