Engineers Gate Manager LP Purchases 101,266 Shares of Fortuna Mining Corp. $FSM

Key Points

• Engineers Gate Manager LP increased its Fortuna Mining stake by 44.2% in the second quarter, purchasing 101,266 shares and bringing its holdings to 330,415 shares valued at approximately $2.79 million.
• Institutional ownership remains significant at 33.8%, with Royal Bank of Canada, Dimensional Fund Advisors, Bank of America and other investors also raising their positions.
• Analysts maintain a generally positive outlook, with four Buy ratings and one Hold rating, an overall “Moderate Buy” consensus and an average price target of $14.00; Fortuna recently reported quarterly EPS of $0.24, below the $0.29 estimate.

Engineers Gate Manager LP grew its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 44.2% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 330,415 shares of the basic materials company's stock after purchasing an additional 101,266 shares during the quarter. Engineers Gate Manager LP owned about 0.11% of Fortuna Mining worth $2,792,000 as of its most recent filing with the SEC.

A number of other institutional investors have also made changes to their positions in the business. Royal Bank of Canada boosted its position in shares of Fortuna Mining by 33.1% in the first quarter. Royal Bank of Canada now owns 1,394,600 shares of the basic materials company's stock valued at $13,849,000 after acquiring an additional 346,716 shares during the period. Dimensional Fund Advisors LP increased its position in Fortuna Mining by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 10,634,157 shares of the basic materials company's stock worth $105,576,000 after acquiring an additional 567,558 shares during the period. Bank of America Corp DE increased its position in Fortuna Mining by 9.8% during the first quarter. Bank of America Corp DE now owns 2,856,308 shares of the basic materials company's stock worth $28,363,000 after acquiring an additional 255,336 shares during the period. Channing Global Advisors LLC acquired a new position in Fortuna Mining during the 1st quarter valued at $1,232,000. Finally, Legal & General Group Plc raised its stake in Fortuna Mining by 13.1% during the 4th quarter. Legal & General Group Plc now owns 1,458,914 shares of the basic materials company's stock valued at $14,311,000 after purchasing an additional 169,344 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Scotiabank reissued an "outperform" rating on shares of Fortuna Mining in a report on Thursday, July 30th. Wall Street Zen downgraded shares of Fortuna Mining from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 12th. Zacks Research raised shares of Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Finally, Weiss Ratings upgraded shares of Fortuna Mining from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, September 8th. Four research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, Fortuna Mining presently has an average rating of "Moderate Buy" and an average price target of $14.00.

Fortuna Mining Price Performance

Shares of NYSE:FSM opened at $11.62 on Tuesday. The firm has a market capitalization of $3.44 billion, a PE ratio of 9.85 and a beta of 1.08. The company has a current ratio of 3.00, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11. Fortuna Mining Corp. has a 1-year low of $7.69 and a 1-year high of $13.85. The business's 50 day moving average is $10.27 and its 200-day moving average is $10.07.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its earnings results on Wednesday, August 5th. The basic materials company reported $0.24 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.05). The firm had revenue of $318.41 million during the quarter, compared to analyst estimates of $325.00 million. Fortuna Mining had a net margin of 31.99% and a return on equity of 17.48%. Sell-side analysts predict that Fortuna Mining Corp. will post 1.24 earnings per share for the current year.

Fortuna Mining Company Profile

Fortuna Mining Corp. is a precious metals mining company that explores, develops and operates mines in the Americas and West Africa. The company produces gold, silver, lead and zinc, with gold representing an important part of its current operating portfolio.

Fortuna's principal assets include the Séguéla gold mine in Côte d'Ivoire, the Lindero gold mine in Argentina and the Caylloma polymetallic mine in Peru. The company also maintains exploration and development activities in the regions surrounding its operations.

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