Fortuna Mining Corp. $FSM Position Boosted by Bank of America Corp DE

Key Points

• Bank of America increased its Fortuna Mining stake by 9.8% in the first quarter, purchasing 255,336 additional shares and bringing its holdings to 2.86 million shares valued at about $28.4 million. Institutional investors collectively own 33.8% of the company.
• Fortuna Mining reported quarterly EPS of $0.24, below the $0.29 consensus estimate, while revenue of $318.4 million also missed expectations of $325 million. Analysts expect full-year EPS of approximately $1.32.
• The stock recently opened at $10.68, and analysts maintain a “Moderate Buy” consensus with an average price target of $14.00; three analysts rate it Buy and two rate it Hold.

Bank of America Corp DE lifted its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 9.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,856,308 shares of the basic materials company's stock after purchasing an additional 255,336 shares during the period. Bank of America Corp DE owned about 0.94% of Fortuna Mining worth $28,363,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Centric Wealth Management lifted its stake in Fortuna Mining by 10.0% during the fourth quarter. Centric Wealth Management now owns 11,000 shares of the basic materials company's stock valued at $108,000 after purchasing an additional 1,000 shares during the last quarter. Federation des caisses Desjardins du Quebec grew its holdings in shares of Fortuna Mining by 1.0% in the 4th quarter. Federation des caisses Desjardins du Quebec now owns 158,579 shares of the basic materials company's stock worth $1,554,000 after acquiring an additional 1,500 shares during the last quarter. DGS Capital Management LLC raised its position in shares of Fortuna Mining by 15.8% during the first quarter. DGS Capital Management LLC now owns 12,103 shares of the basic materials company's stock worth $120,000 after purchasing an additional 1,649 shares during the period. Geneos Wealth Management Inc. raised its position 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 worth $26,000 after purchasing an additional 2,000 shares during the period. Finally, Cetera Investment Advisers lifted its holdings in shares of Fortuna Mining by 22.2% during the fourth quarter. Cetera Investment Advisers now owns 14,343 shares of the basic materials company's stock valued at $141,000 after purchasing an additional 2,605 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors.

Fortuna Mining Stock Performance

Shares of Fortuna Mining stock opened at $10.68 on Monday. The stock has a market cap of $3.16 billion, a PE ratio of 9.05 and a beta of 1.01. The business has a fifty day simple moving average of $8.90 and a 200-day simple moving average of $9.93. The company has a quick ratio of 2.50, a current ratio of 3.00 and a debt-to-equity ratio of 0.11. Fortuna Mining Corp. has a 12 month low of $6.89 and a 12 month high of $13.85.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). The business had revenue of $318.41 million during the quarter, compared to analysts' expectations of $325.00 million. Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%. On average, sell-side analysts anticipate that Fortuna Mining Corp. will post 1.32 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on FSM. Zacks Research upgraded Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Wall Street Zen downgraded Fortuna Mining from a "strong-buy" rating to a "buy" rating in a report on Sunday, July 12th. Scotiabank reaffirmed an "outperform" rating on shares of Fortuna Mining in a research note on Thursday, July 30th. Finally, Weiss Ratings cut shares of Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, Fortuna Mining currently 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.

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