BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Increases Stake in Fortuna Mining Corp. $FSM

Key Points

• BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Fortuna Mining Corp. by 155.8%, owning 359,407 shares worth approximately $2.19 million as of the latest SEC filing.
• Fortuna Mining reported a net earnings miss for the quarter, with $0.14 earnings per share falling short of analyst expectations of $0.22, despite revenues of $230.42 million exceeding estimates.
• Equities research analysts have mixed ratings for Fortuna Mining, with a consensus rating of "Hold" and an average target price of $8.00.

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 155.8% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 359,407 shares of the basic materials company's stock after purchasing an additional 218,912 shares during the quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp owned approximately 0.12% of Fortuna Mining worth $2,186,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. Dimensional Fund Advisors LP boosted its stake in Fortuna Mining by 10.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 8,402,119 shares of the basic materials company's stock worth $36,043,000 after purchasing an additional 796,364 shares during the period. D. E. Shaw & Co. Inc. boosted its position in shares of Fortuna Mining by 17.1% during the 4th quarter. D. E. Shaw & Co. Inc. now owns 8,340,195 shares of the basic materials company's stock valued at $35,779,000 after acquiring an additional 1,219,864 shares during the last quarter. Tidal Investments LLC boosted its position in shares of Fortuna Mining by 40.3% during the 4th quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company's stock valued at $32,359,000 after acquiring an additional 2,165,430 shares during the last quarter. American Century Companies Inc. boosted its position in shares of Fortuna Mining by 17.7% during the 1st quarter. American Century Companies Inc. now owns 5,928,763 shares of the basic materials company's stock valued at $36,075,000 after acquiring an additional 889,933 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Fortuna Mining by 123.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock valued at $29,553,000 after acquiring an additional 2,688,900 shares during the last quarter. Institutional investors own 33.80% of the company's stock.

Fortuna Mining Price Performance

NYSE:FSM traded up $0.27 during mid-day trading on Monday, reaching $7.72. The stock had a trading volume of 20,030,395 shares, compared to its average volume of 12,993,499. The firm has a 50 day moving average price of $6.85 and a two-hundred day moving average price of $6.19. The stock has a market capitalization of $2.37 billion, a P/E ratio of 15.43 and a beta of 0.85. Fortuna Mining Corp. has a one year low of $4.13 and a one year high of $7.75. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its earnings results on Wednesday, August 6th. The basic materials company reported $0.14 earnings per share for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). The firm had revenue of $230.42 million during the quarter, compared to the consensus estimate of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. As a group, analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Analysts Set New Price Targets

FSM has been the subject of a number of research analyst reports. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. CIBC lifted their price target on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research report on Tuesday, July 15th. Wall Street Zen downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, Scotiabank boosted their target price on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $8.00.

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.