Fortuna Mining Corp. $FSM Shares Purchased by BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp

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 lifted its holdings in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 155.8% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund 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 about 0.12% of Fortuna Mining worth $2,186,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Fortuna Mining by 10.5% during the fourth 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 last quarter. D. E. Shaw & Co. Inc. boosted its holdings in shares of Fortuna Mining by 17.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 8,340,195 shares of the basic materials company's stock worth $35,779,000 after purchasing an additional 1,219,864 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Fortuna Mining by 40.3% during the fourth quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company's stock worth $32,359,000 after purchasing an additional 2,165,430 shares during the last quarter. American Century Companies Inc. boosted its holdings in shares of Fortuna Mining by 17.7% during the first quarter. American Century Companies Inc. now owns 5,928,763 shares of the basic materials company's stock worth $36,075,000 after purchasing an additional 889,933 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Fortuna Mining by 123.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock worth $29,553,000 after purchasing an additional 2,688,900 shares during the last quarter. Institutional investors and hedge funds own 33.80% of the company's stock.

Fortuna Mining Trading Up 0.5%

Shares of FSM opened at $7.53 on Wednesday. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $2.31 billion, a P/E ratio of 15.05 and a beta of 0.85. The stock's fifty day simple moving average is $6.78 and its 200 day simple moving average is $6.12. Fortuna Mining Corp. has a twelve month low of $4.13 and a twelve month high of $7.67.

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

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. CIBC raised their price objective on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a report on Tuesday, July 15th. Scotiabank raised their price objective on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 6th. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Zacks Research cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average target price of $8.00.

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.

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