Invesco Ltd. Purchases 751,343 Shares of Fortuna Mining Corp. $FSM

Key Points

• Invesco Ltd. increased its stake in Fortuna Mining Corp. by 38.7% during the first quarter, owning a total of approximately 2.69 million shares valued at $16.4 million.
• Analysts have mixed ratings on Fortuna Mining, with one buy rating, four hold ratings, and one sell rating; the average target price for the stock is set at $8.00.
• Fortuna Mining reported earnings per share of $0.14 for its last quarter, missing expectations, despite generating revenue of $230.42 million, exceeding projections of $220 million.

Invesco Ltd. boosted its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 38.7% during the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,692,091 shares of the basic materials company's stock after buying an additional 751,343 shares during the quarter. Invesco Ltd. owned approximately 0.88% of Fortuna Mining worth $16,422,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the business. Sumitomo Mitsui Trust Group Inc. bought a new position in Fortuna Mining in the first quarter valued at about $445,000. Cambridge Investment Research Advisors Inc. raised its position in Fortuna Mining by 16.9% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company's stock valued at $451,000 after purchasing an additional 10,690 shares during the last quarter. Bank of America Corp DE raised its position in Fortuna Mining by 15.4% in the fourth quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock valued at $3,978,000 after purchasing an additional 123,720 shares during the last quarter. Nuveen Asset Management LLC raised its position in Fortuna Mining by 29.0% in the fourth quarter. Nuveen Asset Management LLC now owns 303,857 shares of the basic materials company's stock valued at $1,304,000 after purchasing an additional 68,350 shares during the last quarter. Finally, BNP Paribas Financial Markets bought a new position in Fortuna Mining in the fourth quarter valued at about $801,000. 33.80% of the stock is owned by institutional investors and hedge funds.

Fortuna Mining Trading Up 0.5%

FSM stock traded up $0.04 during mid-day trading on Wednesday, reaching $7.58. The company's stock had a trading volume of 11,372,586 shares, compared to its average volume of 12,260,570. The company has a market cap of $2.33 billion, a price-to-earnings ratio of 15.15 and a beta of 0.85. The business's 50 day moving average price is $6.79 and its 200 day moving average price is $6.13. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 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 analysts' consensus estimates of $0.22 by ($0.08). Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%.The business had revenue of $230.42 million during the quarter, compared to the consensus estimate of $220.00 million. On average, equities research analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have commented on FSM shares. CIBC increased their target price 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. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Finally, Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. One analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $8.00.

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.