Invesco Ltd. Grows Stake in 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 stake in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 38.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm 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 0.88% of Fortuna Mining worth $16,422,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in FSM. Dimensional Fund Advisors LP grew its position 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 acquiring an additional 796,364 shares during the last quarter. D. E. Shaw & Co. Inc. increased its stake in Fortuna Mining by 17.1% in 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 buying an additional 1,219,864 shares during the period. Tidal Investments LLC raised its position in 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 worth $32,359,000 after buying an additional 2,165,430 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Fortuna Mining by 123.9% in the first 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 in the last quarter. Finally, Mackenzie Financial Corp increased its stake in shares of Fortuna Mining by 224.6% during the fourth quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company's stock worth $20,240,000 after acquiring an additional 3,266,096 shares during the period. 33.80% of the stock is currently owned by institutional investors and hedge funds.

Fortuna Mining Trading Up 2.8%

NYSE:FSM traded up $0.2050 during trading hours on Friday, hitting $7.5550. 13,046,002 shares of the stock were exchanged, compared to its average volume of 11,881,022. The company's 50 day moving average is $6.75 and its two-hundred day moving average is $6.09. The company has a market capitalization of $2.32 billion, a P/E ratio of 15.11 and a beta of 0.85. Fortuna Mining Corp. has a twelve month low of $4.13 and a twelve month high of $7.67. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13.

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 (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.08). Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. The company had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. On average, sell-side analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have weighed in on the company. CIBC increased their price target on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research note on Tuesday, July 15th. Wall Street Zen lowered shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. Scotiabank increased their price target on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 6th. Zacks Research lowered Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Finally, National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Fortuna Mining currently has an average rating of "Hold" and a consensus price target 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.