Fortuna Mining Corp. $FSM Shares Sold by Acadian Asset Management LLC

Key Points

• Acadian Asset Management LLC significantly reduced its holdings in Fortuna Mining Corp. by 42.0%, selling over 3.5 million shares, which leaves the firm with approximately 4.8 million shares valued at about $29.5 million.
• Analyst ratings have shown mixed sentiment, with some firms downgrading Fortuna’s stock from "strong-buy" to "hold", while others, like BMO Capital Markets, maintained an "outperform" rating.
• The company reported disappointing earnings, missing the consensus estimate with earnings per share of $0.14 compared to the expected $0.22, although its revenue surpassed forecasts at $230.42 million.

Acadian Asset Management LLC lowered its position in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 42.0% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,849,322 shares of the basic materials company's stock after selling 3,510,998 shares during the period. Acadian Asset Management LLC owned about 1.58% of Fortuna Mining worth $29,452,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Virtus Advisers LLC acquired a new stake in Fortuna Mining in the first quarter valued at about $58,000. PCG Wealth Advisors LLC acquired a new stake in Fortuna Mining in the first quarter valued at about $61,000. Vanguard Capital Wealth Advisors acquired a new stake in Fortuna Mining in the fourth quarter valued at about $67,000. Quarry LP acquired a new stake in Fortuna Mining in the first quarter valued at about $82,000. Finally, FORA Capital LLC acquired a new stake in Fortuna Mining in the first quarter valued at about $85,000. Institutional investors and hedge funds own 33.80% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently commented on the stock. Wall Street Zen cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. Zacks Research cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a research note on Friday, August 8th. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Finally, Scotiabank raised their price objective on shares of Fortuna Mining from $7.50 to $8.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 6th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Stock Performance

NYSE:FSM opened at $7.89 on Thursday. 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 50-day moving average price of $7.02 and a two-hundred day moving average price of $6.31. Fortuna Mining Corp. has a twelve month low of $4.13 and a twelve month high of $8.07. The company has a market capitalization of $2.42 billion, a P/E ratio of 15.77 and a beta of 0.85.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted 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 business had revenue of $230.42 million for the quarter, compared to analysts' expectations of $220.00 million. Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. As a group, research analysts expect that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

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.

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