Acadian Asset Management LLC Sells 3,510,998 Shares of Fortuna Mining Corp. $FSM

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 cut its stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 42.0% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 approximately 1.58% of Fortuna Mining worth $29,452,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in FSM. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. bought a new position in shares of Fortuna Mining in the fourth quarter valued at approximately $320,000. BNP Paribas Financial Markets acquired a new position in shares of Fortuna Mining in the 4th quarter worth approximately $801,000. Bank of America Corp DE grew its stake in shares of Fortuna Mining by 15.4% in the 4th quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock worth $3,978,000 after purchasing an additional 123,720 shares during the last quarter. Deutsche Bank AG grew its stake in shares of Fortuna Mining by 2.4% in the 4th quarter. Deutsche Bank AG now owns 883,993 shares of the basic materials company's stock worth $3,792,000 after purchasing an additional 20,807 shares during the last quarter. Finally, Gotham Asset Management LLC acquired a new position in shares of Fortuna Mining in the 4th quarter worth approximately $3,562,000. 33.80% of the stock is currently owned by institutional investors.

Fortuna Mining Stock Down 2.0%

NYSE FSM traded down $0.17 during trading on Tuesday, reaching $8.05. The company's stock had a trading volume of 7,506,497 shares, compared to its average volume of 15,035,634. 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 stock has a market capitalization of $2.47 billion, a PE ratio of 16.09 and a beta of 0.85. The business has a 50-day moving average price of $7.12 and a 200-day moving average price of $6.42. Fortuna Mining Corp. has a 1-year low of $4.13 and a 1-year high of $8.64.

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 (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 business had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. On average, research analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports 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 report on Friday, August 15th. CIBC raised their target price on shares of 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 target price on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 6th. Finally, National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. One equities research analyst has rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average target price 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.