Mackenzie Financial Corp Sells 4,058,814 Shares of Fortuna Mining Corp. (NYSE:FSM)

Key Points

• Mackenzie Financial Corp reduced its holdings in Fortuna Mining Corp by 86.0% in Q1, selling over 4 million shares and now owning roughly 661,561 shares valued at approximately $4 million.
• Fortuna Mining Corp reported $0.20 earnings per share for the last quarter, missing analyst expectations of $0.21, with revenues slightly below estimates at $290.15 million.
• Analysts have mixed ratings on Fortuna Mining, with a consensus price target of $7.50, while CIBC raised their price objective from $7.00 to $8.00 despite giving an "underperformer" rating.

Mackenzie Financial Corp lessened its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 86.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 661,561 shares of the basic materials company's stock after selling 4,058,814 shares during the quarter. Mackenzie Financial Corp owned about 0.22% of Fortuna Mining worth $4,022,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in the business. Optiver Holding B.V. bought a new stake in shares of Fortuna Mining during the fourth quarter valued at approximately $26,000. PCG Wealth Advisors LLC bought a new stake in shares of Fortuna Mining in the first quarter worth approximately $61,000. Bank of Nova Scotia purchased a new position in shares of Fortuna Mining during the fourth quarter valued at approximately $46,000. TD Waterhouse Canada Inc. lifted its position in Fortuna Mining by 24.4% during the fourth quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock valued at $53,000 after purchasing an additional 2,440 shares during the period. Finally, Dark Forest Capital Management LP bought a new stake in Fortuna Mining in the 4th quarter worth approximately $57,000. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

Fortuna Mining Price Performance

Shares of NYSE FSM traded up $0.20 during midday trading on Tuesday, reaching $6.91. The stock had a trading volume of 6,072,619 shares, compared to its average volume of 14,924,570. Fortuna Mining Corp. has a 12-month low of $4.10 and a 12-month high of $7.55. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.56 and a current ratio of 2.04. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 13.54 and a beta of 0.85. The stock has a 50-day moving average of $6.63 and a 200-day moving average of $5.87.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its earnings results on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.21 by ($0.01). Fortuna Mining had a return on equity of 12.94% and a net margin of 14.28%. The business had revenue of $290.15 million for the quarter, compared to analysts' expectations of $291.00 million. As a group, research analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

FSM has been the subject of several research analyst reports. National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Wall Street Zen upgraded shares of Fortuna Mining from a "buy" rating to a "strong-buy" rating in a research note on Friday, July 18th. CIBC upped their price objective on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research note on Tuesday, July 15th. Finally, Scotiabank boosted their price target on Fortuna Mining from $6.00 to $7.00 and gave the company a "sector perform" rating in a report on Monday, April 14th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $7.50.

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.