Connor Clark & Lunn Investment Management Ltd. Buys 2,688,900 Shares of Fortuna Mining Corp. (NYSE:FSM)

Key Points

• Connor Clark & Lunn Investment Management Ltd. has significantly increased its stake in Fortuna Mining Corp. by 123.9%, now owning approximately 4.86 million shares valued at about $29.55 million.
• Analysts have mixed ratings on Fortuna Mining, with Scotiabank and CIBC recently raising their price targets to $8.00, while Wall Street Zen downgraded the stock from "strong-buy" to "hold."
• For the most recent quarter, Fortuna Mining reported an EPS of $0.14, missing estimates, while revenue was better than expected at $230.42 million, showing a net margin of 14.36%.

Connor Clark & Lunn Investment Management Ltd. boosted its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 123.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,859,600 shares of the basic materials company's stock after buying an additional 2,688,900 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.58% of Fortuna Mining worth $29,553,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in FSM. Commonwealth Equity Services LLC raised its holdings in Fortuna Mining by 10.8% in the 4th quarter. Commonwealth Equity Services LLC now owns 20,456 shares of the basic materials company's stock valued at $88,000 after buying an additional 2,000 shares during the last quarter. LPL Financial LLC raised its holdings in Fortuna Mining by 65.4% in the 4th quarter. LPL Financial LLC now owns 93,505 shares of the basic materials company's stock valued at $401,000 after buying an additional 36,963 shares during the last quarter. Towarzystwo Funduszy Inwestycyjnych Allianz Polska S.A. bought a new position in Fortuna Mining in the 4th quarter valued at approximately $320,000. Franklin Resources Inc. raised its holdings in Fortuna Mining by 15.5% in the 4th quarter. Franklin Resources Inc. now owns 292,798 shares of the basic materials company's stock valued at $1,255,000 after buying an additional 39,298 shares during the last quarter. Finally, Geode Capital Management LLC raised its holdings in Fortuna Mining by 5.0% in the 4th quarter. Geode Capital Management LLC now owns 148,408 shares of the basic materials company's stock valued at $644,000 after buying an additional 7,103 shares during the last quarter. Institutional investors own 33.80% of the company's stock.

Fortuna Mining Trading Up 4.1%

Shares of FSM stock traded up $0.28 during trading hours on Tuesday, hitting $7.02. 11,039,158 shares of the company were exchanged, compared to its average volume of 11,294,828. The firm has a market cap of $2.15 billion, a P/E ratio of 14.03 and a beta of 0.85. Fortuna Mining Corp. has a fifty-two week low of $4.13 and a fifty-two week high of $7.55. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71. The company has a 50 day simple moving average of $6.71 and a two-hundred day simple moving average of $5.96.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings data on Wednesday, August 6th. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.08). The company had revenue of $230.42 million for the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. Equities analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FSM. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Wall Street Zen lowered shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Saturday. CIBC raised their price target 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. BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a report on Friday. Finally, Scotiabank raised their price target 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. One analyst has rated the stock with a sell rating, four have given a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Fortuna Mining currently has a consensus rating of "Hold" and an average price target of $8.00.

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.