Fortuna Mining Corp. (NYSE:FSM) Shares Purchased by Connor Clark & Lunn Investment Management Ltd.

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

A number of other large investors have also modified their holdings of the business. Dimensional Fund Advisors LP boosted its position in Fortuna Mining by 10.5% in the fourth quarter. Dimensional Fund Advisors LP now owns 8,402,119 shares of the basic materials company's stock valued at $36,043,000 after buying an additional 796,364 shares during the last quarter. D. E. Shaw & Co. Inc. boosted its position in Fortuna Mining by 17.1% in the fourth 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 last quarter. Tidal Investments LLC boosted its position in Fortuna Mining by 40.3% in the fourth quarter. Tidal Investments LLC now owns 7,542,803 shares of the basic materials company's stock valued at $32,359,000 after buying an additional 2,165,430 shares during the last quarter. Mackenzie Financial Corp boosted its position in Fortuna Mining by 224.6% in the fourth quarter. Mackenzie Financial Corp now owns 4,720,375 shares of the basic materials company's stock valued at $20,240,000 after buying an additional 3,266,096 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in Fortuna Mining by 14.0% in the fourth quarter. Renaissance Technologies LLC now owns 4,233,900 shares of the basic materials company's stock valued at $18,163,000 after buying an additional 520,100 shares during the last quarter. Hedge funds and other institutional investors own 33.80% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on FSM. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. CIBC increased their price target on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a report on Tuesday, July 15th. Scotiabank increased their price target on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a report on Wednesday, August 6th. Finally, Wall Street Zen lowered Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $8.00.

Fortuna Mining Stock Performance

NYSE:FSM traded up $0.06 during mid-day trading on Thursday, reaching $7.27. 10,049,058 shares of the stock were exchanged, compared to its average volume of 14,877,995. The company has a 50 day simple moving average of $6.72 and a 200-day simple moving average of $5.96. The stock has a market capitalization of $2.23 billion, a P/E ratio of 14.51 and a beta of 0.85. 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 Corp. has a 1 year low of $4.13 and a 1 year high of $7.55.

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

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.