Intact Investment Management Inc. Buys New Stake in Fortuna Mining Corp. $FSM

Key Points

• Intact Investment Management opened a new position in Fortuna Mining, buying 126,400 shares in Q4 worth about $1.24 million, while several large institutions (VanEck, Arrowstreet, Vanguard, Mirae, Invesco) also materially increased stakes — institutional ownership is about 33.8%.
• Shares traded down ~2.9% at $9.21, with a 52‑week range of $5.23–$13.85, a market cap near $2.8 billion and a PE of 10.23.
• Fortuna reported Q4 EPS of $0.22 (missed by $0.01) on $270.2 million revenue, and the analyst consensus is a Moderate Buy with an average price target of $11 (Scotiabank raised its target to $14).

Intact Investment Management Inc. purchased a new position in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 126,400 shares of the basic materials company's stock, valued at approximately $1,239,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FSM. Van ECK Associates Corp increased its holdings in Fortuna Mining by 43.5% in the 3rd quarter. Van ECK Associates Corp now owns 29,280,727 shares of the basic materials company's stock worth $262,354,000 after acquiring an additional 8,878,857 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Fortuna Mining by 80.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 19,530,048 shares of the basic materials company's stock worth $174,866,000 after acquiring an additional 8,706,611 shares in the last quarter. Vanguard Group Inc. increased its holdings in Fortuna Mining by 1,623.8% in the 3rd quarter. Vanguard Group Inc. now owns 4,562,023 shares of the basic materials company's stock worth $40,844,000 after acquiring an additional 4,297,370 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in Fortuna Mining by 38.1% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company's stock worth $122,747,000 after acquiring an additional 3,779,920 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in Fortuna Mining by 1,130.8% in the 3rd quarter. Invesco Ltd. now owns 3,118,752 shares of the basic materials company's stock worth $27,944,000 after acquiring an additional 2,865,367 shares in the last quarter. Hedge funds and other institutional investors own 33.80% of the company's stock.

Fortuna Mining Trading Down 2.9%

Shares of FSM opened at $9.21 on Tuesday. Fortuna Mining Corp. has a 52-week low of $5.23 and a 52-week high of $13.85. The company has a quick ratio of 2.50, a current ratio of 2.98 and a debt-to-equity ratio of 0.11. The firm's fifty day moving average is $10.74 and its two-hundred day moving average is $10.03. The stock has a market cap of $2.80 billion, a PE ratio of 10.23 and a beta of 0.94.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its earnings results on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $270.20 million for the quarter. Fortuna Mining had a return on equity of 14.02% and a net margin of 27.59%. Research analysts forecast that Fortuna Mining Corp. will post 1.63 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently commented on FSM. BMO Capital Markets reissued an "outperform" rating on shares of Fortuna Mining in a report on Friday, January 16th. Wall Street Zen lowered shares of Fortuna Mining from a "buy" rating to a "hold" rating in a report on Saturday, April 25th. Scotiabank boosted their price target on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, January 26th. Finally, Zacks Research cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, April 24th. Four analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $11.00.

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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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