National Bank of Canada FI Buys 360,488 Shares of Fortuna Mining Corp. (NYSE:FSM)

Key Points

• The National Bank of Canada FI increased its holdings in Fortuna Mining Corp. by 41.1% during the 1st quarter, owning approximately 1,238,507 shares worth $7.5 million as per their recent SEC filing.
• Other large investors, including Mackenzie Financial Corp. and Invesco Ltd., significantly boosted their stakes in Fortuna Mining, with Mackenzie increasing holdings by 224.6% in the fourth quarter.
• Fortuna Mining reported $0.14 earnings per share for the quarter, missing estimates, despite having revenue that surpassed expectations at $230.42 million.

National Bank of Canada FI lifted its holdings in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 41.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,238,507 shares of the basic materials company's stock after purchasing an additional 360,488 shares during the quarter. National Bank of Canada FI owned 0.40% of Fortuna Mining worth $7,512,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. purchased a new stake in Fortuna Mining during the first quarter valued at $445,000. Cambridge Investment Research Advisors Inc. increased its position in Fortuna Mining by 16.9% during the first quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company's stock valued at $451,000 after acquiring an additional 10,690 shares during the last quarter. Bank of America Corp DE increased its position in Fortuna Mining by 15.4% during the fourth quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock valued at $3,978,000 after acquiring an additional 123,720 shares during the last quarter. Legal & General Group Plc increased its position in Fortuna Mining by 10.0% in the fourth quarter. Legal & General Group Plc now owns 863,406 shares of the basic materials company's stock worth $3,704,000 after buying an additional 78,284 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in Fortuna Mining by 29.0% in the fourth quarter. Nuveen Asset Management LLC now owns 303,857 shares of the basic materials company's stock worth $1,304,000 after buying an additional 68,350 shares in the last quarter. Hedge funds and other institutional investors own 33.80% of the company's stock.

Wall Street Analyst Weigh In

FSM has been the subject of a number of analyst reports. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Wall Street Zen cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. Scotiabank increased their target price on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. Finally, CIBC increased their target price on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research report on Tuesday, July 15th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and one has given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and a consensus price target of $8.00.

Fortuna Mining Price Performance

Fortuna Mining stock traded up $0.04 during midday trading on Friday, reaching $7.30. 15,342,879 shares of the stock traded hands, compared to its average volume of 11,990,642. The stock's fifty day moving average is $6.72 and its 200-day moving average is $6.01. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 month high of $7.55. The stock has a market cap of $2.24 billion, a P/E ratio of 14.60 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 (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $0.14 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 firm had revenue of $230.42 million for the quarter, compared to the consensus estimate of $220.00 million. As a group, equities research analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Fortuna Mining 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.