NewEdge Advisors LLC Sells 193,768 Shares of Fortuna Mining Corp. $FSM

Key Points

• NewEdge Advisors cut its Fortuna Mining position by 91.7% in the first quarter, selling 193,768 shares and retaining 17,587 shares valued at approximately $175,000.
• Other institutional investors—including Royal Bank of Canada, Goldman Sachs and UBS—substantially increased their holdings; institutional investors collectively own 33.8% of Fortuna Mining.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and a $14 target price. Shares opened at $12.46, while the company’s latest quarterly EPS and revenue came in below expectations.

NewEdge Advisors LLC lessened its position in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 91.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,587 shares of the basic materials company's stock after selling 193,768 shares during the period. NewEdge Advisors LLC's holdings in Fortuna Mining were worth $175,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the company. Royal Bank of Canada raised its holdings in Fortuna Mining by 98.8% in the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company's stock worth $7,074,000 after acquiring an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Fortuna Mining by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company's stock worth $51,046,000 after purchasing an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortuna Mining by 189.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company's stock worth $5,127,000 after purchasing an additional 549,665 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortuna Mining by 3.9% during the second quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company's stock valued at $1,123,000 after purchasing an additional 6,405 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of Fortuna Mining during the second quarter valued at $122,000. Hedge funds and other institutional investors own 33.80% of the company's stock.

Wall Street Analysts Forecast Growth

FSM has been the subject of several research analyst reports. Weiss Ratings downgraded Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Wall Street Zen cut shares of Fortuna Mining from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 12th. Zacks Research raised shares of Fortuna Mining from a "strong sell" rating to a "hold" rating in a report on Monday, July 13th. Finally, Scotiabank reiterated an "outperform" rating on shares of Fortuna Mining in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, Fortuna Mining has an average rating of "Moderate Buy" and a consensus target price of $14.00.

Fortuna Mining Trading Up 2.2%

Shares of Fortuna Mining stock opened at $12.46 on Wednesday. Fortuna Mining Corp. has a 1-year low of $7.32 and a 1-year high of $13.85. The company's fifty day simple moving average is $9.29 and its 200-day simple moving average is $9.98. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.00 and a quick ratio of 2.50. The stock has a market capitalization of $3.69 billion, a PE ratio of 10.56 and a beta of 1.01.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its earnings results on Wednesday, August 5th. The basic materials company reported $0.24 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.05). The company had revenue of $318.41 million during the quarter, compared to the consensus estimate of $325.00 million. Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%. As a group, equities analysts anticipate that Fortuna Mining Corp. will post 1.24 earnings per share 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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