Nuveen LLC Invests $17.03 Million in Fortuna Mining Corp. $FSM

Key Points

• Nuveen LLC has acquired a new position in Fortuna Mining Corp., purchasing 2,801,478 shares valued at approximately $17 million, representing about 0.91% of the company.
• Fortuna Mining reported earnings of $0.14 per share for the latest quarter, missing analyst estimates of $0.22, while revenue was reported at $230.42 million.
• After recent analyst ratings changes, Fortuna Mining currently holds a consensus rating of "Hold" with a target price of $8.00.

Nuveen LLC acquired a new position in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 2,801,478 shares of the basic materials company's stock, valued at approximately $17,032,000. Nuveen LLC owned about 0.91% of Fortuna Mining as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the company. Invesco Ltd. raised its holdings in Fortuna Mining by 38.7% in the 1st quarter. Invesco Ltd. now owns 2,692,091 shares of the basic materials company's stock worth $16,422,000 after acquiring an additional 751,343 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Fortuna Mining by 123.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock worth $29,553,000 after acquiring an additional 2,688,900 shares during the last quarter. PCJ Investment Counsel Ltd. raised its holdings in Fortuna Mining by 3.4% in the 1st quarter. PCJ Investment Counsel Ltd. now owns 430,700 shares of the basic materials company's stock worth $2,619,000 after acquiring an additional 14,240 shares during the last quarter. National Bank of Canada FI raised its holdings in Fortuna Mining by 41.1% in the 1st quarter. National Bank of Canada FI now owns 1,238,507 shares of the basic materials company's stock worth $7,512,000 after acquiring an additional 360,488 shares during the last quarter. Finally, TD Asset Management Inc raised its holdings in Fortuna Mining by 137.8% in the 1st quarter. TD Asset Management Inc now owns 2,063,851 shares of the basic materials company's stock worth $12,547,000 after acquiring an additional 1,195,890 shares during the last quarter. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

Fortuna Mining Stock Performance

Shares of NYSE:FSM traded up $0.04 during midday trading on Tuesday, hitting $7.53. The company had a trading volume of 13,995,926 shares, compared to its average volume of 12,071,862. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15. The company has a market cap of $2.31 billion, a price-to-earnings ratio of 15.05 and a beta of 0.85. Fortuna Mining Corp. has a 12-month low of $4.13 and a 12-month high of $7.67. The company has a fifty day moving average of $6.78 and a two-hundred day moving average of $6.12.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted 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 during the quarter, compared to analysts' expectations of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. On average, equities research analysts expect that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on FSM. National Bankshares restated 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, August 9th. BMO Capital Markets reissued an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. CIBC increased their price target on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a report on Tuesday, July 15th. Finally, Scotiabank increased their price target on Fortuna Mining from $7.50 to $8.00 and gave the company a "sector perform" rating in a report on Wednesday, August 6th. One investment analyst has rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $8.00.

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.