Nuveen LLC Makes New Investment 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 bought a new stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 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 filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Optiver Holding B.V. acquired a new stake in shares of Fortuna Mining in the 4th quarter worth approximately $26,000. PCG Wealth Advisors LLC purchased a new position in shares of Fortuna Mining in the 1st quarter worth $61,000. TD Waterhouse Canada Inc. raised its position in shares of Fortuna Mining by 24.4% in the 4th quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock worth $53,000 after buying an additional 2,440 shares during the period. Dark Forest Capital Management LP acquired a new stake in Fortuna Mining in the 4th quarter valued at $57,000. Finally, Mariner LLC acquired a new stake in Fortuna Mining in the 4th quarter valued at $63,000. Institutional investors and hedge funds own 33.80% of the company's stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on FSM shares. CIBC raised their target price on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research note on Tuesday, July 15th. Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Scotiabank lifted their target price on Fortuna Mining from $7.50 to $8.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 6th. National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. One analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, Fortuna Mining has a consensus rating of "Hold" and a consensus price target of $8.00.

Fortuna Mining Stock Up 2.8%

Shares of Fortuna Mining stock traded up $0.2050 on Friday, hitting $7.5550. 13,046,002 shares of the company traded hands, compared to its average volume of 11,881,022. The company has a market cap of $2.32 billion, a PE ratio of 15.11 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 50-day moving average price of $6.75 and a 200 day moving average price of $6.09. 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 issued its quarterly earnings data 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). The business had revenue of $230.42 million during the quarter, compared to the consensus estimate of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. Sell-side analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current 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.