PDT Partners LLC Buys Shares of 253,200 Fortuna Mining Corp. $FSM

Key Points

• PDT Partners LLC acquired 253,200 shares of Fortuna Mining Corp., making a new investment valued at approximately $1,545,000.
• Several institutional investors, including Mackenzie Financial Corp and Nuveen LLC, have significantly increased their stakes in Fortuna Mining, contributing to a 33.80% institutional ownership in the company.
• Fortuna Mining's stock has received mixed reviews from analysts, with one rate as a Buy and others indicating a Hold or Sell rating, and a price target averaging $8.00.

PDT Partners LLC purchased a new stake in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 253,200 shares of the basic materials company's stock, valued at approximately $1,545,000. PDT Partners LLC owned about 0.08% of Fortuna Mining as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Sumitomo Mitsui Trust Group Inc. purchased a new position in Fortuna Mining in the first quarter valued at approximately $445,000. Cambridge Investment Research Advisors Inc. increased its stake in Fortuna Mining by 16.9% in 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 purchasing an additional 10,690 shares during the last quarter. Bank of America Corp DE increased its stake in Fortuna Mining by 15.4% in 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 purchasing an additional 123,720 shares during the last quarter. Nuveen Asset Management LLC increased its stake 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 valued at $1,304,000 after purchasing an additional 68,350 shares during the last quarter. Finally, BNP Paribas Financial Markets purchased a new position in Fortuna Mining in the fourth quarter valued at approximately $801,000. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

Fortuna Mining Stock Performance

NYSE:FSM traded up $0.07 during midday trading on Friday, reaching $7.69. The stock had a trading volume of 16,801,823 shares, compared to its average volume of 13,244,581. The firm has a fifty day simple moving average of $6.95 and a two-hundred day simple moving average of $6.25. Fortuna Mining Corp. has a 12-month low of $4.13 and a 12-month high of $8.07. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.36 billion, a P/E ratio of 15.37 and a beta of 0.85.

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 earnings per share 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 during the quarter, compared to analysts' expectations of $220.00 million. On average, equities analysts expect that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Analyst Upgrades and Downgrades

FSM has been the topic of several recent analyst reports. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Scotiabank raised their target price on shares of Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. Wall Street Zen lowered shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Saturday, August 9th. CIBC raised their target price on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research report on Tuesday, July 15th. Finally, Zacks Research lowered shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $8.00.

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.