Public Employees Retirement System of Ohio Takes Position in Fortuna Mining Corp. $FSM

Key Points

• Public Employees Retirement System of Ohio acquired 837,310 Fortuna Mining shares worth approximately $7.1 million, representing a 0.28% stake. Institutional investors collectively own 33.8% of the company.
• Analyst sentiment remains positive overall, with three Buy ratings and two Holds producing a “Moderate Buy” consensus and an average price target of $14.00.
• Fortuna Mining reported quarterly EPS of $0.24, below the $0.29 consensus estimate, while revenue of $318.4 million also fell short of expectations. Shares opened at $11.72, down 3.0%.

Public Employees Retirement System of Ohio acquired a new position in Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI during the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 837,310 shares of the basic materials company's stock, valued at approximately $7,076,000. Public Employees Retirement System of Ohio owned 0.28% of Fortuna Mining as of its most recent SEC filing.

Other hedge funds have also recently bought and sold shares of the company. Royal Bank of Canada boosted its stake in Fortuna Mining by 98.8% during the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company's stock valued at $7,074,000 after purchasing an additional 576,264 shares during the period. Goldman Sachs Group Inc. increased 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 valued at $51,046,000 after purchasing an additional 1,368,600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased 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 valued at $5,127,000 after purchasing an additional 549,665 shares during the period. Geode Capital Management LLC raised 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 buying an additional 6,405 shares during the last quarter. Finally, Cetera Investment Advisers bought a new stake in shares of Fortuna Mining during the second quarter valued at approximately $122,000. 33.80% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

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

Fortuna Mining Trading Down 3.0%

Fortuna Mining stock opened at $11.72 on Wednesday. Fortuna Mining Corp. has a 12-month low of $7.55 and a 12-month high of $13.85. 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 $3.47 billion, a PE ratio of 9.93 and a beta of 1.08. The firm has a 50 day simple moving average of $9.60 and a 200-day simple moving average of $10.03.

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 the consensus estimate of $0.29 by ($0.05). The firm had revenue of $318.41 million for 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 research analysts expect that Fortuna Mining Corp. will post 1.24 EPS for the current fiscal year.

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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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