Renaissance Technologies LLC Has $8.99 Million Stock Position in Fortuna Mining Corp. $FSM

Key Points

• Renaissance Technologies reduced its Fortuna Mining stake by 40.3% in the first quarter, selling 612,200 shares and retaining 905,400 shares worth approximately $8.99 million, or 0.30% of the company.
• Analyst sentiment remains generally positive, with three Buy ratings and two Holds, resulting in a consensus “Moderate Buy” rating and an average price target of $14.00.
• Fortuna Mining shares opened at $8.44, while the company reported quarterly revenue of $342.47 million but missed earnings expectations with EPS of $0.35 versus $0.37 projected.

Renaissance Technologies LLC lessened its stake in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 40.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 905,400 shares of the basic materials company's stock after selling 612,200 shares during the quarter. Renaissance Technologies LLC owned approximately 0.30% of Fortuna Mining worth $8,991,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. IFP Advisors Inc acquired a new stake in shares of Fortuna Mining during the 4th quarter valued at $29,000. Advisory Services Network LLC acquired a new position in Fortuna Mining in the 3rd quarter worth about $27,000. Geneos Wealth Management Inc. increased its holdings in Fortuna Mining by 100.0% in the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company's stock worth $26,000 after purchasing an additional 2,000 shares in the last quarter. EverSource Wealth Advisors LLC raised its position in Fortuna Mining by 126.8% in the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company's stock valued at $31,000 after purchasing an additional 2,691 shares during the last quarter. Finally, Osaic Holdings Inc. increased its position in Fortuna Mining by 96.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock valued at $40,000 after acquiring an additional 3,006 shares during the period. 33.80% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently issued reports on FSM. Scotiabank restated an "outperform" rating on shares of Fortuna Mining in a report on Thursday. 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 lowered Fortuna Mining from a "strong-buy" rating to a "buy" rating in a research report on Sunday, July 12th. Finally, Zacks Research raised Fortuna Mining from a "strong sell" rating to a "hold" rating in a research note on Monday, July 13th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $14.00.

Fortuna Mining Trading Up 0.1%

Shares of Fortuna Mining stock opened at $8.44 on Monday. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.74 and a current ratio of 3.17. Fortuna Mining Corp. has a 52 week low of $6.17 and a 52 week high of $13.85. The stock has a 50 day moving average price of $8.80 and a two-hundred day moving average price of $9.98. The stock has a market capitalization of $2.53 billion, a PE ratio of 7.96 and a beta of 1.01.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.37 by ($0.02). Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%.The firm had revenue of $342.47 million during the quarter, compared to the consensus estimate of $340.00 million. As a group, equities analysts anticipate that Fortuna Mining Corp. will post 1.32 earnings per share for the current fiscal 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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