Sprott Inc. Decreases Position in Fortuna Mining Corp. $FSM

Key Points

• Sprott Inc. has reduced its stake in Fortuna Mining Corp. by 34.6%, selling 447,086 shares during the first quarter, now owning 845,710 shares valued at approximately $5.15 million.
• Fortuna Mining's recent earnings report revealed an EPS of $0.14, falling short of the expected $0.22, while revenue for the quarter was $230.42 million, exceeding estimates.
• Analysts have recently downgraded Fortuna Mining from a "strong-buy" to "hold" rating, although the stock currently has an average price target of $8.00.

Sprott Inc. cut its stake in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 34.6% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 845,710 shares of the basic materials company's stock after selling 447,086 shares during the period. Sprott Inc. owned about 0.28% of Fortuna Mining worth $5,151,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of the stock. TD Waterhouse Canada Inc. grew its stake in shares of Fortuna Mining by 24.4% in the fourth quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock worth $53,000 after purchasing an additional 2,440 shares during the last quarter. Optiver Holding B.V. bought a new stake in shares of Fortuna Mining in the fourth quarter worth $26,000. Geode Capital Management LLC grew its stake in shares of Fortuna Mining by 5.0% in the fourth quarter. Geode Capital Management LLC now owns 148,408 shares of the basic materials company's stock worth $644,000 after purchasing an additional 7,103 shares during the last quarter. PCG Wealth Advisors LLC bought a new stake in shares of Fortuna Mining in the first quarter worth $61,000. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of 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 worth $451,000 after purchasing an additional 10,690 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors and hedge funds.

Fortuna Mining Stock Up 2.8%

Shares of FSM stock traded up $0.2050 on Friday, reaching $7.5550. 13,046,002 shares of the company were exchanged, compared to its average volume of 12,032,803. The company has a market cap of $2.32 billion, a price-to-earnings ratio of 15.11 and a beta of 0.85. The company has a 50-day moving average of $6.75 and a 200-day moving average of $6.09. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15. Fortuna Mining Corp. has a one year low of $4.13 and a one year high of $7.67.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released 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). Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%.The company had revenue of $230.42 million for the quarter, compared to the consensus estimate of $220.00 million. Analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Wall Street Analyst Weigh In

FSM has been the topic of several analyst reports. Wall Street Zen cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. CIBC upped their price target on shares of Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research report on Tuesday, July 15th. Zacks Research cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. One research 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 MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $8.00.

Fortuna Mining 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.