Fortuna Mining Corp. $FSM Shares Sold by Sprott Inc.

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

Several other hedge funds also recently bought and sold shares of FSM. Optiver Holding B.V. bought a new position in Fortuna Mining in the 4th quarter valued at $26,000. TD Waterhouse Canada Inc. grew its position in 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 valued at $53,000 after acquiring an additional 2,440 shares during the last quarter. Dark Forest Capital Management LP purchased a new stake in shares of Fortuna Mining in the 4th quarter worth $57,000. PCG Wealth Advisors LLC purchased a new stake in shares of Fortuna Mining in the 1st quarter worth $61,000. Finally, Mariner LLC purchased a new stake in shares of Fortuna Mining in the 4th quarter worth $63,000. Institutional investors own 33.80% of the company's stock.

Analyst Upgrades and Downgrades

FSM has been the subject of several research reports. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. Zacks Research cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Scotiabank upped their price objective on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research note on Wednesday, August 6th. Wall Street Zen cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, Fortuna Mining currently has a consensus rating of "Hold" and a consensus price target of $8.00.

Fortuna Mining Stock Down 0.3%

NYSE:FSM traded down $0.03 during mid-day trading on Wednesday, hitting $7.52. 6,771,302 shares of the company's stock traded hands, compared to its average volume of 14,725,874. The company has a fifty day moving average of $6.78 and a 200 day moving average of $6.12. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.15 and a current ratio of 2.71. The company has a market capitalization of $2.31 billion, a P/E ratio of 15.03 and a beta of 0.85. Fortuna Mining Corp. has a twelve month low of $4.13 and a twelve month high of $7.67.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced 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). The firm had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. On average, analysts forecast that Fortuna Mining Corp. will post 0.51 EPS for the current year.

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.