TD Asset Management Inc Increases Holdings in Fortuna Mining Corp. (NYSE:FSM)

Key Points

• TD Asset Management Inc increased its stake in Fortuna Mining Corp by 137.8% in Q1, owning approximately $12.55 million worth of shares after acquiring an additional 1,195,890 shares.
• Fortuna Mining reported earnings of $0.20 per share for the last quarter, falling short of analysts' expectation of $0.21, with revenues of $290.15 million.
• Following a recent upgrade from Wall Street Zen to a "strong-buy" rating, Fortuna Mining has an average price target of $7.50 among analysts, with varying ratings from hold to sell.

TD Asset Management Inc lifted its position in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI by 137.8% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 2,063,851 shares of the basic materials company's stock after purchasing an additional 1,195,890 shares during the period. TD Asset Management Inc owned about 0.67% of Fortuna Mining worth $12,547,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in FSM. Allianz Asset Management GmbH acquired a new position in Fortuna Mining in the 1st quarter valued at about $588,000. PCG Wealth Advisors LLC acquired a new position in Fortuna Mining in the 1st quarter valued at about $61,000. Kingsview Wealth Management LLC acquired a new position in Fortuna Mining in the 1st quarter valued at about $969,000. Realta Investment Advisors acquired a new position in Fortuna Mining in the 1st quarter valued at about $406,000. Finally, Sumitomo Mitsui Trust Group Inc. acquired a new position in Fortuna Mining in the 1st quarter valued at about $445,000. Institutional investors and hedge funds own 33.80% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on FSM shares. CIBC boosted their price target on Fortuna Mining from $7.00 to $8.00 and gave the company an "underperformer" rating in a research report on Tuesday, July 15th. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. Wall Street Zen raised Fortuna Mining from a "buy" rating to a "strong-buy" rating in a report on Friday, July 18th. Finally, Scotiabank lifted their price objective on Fortuna Mining from $6.00 to $7.00 and gave the company a "sector perform" rating in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Fortuna Mining has an average rating of "Hold" and a consensus price target of $7.50.

Fortuna Mining Stock Performance

FSM traded down $0.05 during trading on Friday, reaching $6.40. The company's stock had a trading volume of 10,729,042 shares, compared to its average volume of 15,032,854. Fortuna Mining Corp. has a 52-week low of $3.86 and a 52-week high of $7.55. The company's fifty day moving average price is $6.60 and its 200-day moving average price is $5.82. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 12.55 and a beta of 0.94. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.56 and a current ratio of 2.04.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last announced its quarterly earnings data on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share for the quarter, missing analysts' consensus estimates of $0.21 by ($0.01). Fortuna Mining had a net margin of 14.28% and a return on equity of 12.94%. The business had revenue of $290.15 million during the quarter, compared to analysts' expectations of $291.00 million. On average, equities analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share 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.