TD Asset Management Inc Grows 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 increased its stake 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 Securities and Exchange Commission (SEC). The institutional investor owned 2,063,851 shares of the basic materials company's stock after buying an additional 1,195,890 shares during the quarter. 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 large investors have also added to or reduced their stakes in the stock. Optiver Holding B.V. bought a new stake in shares of Fortuna Mining during the 4th quarter worth $26,000. PCG Wealth Advisors LLC bought a new stake in Fortuna Mining during the 1st quarter worth $61,000. Bank of Nova Scotia bought a new stake in Fortuna Mining during the 4th quarter worth $46,000. TD Waterhouse Canada Inc. grew its position in Fortuna Mining by 24.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company's stock worth $53,000 after acquiring an additional 2,440 shares during the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in Fortuna Mining during the 4th quarter worth $57,000. Institutional investors and hedge funds own 33.80% of the company's stock.

Fortuna Mining Trading Down 0.8%

FSM traded down $0.05 during midday trading on Friday, hitting $6.40. 10,729,042 shares of the company were exchanged, compared to its average volume of 11,618,726. The firm has a market capitalization of $1.96 billion, a P/E ratio of 12.55 and a beta of 0.85. The company has a quick ratio of 1.56, a current ratio of 2.04 and a debt-to-equity ratio of 0.12. The firm's 50 day moving average price is $6.61 and its 200-day moving average price is $5.84. Fortuna Mining Corp. has a 1-year low of $3.86 and a 1-year high of $7.55.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its earnings results on Wednesday, May 7th. The basic materials company reported $0.20 EPS 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 firm had revenue of $290.15 million during the quarter, compared to the consensus estimate of $291.00 million. As a group, equities analysts forecast that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on FSM. 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. Scotiabank lifted their target price on Fortuna Mining from $6.00 to $7.00 and gave the stock a "sector perform" rating in a report on Monday, April 14th. Finally, CIBC lifted their target price on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a report on Tuesday, July 15th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $7.50.

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.