U S Global Investors Inc. Invests $5.50 Million in Fortuna Mining Corp. $FSM

Key Points

• U S Global Investors bought a new position of 560,601 shares in Fortuna Mining (~$5.50 million), representing about 0.18% of the company.
• Analyst sentiment has turned positive with multiple upgrades (Zacks to strong-buy, Wall Street Zen to buy, Scotiabank raising its price target to $14), leaving an average rating of Buy and an average price target of $11.00.
• Key fundamentals: market cap ~$3.08 billion and P/E 11.24, 52-week range $5.23–$13.85, and last quarter EPS of $0.22 (missed by $0.01) on $270.2 million revenue; analysts expect ~1.78 EPS for the year.

U S Global Investors Inc. bought a new position in shares of Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 560,601 shares of the basic materials company's stock, valued at approximately $5,499,000. U S Global Investors Inc. owned about 0.18% of Fortuna Mining as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also modified their holdings of the company. TD Waterhouse Canada Inc. grew its position in shares of Fortuna Mining by 146.7% during the fourth quarter. TD Waterhouse Canada Inc. now owns 49,252 shares of the basic materials company's stock worth $483,000 after buying an additional 29,288 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Fortuna Mining by 12.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 93,280 shares of the basic materials company's stock worth $915,000 after buying an additional 10,487 shares in the last quarter. Abbington Investment Group grew its position in shares of Fortuna Mining by 21.1% during the fourth quarter. Abbington Investment Group now owns 120,870 shares of the basic materials company's stock worth $1,186,000 after buying an additional 21,034 shares in the last quarter. Ritholtz Wealth Management grew its position in shares of Fortuna Mining by 104.2% during the fourth quarter. Ritholtz Wealth Management now owns 175,396 shares of the basic materials company's stock worth $1,721,000 after buying an additional 89,495 shares in the last quarter. Finally, Greenberg Financial Group acquired a new stake in shares of Fortuna Mining during the fourth quarter worth approximately $98,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

FSM has been the subject of a number of research reports. Zacks Research raised shares of Fortuna Mining from a "hold" rating to a "strong-buy" rating in a report on Tuesday, February 3rd. Wall Street Zen raised shares of Fortuna Mining from a "hold" rating to a "buy" rating in a report on Saturday, March 14th. Scotiabank lifted their price objective on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an "outperform" rating in a report on Monday, January 26th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Fortuna Mining in a report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a "buy (b)" rating on shares of Fortuna Mining in a report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $11.00.

Fortuna Mining Price Performance

Shares of NYSE FSM opened at $10.12 on Friday. The company has a quick ratio of 2.50, a current ratio of 2.98 and a debt-to-equity ratio of 0.11. The firm's 50-day simple moving average is $10.83 and its 200 day simple moving average is $9.99. Fortuna Mining Corp. has a fifty-two week low of $5.23 and a fifty-two week high of $13.85. The stock has a market cap of $3.08 billion, a P/E ratio of 11.24 and a beta of 1.01.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its quarterly earnings results on Wednesday, February 18th. The basic materials company reported $0.22 EPS for the quarter, missing the consensus estimate of $0.23 by ($0.01). The business had revenue of $270.20 million during the quarter. Fortuna Mining had a return on equity of 14.02% and a net margin of 27.59%. Equities analysts expect that Fortuna Mining Corp. will post 1.78 EPS for the current 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.

Want to see what other hedge funds are holding FSM? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fortuna Mining Corp. (NYSE:FSM - Free Report) TSE: FVI.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.