Fortuna Mining (NYSE:FSM) Announces Quarterly Earnings Results

Key Points

• Fortuna Mining reported quarterly EPS of $0.24, missing analysts’ consensus estimate of $0.29 by $0.05. The company posted a 31.07% net margin and 16.26% return on equity.
• Shares rose $0.58 to $9.63 during Wednesday trading, while the stock has ranged from $6.17 to $13.85 over the past year. Institutional investors own 33.80% of the company, with several major firms increasing their positions.
• Analyst sentiment remains moderately positive, with three Buy ratings and two Hold ratings producing a consensus “Moderate Buy” rating and a $14.00 average price target.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI released its quarterly earnings data on Wednesday. The basic materials company reported $0.24 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.05), Zacks reports. Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%.

Fortuna Mining Price Performance

Shares of Fortuna Mining stock traded up $0.58 during trading on Wednesday, hitting $9.63. The stock had a trading volume of 8,816,576 shares, compared to its average volume of 5,211,016. The firm has a market cap of $2.85 billion, a price-to-earnings ratio of 9.09 and a beta of 1.01. Fortuna Mining has a 12 month low of $6.17 and a 12 month high of $13.85. The business's 50-day moving average is $8.77 and its 200 day moving average is $9.96. The company has a current ratio of 3.17, a quick ratio of 2.74 and a debt-to-equity ratio of 0.10.

Hedge Funds Weigh In On Fortuna Mining

Institutional investors have recently made changes to their positions in the stock. Royal Bank of Canada lifted its position in Fortuna Mining by 98.8% in the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company's stock worth $7,074,000 after buying an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Fortuna Mining by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company's stock worth $51,046,000 after acquiring an additional 1,368,600 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortuna Mining by 189.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company's stock worth $5,127,000 after acquiring an additional 549,665 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fortuna Mining by 3.9% in the 2nd quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company's stock worth $1,123,000 after acquiring an additional 6,405 shares during the last quarter. Finally, Cetera Investment Advisers purchased a new stake in shares of Fortuna Mining in the 2nd quarter valued at $122,000. Institutional investors own 33.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on the company. Wall Street Zen lowered Fortuna Mining from a "strong-buy" rating to a "buy" rating in a research note on Sunday, July 12th. Weiss Ratings cut shares of Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Scotiabank restated an "outperform" rating on shares of Fortuna Mining in a research note on Thursday, July 30th. Finally, Zacks Research raised Fortuna Mining from a "strong sell" rating to a "hold" rating in a research report on Monday, July 13th. Three investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $14.00.

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.

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