Fortuna Mining (NYSE:FSM) Given Buy (B) Rating at Weiss Ratings

Key Points

• Fortuna Mining has been given a "buy" rating by Weiss Ratings, indicating positive outlook among analysts for the company's stock.
• Investment firm CIBC increased its target price for Fortuna Mining from $7.00 to $8.00, while other firms like Wall Street Zen and BMO have also upgraded their ratings, reflecting growing confidence in the stock.
• The company reported earnings of $0.14 per share for the last quarter, missing estimates, though revenue exceeded expectations at $230.42 million.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI's stock had its "buy (b)" rating reiterated by research analysts at Weiss Ratings in a report issued on Tuesday,Weiss Ratings reports.

Several other research firms also recently issued reports on FSM. Wall Street Zen upgraded Fortuna Mining from a "hold" rating to a "buy" rating in a research report on Saturday. CIBC increased their target price on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research report on Tuesday, July 15th. BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research report on Tuesday, June 24th. Finally, Scotiabank increased their price objective on Fortuna Mining from $7.50 to $8.00 and gave the stock a "sector perform" rating in a research report on Wednesday, August 6th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Fortuna Mining has an average rating of "Hold" and an average target price of $8.00.

Fortuna Mining Stock Performance

Shares of NYSE:FSM traded up $0.25 during trading on Tuesday, hitting $9.33. 9,341,514 shares of the company were exchanged, compared to its average volume of 15,974,481. The company has a market cap of $2.86 billion, a PE ratio of 18.69 and a beta of 0.84. The stock has a 50 day moving average of $7.92 and a 200 day moving average of $6.87. Fortuna Mining has a 52-week low of $4.13 and a 52-week high of $9.59. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted its earnings results on Wednesday, August 6th. The basic materials company reported $0.14 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.22 by ($0.08). The company had revenue of $230.42 million for the quarter, compared to analysts' expectations of $220.00 million. Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%. As a group, equities research analysts predict that Fortuna Mining will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in FSM. Nuveen LLC bought a new position in Fortuna Mining in the first quarter valued at $17,032,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in Fortuna Mining by 123.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock valued at $29,553,000 after acquiring an additional 2,688,900 shares during the last quarter. Jump Financial LLC bought a new position in Fortuna Mining in the first quarter valued at $14,076,000. Acadian Asset Management LLC grew its stake in shares of Fortuna Mining by 44.8% during the second quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company's stock valued at $45,815,000 after buying an additional 2,171,847 shares during the last quarter. Finally, Cubist Systematic Strategies LLC grew its stake in shares of Fortuna Mining by 424.0% during the first quarter. Cubist Systematic Strategies LLC now owns 2,083,146 shares of the basic materials company's stock valued at $12,706,000 after buying an additional 1,685,634 shares during the last quarter. Institutional investors own 33.80% of the company's stock.

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.

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