Fortuna Mining (NYSE:FSM) Price Target Raised to $8.00

Fortuna Mining (NYSE:FSM - Free Report) TSE: FVI had its price target hoisted by CIBC from $7.00 to $8.00 in a research note released on Tuesday,Benzinga reports. The firm currently has an underperformer rating on the basic materials company's stock.

FSM has been the topic of several other research reports. National Bank Financial upgraded Fortuna Mining to a "hold" rating in a report on Friday, March 21st. Scotiabank increased their target price on Fortuna Mining from $6.00 to $7.00 and gave the stock a "sector perform" rating in a research note on Monday, April 14th. Finally, National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $7.50.

Fortuna Mining Trading Down 2.0%

NYSE:FSM traded down $0.13 during midday trading on Tuesday, hitting $6.29. 10,362,903 shares of the company traded hands, compared to its average volume of 11,504,040. The firm's fifty day moving average is $6.39 and its 200-day moving average is $5.67. Fortuna Mining has a 12-month low of $3.86 and a 12-month high of $7.55. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.33 and a beta of 0.94. The company has a current ratio of 2.04, a quick ratio of 1.56 and a debt-to-equity ratio of 0.12.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last released its quarterly earnings results on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share for the quarter, missing the consensus estimate of $0.21 by ($0.01). Fortuna Mining had a net margin of 14.28% and a return on equity of 12.94%. The company had revenue of $290.15 million for the quarter, compared to analysts' expectations of $291.00 million. On average, sell-side analysts predict that Fortuna Mining will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortuna Mining

A number of hedge funds and other institutional investors have recently made changes to their positions in FSM. Optiver Holding B.V. bought a new position in shares of Fortuna Mining during the 4th quarter worth $26,000. Farther Finance Advisors LLC bought a new position in shares of Fortuna Mining during the 2nd quarter worth $42,000. Bank of Nova Scotia bought a new position in shares of Fortuna Mining during the 4th quarter worth $46,000. TD Waterhouse Canada Inc. grew its position in shares of 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 buying an additional 2,440 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new position in shares of Fortuna Mining during the 4th quarter worth $57,000. Institutional investors own 33.80% of the company's stock.

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.