Fortuna Mining (NYSE:FSM) Hits New 52-Week High - Time to Buy?

Key Points

• Fortuna Mining Corp. reached a new 52-week high of $8.83, closing at $8.73 with a trading volume of approximately 1.48 million shares.
• Analysts have mixed ratings for Fortuna Mining, with one "Buy," four "Hold," and one "Sell" rating; the average price target is $8.00.
• The company reported earnings per share of $0.14 for the last quarter, missing the consensus estimate of $0.22, although it exceeded revenue expectations with $230.42 million.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI reached a new 52-week high during trading on Tuesday . The stock traded as high as $8.83 and last traded at $8.73, with a volume of 1478477 shares trading hands. The stock had previously closed at $8.51.

Analyst Ratings Changes

Several equities research analysts have commented on FSM shares. Scotiabank boosted their target price on Fortuna Mining from $7.50 to $8.00 and gave the company a "sector perform" rating in a research note on Wednesday, August 6th. National Bankshares restated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Zacks Research cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Friday, August 15th. Wall Street Zen cut Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets restated an "outperform" rating on shares of Fortuna Mining in a research note on Friday, August 8th. One research analyst has rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $8.00.

Fortuna Mining Trading Up 1.4%

The company has a market cap of $2.65 billion, a P/E ratio of 17.25 and a beta of 0.85. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. The business has a 50 day moving average price of $7.27 and a 200-day moving average price of $6.55.

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

Institutional Investors Weigh In On Fortuna Mining

Large investors have recently added to or reduced their stakes in the business. Cambridge Investment Research Advisors Inc. raised its stake in Fortuna Mining by 16.9% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 73,951 shares of the basic materials company's stock valued at $451,000 after acquiring an additional 10,690 shares during the period. Sumitomo Mitsui Trust Group Inc. bought a new stake in Fortuna Mining in the 1st quarter valued at $445,000. Bank of America Corp DE grew its holdings in Fortuna Mining by 15.4% in the 4th quarter. Bank of America Corp DE now owns 927,264 shares of the basic materials company's stock valued at $3,978,000 after buying an additional 123,720 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in Fortuna Mining by 29.0% in the 4th quarter. Nuveen Asset Management LLC now owns 303,857 shares of the basic materials company's stock valued at $1,304,000 after buying an additional 68,350 shares in the last quarter. Finally, Allianz Asset Management GmbH acquired a new position in Fortuna Mining in the 1st quarter valued at $588,000. 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.

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