Fortuna Mining (NYSE:FSM) Sets New 12-Month High - What's Next?

Key Points

• Fortuna Mining Corp. achieved a new 52-week high with shares trading as high as $8.92, closing at $8.79 on Monday, with a volume of 444,590 shares traded.
• Analysts have mixed ratings on the stock; CIBC raised its price target to $8.00 while Zacks downgraded it from "strong-buy" to "hold," resulting in a consensus "Hold" rating with a target price of $8.00.
• Fortuna Mining's most recent quarterly earnings reported an EPS of $0.14, missing estimates, despite revenue of $230.42 million exceeding expectations.

Fortuna Mining Corp. (NYSE:FSM - Get Free Report) TSE: FVI's share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $8.92 and last traded at $8.79, with a volume of 444590 shares traded. The stock had previously closed at $8.67.

Analyst Ratings Changes

Several research analysts have issued reports on the stock. CIBC raised their price objective on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research report on Tuesday, July 15th. Wall Street Zen downgraded shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Saturday, August 9th. BMO Capital Markets reaffirmed an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. Zacks Research downgraded shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, National Bankshares reaffirmed a "sector perform" rating on shares of Fortuna Mining in a report on Tuesday, June 24th. One research analyst has rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $8.00.

Fortuna Mining Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.71 and a quick ratio of 2.15. The company's 50 day moving average is $7.43 and its 200 day moving average is $6.64. The stock has a market cap of $2.68 billion, a price-to-earnings ratio of 17.45 and a beta of 0.85.

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 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.08). The company had revenue of $230.42 million during the quarter, compared to analyst estimates of $220.00 million. Fortuna Mining had a net margin of 14.36% and a return on equity of 12.74%. Research analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. Nuveen Asset Management LLC lifted its position in shares of 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 worth $1,304,000 after buying an additional 68,350 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Fortuna Mining by 71.9% during the 4th quarter. Public Employees Retirement System of Ohio now owns 651,688 shares of the basic materials company's stock valued at $2,796,000 after buying an additional 272,547 shares during the period. Vanguard Capital Wealth Advisors increased its stake in Fortuna Mining by 186.2% during the 1st quarter. Vanguard Capital Wealth Advisors now owns 44,501 shares of the basic materials company's stock valued at $271,000 after buying an additional 28,952 shares during the period. SG Americas Securities LLC increased its stake in Fortuna Mining by 702.7% during the 1st quarter. SG Americas Securities LLC now owns 178,250 shares of the basic materials company's stock valued at $1,087,000 after buying an additional 156,043 shares during the period. Finally, Cambridge Investment Research Advisors Inc. increased its stake in Fortuna Mining by 16.9% during 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 buying an additional 10,690 shares during the period. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

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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