Fortuna Mining (NYSE:FSM) Upgraded at Zacks Research

Key Points

• Fortuna Mining was upgraded by Zacks Research from “strong sell” to “hold”, while other firms also made mixed rating changes. Overall, analysts now rate the stock a Moderate Buy with an average price target of $14.00.
• The stock was up 1.7% and opened at $8.51, well below its 12-month high of $13.85. It currently has a market cap of $2.55 billion and trades at a P/E ratio of 8.03.
• In its latest quarterly results, Fortuna Mining reported $0.35 EPS, missing analyst estimates by $0.02, while revenue came in slightly above expectations at $342.47 million. Institutional investors such as Royal Bank of Canada and Goldman Sachs also increased their holdings.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI was upgraded by Zacks Research from a "strong sell" rating to a "hold" rating in a report released on Monday,Zacks.com reports.

Several other analysts have also commented on the company. Wall Street Zen lowered Fortuna Mining from a "strong-buy" rating to a "buy" rating in a report on Sunday. Weiss Ratings downgraded Fortuna Mining from a "buy (b-)" rating to a "hold (c+)" rating in a report on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $14.00.

Fortuna Mining Trading Up 1.7%

Shares of FSM stock opened at $8.51 on Monday. Fortuna Mining has a 12-month low of $6.17 and a 12-month high of $13.85. The company has a current ratio of 3.17, a quick ratio of 2.74 and a debt-to-equity ratio of 0.10. The firm's 50 day moving average is $9.21 and its 200 day moving average is $10.13. The stock has a market capitalization of $2.55 billion, a P/E ratio of 8.03 and a beta of 0.99.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last posted its earnings results on Wednesday, May 6th. The basic materials company reported $0.35 EPS for the quarter, missing analysts' consensus estimates of $0.37 by ($0.02). The company had revenue of $342.47 million during the quarter, compared to the consensus estimate of $340.00 million. Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%. Research analysts expect that Fortuna Mining will post 1.43 earnings per share for the current year.

Hedge Funds Weigh In On Fortuna Mining

A number of institutional investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in Fortuna Mining by 98.8% during the first quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company's stock valued at $7,074,000 after purchasing an additional 576,264 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Fortuna Mining by 19.6% in 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 buying an additional 1,368,600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of Fortuna Mining by 189.0% in 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 buying an additional 549,665 shares during the period. Geode Capital Management LLC lifted its position in shares of Fortuna Mining by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company's stock valued at $1,123,000 after buying an additional 6,405 shares in the last quarter. Finally, Cetera Investment Advisers purchased a new position in shares of Fortuna Mining during the 2nd quarter valued at about $122,000. 33.80% of the stock is owned by 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.

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