Scotiabank Boosts Fortuna Mining (NYSE:FSM) Price Target to $10.50

Key Points

• Scotiabank has increased the price target for Fortuna Mining from $8.50 to $10.50, suggesting a potential upside of 28.91% from its current price.
• Fortuna Mining received mixed ratings from analysts, with Zacks Research downgrading it to a "hold," while Wall Street Zen upgraded it to a "buy."
• Institutional investors have been active, with several increasing their stakes in Fortuna Mining, which now has 33.80% of its stock held by institutional investors.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI had its price target hoisted by research analysts at Scotiabank from $8.50 to $10.50 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a "sector perform" rating on the basic materials company's stock. Scotiabank's target price points to a potential upside of 28.91% from the stock's current price.

Other equities analysts have also recently issued reports about the stock. Zacks Research cut shares of Fortuna Mining from a "strong-buy" rating to a "hold" rating in a research report on Friday, August 15th. Wall Street Zen raised shares of Fortuna Mining from a "hold" rating to a "buy" rating in a research note on Saturday, October 11th. CIBC boosted their price objective on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a research note on Tuesday, July 15th. Weiss Ratings restated a "buy (b)" rating on shares of Fortuna Mining in a research report on Tuesday, October 14th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a research report on Friday, August 8th. Two investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, Fortuna Mining presently has an average rating of "Hold" and a consensus price target of $9.25.

Fortuna Mining Stock Performance

FSM traded up $0.05 on Thursday, reaching $8.15. The stock had a trading volume of 3,847,564 shares, compared to its average volume of 15,888,217. Fortuna Mining has a 12-month low of $4.13 and a 12-month high of $9.81. 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 company has a market cap of $2.50 billion, a P/E ratio of 16.29 and a beta of 0.84. The business's 50-day moving average price is $8.21 and its two-hundred day moving average price is $7.00.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI last issued its quarterly earnings results 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). The business 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%. Sell-side analysts forecast that Fortuna Mining will post 0.51 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FSM. Nuveen LLC purchased a new stake in shares of Fortuna Mining during the 1st quarter valued at approximately $17,032,000. Connor Clark & Lunn Investment Management Ltd. grew its stake in Fortuna Mining by 123.9% during the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company's stock worth $29,553,000 after purchasing an additional 2,688,900 shares in the last quarter. Jump Financial LLC purchased a new position in shares of Fortuna Mining in the 1st quarter valued at about $14,076,000. Acadian Asset Management LLC increased 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 worth $45,815,000 after buying an additional 2,171,847 shares during the period. Finally, Cubist Systematic Strategies LLC lifted its stake in Fortuna Mining by 424.0% in the first quarter. Cubist Systematic Strategies LLC now owns 2,083,146 shares of the basic materials company's stock worth $12,706,000 after acquiring an additional 1,685,634 shares during the last quarter. Hedge funds and other 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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