Scotiabank Increases Fortuna Mining (NYSE:FSM) Price Target to $8.50

Key Points

• Scotiabank has raised its price target for Fortuna Mining's stock from $8.00 to $8.50, indicating a potential downside of 12.74% from its previous close.
• Currently, Fortuna Mining has an average rating of "Hold" among analysts, with two Buy ratings, four Holds, and one Sell.
• Fortuna Mining reported $0.14 earnings per share for the last quarter, missing estimates, and had revenue of $230.42 million, exceeding expectations.

Fortuna Mining (NYSE:FSM - Get Free Report) TSE: FVI had its price target raised by analysts at Scotiabank from $8.00 to $8.50 in a research note issued on Thursday,Benzinga reports. The firm currently has a "sector perform" rating on the basic materials company's stock. Scotiabank's price objective suggests a potential downside of 12.74% from the stock's previous close.

FSM has been the subject of a number of other reports. National Bankshares reiterated a "sector perform" rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Zacks Research downgraded Fortuna Mining from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. CIBC increased their price target on Fortuna Mining from $7.00 to $8.00 and gave the stock an "underperformer" rating in a report on Tuesday, July 15th. Wall Street Zen upgraded Fortuna Mining from a "hold" rating to a "buy" rating in a report on Saturday, October 11th. Finally, BMO Capital Markets reiterated an "outperform" rating on shares of Fortuna Mining in a report on Friday, August 8th. Two 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 MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $8.25.

Fortuna Mining Price Performance

NYSE:FSM traded up $0.10 during trading hours on Thursday, reaching $9.74. 1,558,970 shares of the company were exchanged, compared to its average volume of 15,952,465. The company has a market capitalization of $2.99 billion, a P/E ratio of 19.47 and a beta of 0.84. Fortuna Mining has a 1-year low of $4.13 and a 1-year high of $9.81. 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 business has a 50 day moving average of $8.02 and a 200 day moving average of $6.90.

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

Hedge Funds Weigh In On Fortuna Mining

A number of hedge funds have recently added to or reduced their stakes in the stock. Sheets Smith Wealth Management acquired a new position in Fortuna Mining during the 3rd quarter valued at about $618,000. DAVENPORT & Co LLC acquired a new position in Fortuna Mining during the 3rd quarter valued at about $454,000. Farther Finance Advisors LLC lifted its position in shares of Fortuna Mining by 32.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,589 shares of the basic materials company's stock worth $77,000 after buying an additional 2,126 shares in the last quarter. Sheets Smith Investment Management bought a new position in shares of Fortuna Mining during the 3rd quarter worth approximately $1,488,000. Finally, Osaic Holdings Inc. lifted its position in shares of Fortuna Mining by 96.7% during the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company's stock worth $40,000 after buying an additional 3,006 shares in the last quarter. Institutional investors and hedge funds own 33.80% of the company's stock.

Fortuna Mining Company Profile

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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