CIBC Increases Fortuna Mining (NYSE:FSM) Price Target to $8.00

Fortuna Mining (NYSE:FSM) (TSE:FVI) had its price target hoisted by stock analysts at CIBC from $7.00 to $8.00 in a report issued on Tuesday,Benzinga reports. The firm presently has an “underperformer” rating on the basic materials company’s stock. CIBC’s price objective points to a potential upside of 23.74% from the stock’s current price.

A number of other analysts also recently weighed in on FSM. National Bankshares restated a “sector perform” rating on shares of Fortuna Mining in a report on Tuesday, June 24th. National Bank Financial upgraded Fortuna Mining to a “hold” rating in a report on Friday, March 21st. Finally, Scotiabank increased their price target on Fortuna Mining from $6.00 to $7.00 and gave the stock a “sector perform” rating in a report on Monday, April 14th. One research analyst has rated the stock with a sell rating and three have assigned a hold rating to the company’s stock. Based on data from MarketBeat, Fortuna Mining currently has an average rating of “Hold” and an average target price of $7.50.

Fortuna Mining Stock Down 2.2%

Shares of NYSE:FSM opened at $6.47 on Tuesday. The company has a fifty day moving average of $6.36 and a 200-day moving average of $5.64. The company has a market capitalization of $1.98 billion, a PE ratio of 12.68 and a beta of 0.94. The company has a debt-to-equity ratio of 0.12, a quick ratio of 1.56 and a current ratio of 2.04. Fortuna Mining has a 52-week low of $3.86 and a 52-week high of $7.55.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings data on Wednesday, May 7th. The basic materials company reported $0.20 earnings per share for the quarter, missing analysts’ consensus estimates of $0.21 by ($0.01). The company had revenue of $290.15 million during the quarter, compared to analyst estimates of $291.00 million. Fortuna Mining had a net margin of 14.28% and a return on equity of 12.94%. On average, equities analysts predict that Fortuna Mining will post 0.51 EPS for the current fiscal year.

Institutional Trading of Fortuna Mining

Large investors have recently made changes to their positions in the company. Optiver Holding B.V. bought a new position in Fortuna Mining in the 4th quarter valued at about $26,000. Farther Finance Advisors LLC bought a new position in shares of Fortuna Mining during the 2nd quarter worth approximately $42,000. Bank of Nova Scotia bought a new position in shares of Fortuna Mining during the 4th quarter worth approximately $46,000. TD Waterhouse Canada Inc. lifted its position in shares of Fortuna Mining by 24.4% during the 4th quarter. TD Waterhouse Canada Inc. now owns 12,440 shares of the basic materials company’s stock worth $53,000 after buying an additional 2,440 shares in the last quarter. Finally, Dark Forest Capital Management LP bought a new stake in shares of Fortuna Mining in the 4th quarter worth approximately $57,000. 33.80% of the stock is currently owned by institutional investors and hedge funds.

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.