Arrowstreet Capital Limited Partnership Has $70.85 Million Stock Position in Fortuna Mining Corp. $FSM

Arrowstreet Capital Limited Partnership cut its holdings in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 22.1% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 10,823,437 shares of the basic materials company’s stock after selling 3,063,731 shares during the quarter. Arrowstreet Capital Limited Partnership owned 3.53% of Fortuna Mining worth $70,852,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. National Bank of Canada FI lifted its position in shares of Fortuna Mining by 41.1% in the first quarter. National Bank of Canada FI now owns 1,238,507 shares of the basic materials company’s stock worth $7,512,000 after purchasing an additional 360,488 shares in the last quarter. PCJ Investment Counsel Ltd. grew its position in Fortuna Mining by 3.4% during the first quarter. PCJ Investment Counsel Ltd. now owns 430,700 shares of the basic materials company’s stock valued at $2,619,000 after purchasing an additional 14,240 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. increased its stake in Fortuna Mining by 123.9% in the 1st quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company’s stock valued at $29,553,000 after buying an additional 2,688,900 shares during the period. Invesco Ltd. lifted its position in Fortuna Mining by 38.7% in the 1st quarter. Invesco Ltd. now owns 2,692,091 shares of the basic materials company’s stock worth $16,422,000 after buying an additional 751,343 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in shares of Fortuna Mining during the 1st quarter valued at $17,032,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on FSM. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday. Scotiabank upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating and boosted their target price for the company from $10.50 to $11.00 in a research note on Monday, November 24th. Zacks Research lowered Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a research note on Friday, August 8th. Finally, Wall Street Zen lowered Fortuna Mining from a “buy” rating to a “hold” rating in a report on Saturday, November 29th. Four equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $9.50.

Fortuna Mining Stock Down 2.4%

Shares of FSM stock opened at $9.32 on Friday. The stock’s 50 day simple moving average is $8.73 and its 200 day simple moving average is $7.58. Fortuna Mining Corp. has a twelve month low of $4.13 and a twelve month high of $10.38. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.73 and a current ratio of 3.30. The company has a market capitalization of $2.86 billion, a price-to-earnings ratio of 12.94 and a beta of 0.95.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a return on equity of 12.42% and a net margin of 21.48%.The company had revenue of $246.75 million for the quarter, compared to the consensus estimate of $242.19 million. As a group, research analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Fortuna Mining 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.