Abbington Investment Group Takes Position in Fortuna Mining Corp. $FSM

Abbington Investment Group purchased a new position in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) during the 3rd quarter, according to its most recent 13F filing with the SEC. The firm purchased 99,836 shares of the basic materials company’s stock, valued at approximately $895,000.

Other large investors have also bought and sold shares of the company. Acadian Asset Management LLC lifted its position in shares of Fortuna Mining by 44.8% in the 2nd quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company’s stock worth $45,815,000 after purchasing an additional 2,171,847 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in Fortuna Mining by 18.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 9,927,134 shares of the basic materials company’s stock worth $64,823,000 after buying an additional 1,554,963 shares in the last quarter. Goldman Sachs Group Inc. lifted its holdings in 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. Qube Research & Technologies Ltd boosted its position in Fortuna Mining by 515.0% during the 2nd quarter. Qube Research & Technologies Ltd now owns 1,616,445 shares of the basic materials company’s stock valued at $10,572,000 after acquiring an additional 1,353,605 shares in the last quarter. Finally, Y Intercept Hong Kong Ltd purchased a new position in shares of Fortuna Mining during the 2nd quarter worth approximately $3,966,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

Fortuna Mining Trading Down 0.9%

NYSE FSM opened at $9.96 on Friday. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 month high of $10.45. The company has a current ratio of 3.30, a quick ratio of 2.73 and a debt-to-equity ratio of 0.11. The stock’s fifty day moving average price is $9.28 and its 200-day moving average price is $8.17. The stock has a market cap of $3.06 billion, a P/E ratio of 13.83 and a beta of 0.89.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing the consensus estimate 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 during the quarter, compared to analysts’ expectations of $242.19 million. As a group, equities analysts forecast that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on FSM shares. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, December 23rd. Scotiabank raised Fortuna Mining from a “sector perform” rating to an “outperform” rating and raised their price objective for the company from $10.50 to $11.00 in a research report on Monday, November 24th. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. Finally, National Bankshares raised shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Four research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Fortuna Mining presently has a consensus rating of “Hold” and an average target price of $9.50.

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.