Fortuna Mining (NYSE:FSM) Upgraded at Cibc Captl Mkts

Cibc Captl Mkts upgraded shares of Fortuna Mining (NYSE:FSM) (TSE:FVI) from a strong sell rating to a hold rating in a research note published on Tuesday morning,Zacks.com reports.

FSM has been the subject of several other reports. BMO Capital Markets reiterated an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. National Bankshares raised shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. Scotiabank increased their price objective on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday, January 26th. Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research report on Tuesday, December 23rd. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $11.00.

Fortuna Mining Stock Down 7.7%

Shares of NYSE FSM opened at $9.76 on Tuesday. The firm has a market cap of $2.98 billion, a P/E ratio of 13.55 and a beta of 0.88. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.73 and a current ratio of 3.30. Fortuna Mining has a 1 year low of $4.13 and a 1 year high of $12.54. The firm’s 50 day moving average price is $10.16 and its 200 day moving average price is $8.74.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share 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 business had revenue of $246.75 million for the quarter, compared to analysts’ expectations of $242.19 million. As a group, sell-side analysts anticipate that Fortuna Mining will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On Fortuna Mining

A number of hedge funds have recently made changes to their positions in FSM. Van ECK Associates Corp lifted its holdings in shares of Fortuna Mining by 43.5% during the 3rd quarter. Van ECK Associates Corp now owns 29,280,727 shares of the basic materials company’s stock valued at $262,354,000 after acquiring an additional 8,878,857 shares in the last quarter. Arrowstreet Capital Limited Partnership increased its holdings in Fortuna Mining by 80.4% in the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 19,530,048 shares of the basic materials company’s stock valued at $174,866,000 after purchasing an additional 8,706,611 shares in the last quarter. Vanguard Group Inc. raised its position in Fortuna Mining by 1,623.8% in the third quarter. Vanguard Group Inc. now owns 4,562,023 shares of the basic materials company’s stock valued at $40,844,000 after purchasing an additional 4,297,370 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in Fortuna Mining by 38.1% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 13,707,054 shares of the basic materials company’s stock valued at $122,747,000 after purchasing an additional 3,779,920 shares during the period. Finally, Invesco Ltd. lifted its stake in shares of Fortuna Mining by 1,130.8% during the third quarter. Invesco Ltd. now owns 3,118,752 shares of the basic materials company’s stock worth $27,944,000 after purchasing an additional 2,865,367 shares in the last quarter. Hedge funds and other institutional investors 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. The company was formerly known as Fortuna Silver Mines Inc and changed its name to Fortuna Mining Corp.