Fortuna Mining (NYSE:FSM) Hits New 1-Year High – Here’s What Happened

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) shares reached a new 52-week high during trading on Monday . The company traded as high as $12.43 and last traded at $12.4590, with a volume of 1780303 shares trading hands. The stock had previously closed at $11.65.

Wall Street Analysts Forecast Growth

FSM has been the topic of several research reports. BMO Capital Markets reissued an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. 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 note on Monday, November 24th. Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. National Bankshares upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Finally, Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Tuesday, December 23rd. Four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.50.

Fortuna Mining Price Performance

The company has a market cap of $3.73 billion, a PE ratio of 16.86 and a beta of 0.89. The business has a 50 day moving average of $9.82 and a 200 day moving average of $8.51. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.30 and a quick ratio of 2.73.

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 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 firm had revenue of $246.75 million during the quarter, compared to analysts’ expectations of $242.19 million. As a group, research analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. boosted its holdings in Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock worth $26,000 after acquiring an additional 2,000 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Fortuna Mining in the 3rd quarter worth about $27,000. EverSource Wealth Advisors LLC boosted its stake in Fortuna Mining by 126.8% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 2,691 shares in the last quarter. Osaic Holdings Inc. boosted its stake in Fortuna Mining by 96.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 3,006 shares in the last quarter. Finally, Farther Finance Advisors LLC purchased a new stake in Fortuna Mining during the 2nd quarter valued at about $42,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

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.