Fortuna Mining (NYSE:FSM) Reaches New 52-Week High – Still a Buy?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI)’s share price reached a new 52-week high during trading on Monday . The company traded as high as $13.41 and last traded at $13.2760, with a volume of 3289556 shares. The stock had previously closed at $12.27.

Wall Street Analysts Forecast Growth

FSM has been the subject of a number of recent analyst reports. Scotiabank upped their target price on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research report on Monday, January 26th. National Bank Financial raised shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Zacks Research upgraded shares of Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, February 3rd. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat, Fortuna Mining presently has a consensus rating of “Buy” and a consensus price target of $11.00.

Fortuna Mining Stock Performance

The firm has a market capitalization of $4.14 billion, a price-to-earnings ratio of 15.07 and a beta of 0.88. The company has a current ratio of 2.98, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11. The stock’s 50-day moving average is $10.61 and its 200-day moving average is $9.19.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its earnings results on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.01). The company had revenue of $270.20 million for the quarter. Fortuna Mining had a return on equity of 14.02% and a net margin of 27.59%. On average, analysts predict that Fortuna Mining Corp. will post 0.51 EPS for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Geneos Wealth Management Inc. boosted its stake in shares of Fortuna Mining by 100.0% during the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 2,000 shares in the last quarter. Advisory Services Network LLC acquired a new stake in Fortuna Mining during the 3rd quarter worth approximately $27,000. IFP Advisors Inc bought a new stake in Fortuna Mining during the 4th quarter worth approximately $29,000. EverSource Wealth Advisors LLC increased its position 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 valued at $31,000 after acquiring an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. increased its position 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 valued at $40,000 after acquiring an additional 3,006 shares during the period. Institutional investors and hedge funds 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.