TD Asset Management Inc Cuts Stake in Fortuna Mining Corp. $FSM

TD Asset Management Inc cut its stake in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 23.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,765,425 shares of the basic materials company’s stock after selling 529,530 shares during the period. TD Asset Management Inc’s holdings in Fortuna Mining were worth $15,809,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of the company. Jupiter Asset Management Ltd. purchased a new position in Fortuna Mining in the 3rd quarter valued at about $550,000. Vanguard Group Inc. grew its stake in Fortuna Mining by 1,623.8% during the 3rd 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 in the last quarter. Public Sector Pension Investment Board purchased a new stake in Fortuna Mining during the 3rd quarter worth approximately $205,000. Cibc World Market Inc. raised its position in shares of Fortuna Mining by 8.9% in the 3rd quarter. Cibc World Market Inc. now owns 200,696 shares of the basic materials company’s stock valued at $1,796,000 after purchasing an additional 16,344 shares in the last quarter. Finally, Caprock Group LLC purchased a new position in shares of Fortuna Mining during the 3rd quarter valued at approximately $161,000. Institutional investors and hedge funds own 33.80% of the company’s stock.

Fortuna Mining Price Performance

NYSE:FSM opened at $13.69 on Monday. The company has a quick ratio of 2.50, a current ratio of 2.98 and a debt-to-equity ratio of 0.11. The business’s 50-day moving average price is $10.84 and its 200 day moving average price is $9.33. Fortuna Mining Corp. has a 52-week low of $4.13 and a 52-week high of $13.84. The firm has a market cap of $4.18 billion, a P/E ratio of 15.22 and a beta of 0.82.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its quarterly 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). Fortuna Mining had a return on equity of 14.02% and a net margin of 27.59%.The company had revenue of $270.20 million during the quarter. As a group, sell-side analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on FSM. Wall Street Zen downgraded shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Monday. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. Scotiabank boosted their price target on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company’s stock. According to data from MarketBeat.com, Fortuna Mining currently has a consensus rating of “Buy” and an average price target of $11.00.

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.