Causeway Capital Management LLC Takes $1.04 Million Position in Fortuna Mining Corp. $FSM

Causeway Capital Management LLC bought a new position in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 115,867 shares of the basic materials company’s stock, valued at approximately $1,038,000.

Other large investors have also recently bought and sold shares of the company. Royal Bank of Canada raised its position in Fortuna Mining by 98.8% during the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock worth $7,074,000 after buying an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of Fortuna Mining by 19.6% during 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 purchasing an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in Fortuna Mining by 189.0% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company’s stock valued at $5,127,000 after purchasing an additional 549,665 shares during the period. Savant Capital LLC acquired a new stake in Fortuna Mining during the 2nd quarter worth about $298,000. Finally, Rathbones Group PLC purchased a new position in shares of Fortuna Mining during the 2nd quarter valued at about $115,000. Hedge funds and other institutional investors own 33.80% of the company’s stock.

Fortuna Mining Stock Performance

Shares of FSM stock opened at $11.63 on Tuesday. The company has a current ratio of 2.98, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11. Fortuna Mining Corp. has a 12-month low of $4.65 and a 12-month high of $13.85. The business’s 50 day moving average is $11.08 and its two-hundred day moving average is $9.54. The company has a market capitalization of $3.55 billion, a P/E ratio of 12.92 and a beta of 0.82.

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

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on FSM. National Bank Financial upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. Wall Street Zen downgraded Fortuna Mining from a “buy” rating to a “hold” rating in a report on Monday, March 2nd. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. Finally, Scotiabank boosted their target price on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. One investment analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price 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.