Fortuna Mining (NYSE:FSM) Downgraded to “Strong Sell” Rating by Zacks Research

Fortuna Mining (NYSE:FSM) (TSE:FVI) was downgraded by equities research analysts at Zacks Research from a “hold” rating to a “strong sell” rating in a report released on Monday,Zacks.com reports.

A number of other equities analysts have also issued reports on the company. 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. Weiss Ratings raised Fortuna Mining from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, May 8th. Finally, Wall Street Zen raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Saturday, May 9th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $11.00.

Fortuna Mining Stock Up 4.5%

Shares of Fortuna Mining stock opened at $9.77 on Monday. The company has a fifty day moving average price of $9.96 and a 200 day moving average price of $10.21. The company has a current ratio of 3.17, a quick ratio of 2.74 and a debt-to-equity ratio of 0.10. Fortuna Mining has a twelve month low of $5.67 and a twelve month high of $13.85. The stock has a market cap of $2.98 billion, a price-to-earnings ratio of 9.22 and a beta of 0.94.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). The firm had revenue of $342.47 million during the quarter, compared to analysts’ expectations of $340.00 million. Fortuna Mining had a net margin of 31.07% and a return on equity of 16.26%. Equities research analysts forecast that Fortuna Mining will post 1.43 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Large investors have recently bought and sold shares of the business. American Century Companies Inc. lifted its holdings in Fortuna Mining by 26.2% in the third quarter. American Century Companies Inc. now owns 8,032,284 shares of the basic materials company’s stock worth $71,924,000 after acquiring an additional 1,669,226 shares during the last quarter. Jupiter Asset Management Ltd. bought a new position in Fortuna Mining in the third quarter worth about $550,000. Quantbot Technologies LP lifted its holdings in Fortuna Mining by 190.4% in the third quarter. Quantbot Technologies LP now owns 465,375 shares of the basic materials company’s stock worth $4,170,000 after acquiring an additional 305,115 shares during the last quarter. Causeway Capital Management LLC bought a new position in Fortuna Mining in the third quarter worth about $1,038,000. Finally, Allianz Asset Management GmbH bought a new position in Fortuna Mining in the third quarter worth about $1,648,000. 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.