Spark Investment Management LLC Takes Position in Fortuna Mining Corp. $FSM

Spark Investment Management LLC purchased a new stake in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund purchased 45,000 shares of the basic materials company’s stock, valued at approximately $380,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Groupe la Francaise lifted its position in Fortuna Mining by 10.4% during the second quarter. Groupe la Francaise now owns 1,130,000 shares of the basic materials company’s stock valued at $9,557,000 after buying an additional 106,620 shares during the period. TD Waterhouse Canada Inc. purchased a new stake in shares of Fortuna Mining in the 2nd quarter worth about $2,388,000. AXQ Capital LP bought a new position in shares of Fortuna Mining in the 2nd quarter worth about $403,000. Public Employees Retirement System of Ohio purchased a new position in Fortuna Mining during the 2nd quarter valued at about $7,076,000. Finally, Bank of New York Mellon Corp purchased a new position in Fortuna Mining during the 2nd quarter valued at about $466,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have weighed in on FSM shares. Scotiabank restated an “outperform” rating on shares of Fortuna Mining in a report on Thursday, July 30th. Weiss Ratings cut Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Thursday, June 18th. Zacks Research upgraded Fortuna Mining from a “strong sell” rating to a “hold” rating in a research note on Monday, July 13th. Finally, Wall Street Zen cut Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Three investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $14.00.

Fortuna Mining Stock Down 1.3%

Shares of NYSE FSM traded down $0.15 during midday trading on Tuesday, hitting $12.15. The stock had a trading volume of 2,944,855 shares, compared to its average volume of 6,496,158. The business’s 50 day moving average is $9.92 and its 200-day moving average is $10.08. Fortuna Mining Corp. has a 52 week low of $7.63 and a 52 week high of $13.85. The company has a quick ratio of 2.50, a current ratio of 3.00 and a debt-to-equity ratio of 0.11. The company has a market cap of $3.60 billion, a P/E ratio of 10.30 and a beta of 1.08.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its quarterly earnings data on Wednesday, August 5th. The basic materials company reported $0.24 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.05). Fortuna Mining had a net margin of 31.99% and a return on equity of 17.48%. The business had revenue of $318.41 million for the quarter, compared to analysts’ expectations of $325.00 million. As a group, analysts predict that Fortuna Mining Corp. will post 1.24 EPS for the current year.

Fortuna Mining 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.