Fortuna Mining (NYSE:FSM) Announces Earnings Results, Misses Estimates By $0.01 EPS

Fortuna Mining (NYSE:FSM) (TSE:FVI) posted its quarterly earnings data on Wednesday. The basic materials company reported $0.22 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.01), Zacks reports. Fortuna Mining had a return on equity of 12.42% and a net margin of 21.48%.

Fortuna Mining Trading Up 1.1%

NYSE FSM traded up $0.11 on Wednesday, hitting $10.46. The company’s stock had a trading volume of 8,240,961 shares, compared to its average volume of 8,462,771. The company’s 50-day moving average is $10.36 and its 200 day moving average is $9.00. The firm has a market cap of $3.19 billion, a PE ratio of 14.53 and a beta of 0.88. Fortuna Mining has a 1-year low of $4.13 and a 1-year high of $12.54. The company has a quick ratio of 2.73, a current ratio of 3.30 and a debt-to-equity ratio of 0.11.

Analyst Ratings Changes

Several brokerages have recently commented on FSM. BMO Capital Markets restated an “outperform” rating on shares of Fortuna Mining in a research report on Friday, January 16th. Wall Street Zen cut shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research note on Saturday. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Finally, National Bank Financial upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. 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, the stock has an average rating of “Buy” and an average target price of $11.00.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its position in shares of Fortuna Mining by 98.8% in the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock valued at $7,074,000 after buying an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Fortuna Mining by 19.6% in 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 acquiring an additional 1,368,600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in Fortuna Mining by 189.0% in 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 acquiring an additional 549,665 shares during the last quarter. Geode Capital Management LLC increased its position in Fortuna Mining by 3.9% during the 2nd quarter. Geode Capital Management LLC now owns 170,952 shares of the basic materials company’s stock valued at $1,123,000 after purchasing an additional 6,405 shares during the period. Finally, Cetera Investment Advisers bought a new position in Fortuna Mining during the 2nd quarter worth approximately $122,000. 33.80% of the stock is owned by institutional investors.

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.