Fortuna Mining (NYSE:FSM) Releases Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Fortuna Mining (NYSE:FSM) (TSE:FVI) released its quarterly earnings results on Wednesday. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05), Zacks reports. Fortuna Mining had a return on equity of 16.26% and a net margin of 31.07%.

Fortuna Mining Trading Up 6.5%

NYSE FSM traded up $0.58 on Wednesday, hitting $9.63. 8,816,576 shares of the stock were exchanged, compared to its average volume of 5,211,016. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.74 and a current ratio of 3.17. Fortuna Mining has a 52-week low of $6.17 and a 52-week high of $13.85. The firm has a market capitalization of $2.85 billion, a P/E ratio of 9.09 and a beta of 1.01. The stock has a fifty day moving average price of $8.77 and a two-hundred day moving average price of $9.96.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Geneos Wealth Management Inc. raised its holdings in shares of Fortuna Mining by 100.0% in the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after acquiring an additional 2,000 shares in the last quarter. Advisory Services Network LLC purchased a new position in shares of Fortuna Mining in the third quarter worth $27,000. EverSource Wealth Advisors LLC lifted its holdings in shares of Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock worth $31,000 after purchasing an additional 2,691 shares during the period. Osaic Holdings Inc. raised its holdings in shares of Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 3,006 shares during the last quarter. Finally, Employees Retirement System of Texas raised its stake in shares of Fortuna Mining by 1,250.0% during the 3rd quarter. Employees Retirement System of Texas now owns 7,263 shares of the basic materials company’s stock valued at $65,000 after buying an additional 6,725 shares during the last quarter. Hedge funds and other institutional investors own 33.80% of the company’s stock.

Wall Street Analyst Weigh In

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

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.