Fortuna Mining (NYSE:FSM) Stock Price Down 7.4% – What’s Next?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) fell 7.4% on Wednesday. The company traded as low as $10.51 and last traded at $10.3490. 3,866,839 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 6,321,827 shares. The stock had previously closed at $11.18.

Wall Street Analyst Weigh In

FSM has been the topic of a number of recent analyst reports. Zacks Research upgraded Fortuna Mining from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Scotiabank reaffirmed an “outperform” rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Weiss Ratings raised shares of Fortuna Mining from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, September 8th. Finally, Wall Street Zen lowered shares of Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research report on Sunday, July 12th. Four equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

Fortuna Mining Trading Up 3.3%

The firm has a fifty day moving average of $11.34 and a two-hundred day moving average of $10.07. The company has a market cap of $3.24 billion, a PE ratio of 9.28 and a beta of 1.05. The company has a current ratio of 3.00, a quick ratio of 2.50 and a debt-to-equity ratio of 0.11.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its earnings results on Wednesday, August 5th. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 the consensus estimate of $325.00 million. As a group, sell-side analysts predict that Fortuna Mining Corp. will post 1.24 EPS for the current year.

Hedge Funds Weigh In On Fortuna Mining

A number of large investors have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership grew its position in shares of Fortuna Mining by 3.5% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 20,216,810 shares of the basic materials company’s stock valued at $198,176,000 after purchasing an additional 686,762 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Fortuna Mining by 5.6% in the first quarter. Dimensional Fund Advisors LP now owns 10,634,157 shares of the basic materials company’s stock worth $105,576,000 after purchasing an additional 567,558 shares during the last quarter. Euro Pacific Asset Management LLC raised its stake in Fortuna Mining by 0.5% in the first quarter. Euro Pacific Asset Management LLC now owns 4,485,635 shares of the basic materials company’s stock valued at $43,925,000 after purchasing an additional 20,866 shares in the last quarter. Bank of America Corp DE lifted its position in Fortuna Mining by 9.8% during the first quarter. Bank of America Corp DE now owns 2,856,308 shares of the basic materials company’s stock valued at $28,363,000 after purchasing an additional 255,336 shares during the last quarter. Finally, Royal Bank of Canada lifted its position in Fortuna Mining by 33.1% during the first quarter. Royal Bank of Canada now owns 1,394,600 shares of the basic materials company’s stock valued at $13,849,000 after purchasing an additional 346,716 shares during the last quarter. 33.80% of the stock is currently owned by institutional investors.

Fortuna Mining Company Profile

Fortuna Mining Corp. is a precious metals mining company formerly known as Fortuna Silver Mines Inc The company explores, develops, and operates mines producing gold and silver, with activities spanning Latin America and West Africa.

Fortuna’s operating portfolio includes the Lindero gold mine in Argentina, the Séguéla gold mine in Côte d’Ivoire, the Yaramoko gold mine in Burkina Faso, and the Caylloma silver mine in Peru. The company also conducts mineral exploration and resource development in the regions surrounding its operations.

Founded in 2004, Fortuna initially focused on silver mining in Latin America before expanding into gold production and broadening its geographic presence.