Fortuna Mining (NYSE:FSM) Hits New 12-Month High – What’s Next?

Shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) hit a new 52-week high on Monday . The company traded as high as $12.43 and last traded at $12.4590, with a volume of 1780303 shares changing hands. The stock had previously closed at $11.65.

Analyst Upgrades and Downgrades

FSM has been the subject of several recent research reports. National Bankshares raised Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research report on Tuesday, December 23rd. BMO Capital Markets reissued an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. Finally, Scotiabank raised their price objective on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a report on Monday. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $11.00.

Fortuna Mining Stock Up 2.5%

The company has a debt-to-equity ratio of 0.11, a current ratio of 3.30 and a quick ratio of 2.73. The firm has a 50-day moving average of $9.95 and a 200 day moving average of $8.57. The stock has a market capitalization of $3.63 billion, a price-to-earnings ratio of 16.47 and a beta of 0.89.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share for the quarter, missing the consensus estimate of $0.23 by ($0.08). The company had revenue of $246.75 million for the quarter, compared to analyst estimates of $242.19 million. Fortuna Mining had a return on equity of 12.42% and a net margin of 21.48%. As a group, sell-side analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

A number of institutional investors have recently bought and sold shares of FSM. Advisory Services Network LLC acquired a new stake in shares of Fortuna Mining in the third quarter valued at approximately $27,000. Geneos Wealth Management Inc. lifted its holdings in Fortuna Mining by 100.0% during the 2nd quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after purchasing an additional 2,000 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in 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. increased its holdings in shares of Fortuna Mining by 96.7% in the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock valued at $40,000 after purchasing an additional 3,006 shares during the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Fortuna Mining in the second quarter valued at $42,000. Institutional investors and hedge funds own 33.80% of the company’s stock.

About Fortuna Mining

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.