Fortuna Mining (NYSE:FSM) Upgraded to “Strong-Buy” at Wall Street Zen

Wall Street Zen upgraded shares of Fortuna Mining (NYSE:FSM) (TSE:FVI) from a hold rating to a strong-buy rating in a report issued on Saturday morning.

FSM has been the subject of a number of other research reports. BMO Capital Markets reiterated an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Scotiabank increased their price target on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a report on Monday, January 26th. Finally, Zacks Research downgraded shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Friday, April 24th. Four research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, Fortuna Mining currently has a consensus rating of “Moderate Buy” and an average target price of $11.00.

Fortuna Mining Stock Performance

Shares of FSM opened at $10.78 on Friday. The company has a 50-day simple moving average of $10.54 and a 200-day simple moving average of $10.04. The company has a quick ratio of 2.50, a current ratio of 2.98 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $3.28 billion, a PE ratio of 10.17 and a beta of 0.94. Fortuna Mining has a 52-week low of $5.23 and a 52-week high of $13.85.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). The company had revenue of $342.47 million during the quarter, compared to analysts’ expectations of $340.00 million. Fortuna Mining had a net margin of 31.07% and a return on equity of 16.73%. Equities research analysts predict that Fortuna Mining will post 1.63 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fortuna Mining

Several hedge funds have recently added to or reduced their stakes in FSM. Geneos Wealth Management Inc. increased 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 acquiring an additional 2,000 shares in the last quarter. Advisory Services Network LLC purchased a new position in Fortuna Mining during the 3rd quarter valued at about $27,000. IFP Advisors Inc purchased a new position in Fortuna Mining during the 4th quarter valued at about $29,000. EverSource Wealth Advisors LLC increased its holdings in Fortuna Mining by 126.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after acquiring an additional 2,691 shares in the last quarter. Finally, Osaic Holdings Inc. increased its holdings in Fortuna Mining by 96.7% during the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock valued at $40,000 after acquiring an additional 3,006 shares in the last quarter. 33.80% of the stock is currently owned by hedge funds and other 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.