Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Wednesday, Zacks.com reports. The brokerage presently has a $3.50 price target on the basic materials company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 12.90% from the stock’s previous close.
According to Zacks, “Fortuna Silver Mines Inc. is engaged in the exploration, mining and development of silver and base metal properties in Latin America. Its core assets include the Caylloma Ag-Pb-Zn-Cu Mine located in Arequipa, Peru and the San Jose Ag – Au Project located in Oaxaca, Mexico. Fortuna Silver Mines Inc. is headquartered in Lima, Peru. “
Several other research firms have also recently issued reports on FSM. ValuEngine upgraded Fortuna Silver Mines from a “sell” rating to a “hold” rating in a report on Wednesday, October 2nd. Scotiabank upgraded Fortuna Silver Mines from a “sector perform” rating to a “sector outperform” rating and set a $5.00 price target on the stock in a report on Tuesday, September 10th. Finally, Canaccord Genuity upgraded Fortuna Silver Mines from a “hold” rating to a “buy” rating and set a $5.50 price target on the stock in a report on Friday, September 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $4.67.
Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last announced its earnings results on Wednesday, August 7th. The basic materials company reported $0.05 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.01. Fortuna Silver Mines had a return on equity of 4.43% and a net margin of 8.75%. The company had revenue of $67.91 million during the quarter. On average, analysts forecast that Fortuna Silver Mines will post 0.16 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently modified their holdings of FSM. Newfoundland Capital Management bought a new position in Fortuna Silver Mines during the second quarter worth about $29,000. Brookstone Capital Management bought a new position in Fortuna Silver Mines during the third quarter worth about $35,000. AMP Capital Investors Ltd bought a new position in Fortuna Silver Mines during the second quarter worth about $44,000. HighTower Advisors LLC bought a new position in Fortuna Silver Mines during the second quarter worth about $64,000. Finally, Quantitative Systematic Strategies LLC boosted its holdings in Fortuna Silver Mines by 92.9% during the second quarter. Quantitative Systematic Strategies LLC now owns 30,728 shares of the basic materials company’s stock worth $88,000 after buying an additional 14,795 shares during the last quarter. Hedge funds and other institutional investors own 37.07% of the company’s stock.
About Fortuna Silver Mines
Fortuna Silver Mines Inc engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The company explores for silver, gold, lead, and zinc deposits. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver-gold mine located in southern Mexico; and the Lindero gold project located in Argentina.
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