Fortuna Mining Corp. $FSM Shares Sold by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. trimmed its position in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 14.5% during the second quarter, Holdings Channel reports. The firm owned 368,110 shares of the basic materials company’s stock after selling 62,590 shares during the quarter. PCJ Investment Counsel Ltd.’s holdings in Fortuna Mining were worth $2,416,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Savant Capital LLC acquired a new stake in Fortuna Mining in the 2nd quarter valued at about $298,000. TIAA Trust National Association acquired a new position in shares of Fortuna Mining during the 2nd quarter worth approximately $2,855,000. Versor Investments LP purchased a new stake in Fortuna Mining in the 2nd quarter valued at approximately $638,000. Y Intercept Hong Kong Ltd acquired a new stake in Fortuna Mining during the 2nd quarter valued at $3,966,000. Finally, Drive Wealth Management LLC purchased a new position in Fortuna Mining during the second quarter worth $95,000. Institutional investors and hedge funds own 33.80% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on FSM. Wall Street Zen cut Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Zacks Research lowered shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research report on Friday, August 15th. CIBC raised their target price on shares of Fortuna Mining from $7.00 to $8.00 and gave the stock an “underperformer” rating in a research report on Tuesday, July 15th. Scotiabank lifted their target price on shares of Fortuna Mining from $8.50 to $10.50 and gave the stock a “sector perform” rating in a research note on Thursday, October 23rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research note on Tuesday, October 14th. Two analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $9.25.

Fortuna Mining Stock Performance

NYSE:FSM opened at $8.17 on Friday. The company has a market cap of $2.51 billion, a P/E ratio of 16.35 and a beta of 0.85. The firm’s 50 day moving average is $8.38 and its two-hundred day moving average is $7.17. Fortuna Mining Corp. has a fifty-two week low of $4.13 and a fifty-two week high of $9.81. The company has a quick ratio of 2.15, a current ratio of 2.71 and a debt-to-equity ratio of 0.13.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its quarterly earnings data on Wednesday, November 5th. The basic materials company reported $0.15 EPS for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%.The firm had revenue of $246.75 million for the quarter, compared to analyst estimates of $242.19 million. Analysts expect that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Fortuna Mining 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.