Franklin Resources Inc. Trims Position in Fortuna Mining Corp. $FSM

Franklin Resources Inc. cut its stake in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 55.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 141,144 shares of the basic materials company’s stock after selling 174,462 shares during the period. Franklin Resources Inc.’s holdings in Fortuna Mining were worth $924,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of FSM. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in Fortuna Mining by 11.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 8,372,171 shares of the basic materials company’s stock valued at $50,899,000 after acquiring an additional 859,398 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in Fortuna Mining by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company’s stock valued at $51,046,000 after purchasing an additional 1,368,600 shares during the period. Acadian Asset Management LLC boosted its holdings in Fortuna Mining by 44.8% in the 2nd quarter. Acadian Asset Management LLC now owns 7,021,169 shares of the basic materials company’s stock valued at $45,815,000 after purchasing an additional 2,171,847 shares during the period. American Century Companies Inc. grew its position in shares of Fortuna Mining by 17.7% during the 1st quarter. American Century Companies Inc. now owns 5,928,763 shares of the basic materials company’s stock valued at $36,075,000 after purchasing an additional 889,933 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. increased its holdings in shares of Fortuna Mining by 123.9% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company’s stock worth $29,553,000 after purchasing an additional 2,688,900 shares during the period. 33.80% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research report on Sunday. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 1st. Zacks Research lowered Fortuna Mining from a “strong-buy” rating to a “hold” rating in a report on Friday, August 15th. Scotiabank raised shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating and raised their target price for the company from $10.50 to $11.00 in a research note on Monday, November 24th. Finally, National Bankshares upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research report on Monday, November 24th. Four analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $9.50.

Fortuna Mining Price Performance

Shares of Fortuna Mining stock opened at $9.26 on Friday. The firm has a market capitalization of $2.84 billion, a PE ratio of 12.86 and a beta of 0.95. The company has a current ratio of 3.30, a quick ratio of 2.73 and a debt-to-equity ratio of 0.11. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 month high of $10.38. The business’s 50-day moving average price is $8.74 and its 200-day moving average price is $7.62.

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