Fortuna Mining (NYSE:FSM) Posts Quarterly Earnings Results, Misses Estimates By $0.05 EPS

Fortuna Mining (NYSE:FSM) (TSE:FVI) posted its quarterly earnings data on Wednesday. The basic materials company reported $0.24 earnings per share for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.05), Zacks reports. Fortuna Mining had a net margin of 31.99% and a return on equity of 17.66%. The company had revenue of $318.41 million for the quarter, compared to analysts’ expectations of $325.00 million.

Fortuna Mining Price Performance

NYSE FSM traded up $0.85 during trading hours on Friday, reaching $10.41. The company’s stock had a trading volume of 7,168,442 shares, compared to its average volume of 6,624,957. Fortuna Mining has a 1 year low of $6.33 and a 1 year high of $13.85. The company has a quick ratio of 2.74, a current ratio of 3.17 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $3.08 billion, a price-to-earnings ratio of 8.83 and a beta of 1.01. The firm’s 50-day moving average price is $8.77 and its 200-day moving average price is $9.95.

Institutional Investors Weigh In On Fortuna Mining

Institutional investors and hedge funds have recently modified their holdings of the stock. Advisory Services Network LLC bought a new position in shares of Fortuna Mining during the third quarter worth $27,000. Geneos Wealth Management Inc. increased its holdings in Fortuna Mining by 100.0% in 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 during the last quarter. EverSource Wealth Advisors LLC lifted its stake in Fortuna Mining by 126.8% in the 2nd 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 in the last quarter. Osaic Holdings Inc. lifted its stake in Fortuna Mining by 96.7% in the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after purchasing an additional 3,006 shares in the last quarter. Finally, Employees Retirement System of Texas boosted its holdings in shares of Fortuna Mining by 1,250.0% during the 3rd quarter. Employees Retirement System of Texas now owns 7,263 shares of the basic materials company’s stock valued at $65,000 after purchasing an additional 6,725 shares during the last quarter. Institutional investors own 33.80% of the company’s stock.

Analyst Upgrades and Downgrades

FSM has been the subject of a number of recent analyst reports. Scotiabank reiterated an “outperform” rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Weiss Ratings cut shares of Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Zacks Research raised shares of Fortuna Mining from a “strong sell” rating to a “hold” rating in a report on Monday, July 13th. Finally, Wall Street Zen lowered Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.00.

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.