Fortuna Mining (NYSE:FSM) Hits New 1-Year High – Still a Buy?

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) hit a new 52-week high on Monday . The stock traded as high as $10.72 and last traded at $10.6740, with a volume of 1027767 shares traded. The stock had previously closed at $10.26.

Analyst Ratings Changes

FSM has been the topic of a number of recent analyst reports. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortuna Mining in a research note on Monday, December 29th. National Bankshares upgraded shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Scotiabank raised Fortuna Mining from a “sector perform” rating to an “outperform” rating and boosted their price target for the stock from $10.50 to $11.00 in a research report on Monday, November 24th. Finally, Wall Street Zen raised shares of Fortuna Mining from a “hold” rating to a “buy” rating in a research report on Tuesday, December 23rd. Four analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $9.50.

Fortuna Mining Price Performance

The stock has a 50 day moving average price of $9.32 and a 200-day moving average price of $8.22. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.30 and a quick ratio of 2.73. The stock has a market capitalization of $3.26 billion, a price-to-earnings ratio of 14.76 and a beta of 0.89.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced 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). The company had revenue of $246.75 million for the quarter, compared to analysts’ expectations of $242.19 million. Fortuna Mining had a return on equity of 12.42% and a net margin of 21.48%. On average, analysts forecast that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Institutional Trading of Fortuna Mining

A number of large investors have recently made changes to their positions in FSM. Royal Bank of Canada raised its stake in shares of Fortuna Mining by 98.8% during the 1st quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock worth $7,074,000 after buying an additional 576,264 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Fortuna Mining by 19.6% during 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 buying an additional 1,368,600 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in shares of Fortuna Mining by 189.0% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 840,496 shares of the basic materials company’s stock worth $5,127,000 after purchasing an additional 549,665 shares during the period. Farther Finance Advisors LLC purchased a new stake in Fortuna Mining during the second quarter worth approximately $42,000. Finally, Public Employees Retirement System of Ohio increased its holdings in Fortuna Mining by 19.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 769,736 shares of the basic materials company’s stock valued at $5,145,000 after purchasing an additional 124,687 shares in the last quarter. 33.80% of the stock is currently owned by hedge funds and other institutional investors.

About Fortuna Mining

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.