Fortuna Mining (NYSE:FSM) Hits New 52-Week High – Here’s Why

Shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $10.95 and last traded at $10.8250, with a volume of 1379305 shares changing hands. The stock had previously closed at $10.42.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on FSM shares. Weiss Ratings reiterated a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a research note on Friday, January 16th. Scotiabank raised Fortuna Mining from a “sector perform” rating to an “outperform” rating and boosted their price target for the company from $10.50 to $11.00 in a research note on Monday, November 24th. National Bankshares upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating in a 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 equities research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $9.50.

Fortuna Mining Price Performance

The business has a 50-day moving average price of $9.69 and a two-hundred day moving average price of $8.42. The company has a quick ratio of 2.73, a current ratio of 3.30 and a debt-to-equity ratio of 0.11. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of 15.93 and a beta of 0.89.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last announced its quarterly earnings results 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 business had revenue of $246.75 million for the quarter, compared to the consensus estimate of $242.19 million. Fortuna Mining had a net margin of 21.48% and a return on equity of 12.42%. As a group, research analysts anticipate that Fortuna Mining Corp. will post 0.51 EPS for the current year.

Institutional Trading of Fortuna Mining

Institutional investors have recently made changes to their positions in the company. Royal Bank of Canada lifted its position in shares of Fortuna Mining by 98.8% during the first quarter. Royal Bank of Canada now owns 1,159,522 shares of the basic materials company’s stock valued at $7,074,000 after purchasing an additional 576,264 shares in the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of 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 worth $51,046,000 after buying an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Fortuna Mining by 189.0% in the first 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 valued at $5,127,000 after acquiring an additional 549,665 shares in the last quarter. Farther Finance Advisors LLC purchased a new stake in shares of Fortuna Mining during the second quarter valued at approximately $42,000. Finally, Public Employees Retirement System of Ohio lifted its holdings in Fortuna Mining by 19.3% during the second quarter. Public Employees Retirement System of Ohio now owns 769,736 shares of the basic materials company’s stock worth $5,145,000 after acquiring an additional 124,687 shares during the period. Institutional investors own 33.80% of the company’s stock.

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.