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

Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) hit a new 52-week high on Monday . The stock traded as high as $13.85 and last traded at $13.4040, with a volume of 906708 shares traded. The stock had previously closed at $13.66.

Analyst Ratings Changes

FSM has been the subject of several analyst reports. Zacks Research raised shares of Fortuna Mining from a “hold” rating to a “strong-buy” rating in a report on Tuesday, February 3rd. Scotiabank boosted their target price on shares of Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Wall Street Zen cut shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Monday. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a report on Monday, December 29th. One analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $11.00.

Fortuna Mining Stock Performance

The stock has a market cap of $3.75 billion, a price-to-earnings ratio of 13.63 and a beta of 0.82. The company’s 50 day simple moving average is $10.95 and its 200 day simple moving average is $9.41. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.50 and a current ratio of 2.98.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its quarterly earnings data on Wednesday, February 18th. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.23 by ($0.01). Fortuna Mining had a net margin of 27.59% and a return on equity of 14.02%. The company had revenue of $270.20 million during the quarter. On average, equities research analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Hedge Funds Weigh In On Fortuna Mining

Hedge funds have recently modified their holdings of the company. Alberta Investment Management Corp lifted its holdings in shares of Fortuna Mining by 18.7% in the fourth quarter. Alberta Investment Management Corp now owns 313,600 shares of the basic materials company’s stock valued at $3,073,000 after buying an additional 49,300 shares during the period. Mackenzie Financial Corp raised its position in Fortuna Mining by 330.0% in the fourth quarter. Mackenzie Financial Corp now owns 1,761,664 shares of the basic materials company’s stock worth $17,509,000 after acquiring an additional 1,352,016 shares in the last quarter. NewEdge Advisors LLC raised its position in Fortuna Mining by 6.3% in the fourth quarter. NewEdge Advisors LLC now owns 211,355 shares of the basic materials company’s stock worth $2,073,000 after acquiring an additional 12,540 shares in the last quarter. Voloridge Investment Management LLC lifted its holdings in Fortuna Mining by 6.7% in the 4th quarter. Voloridge Investment Management LLC now owns 2,221,012 shares of the basic materials company’s stock valued at $21,788,000 after acquiring an additional 138,932 shares during the last quarter. Finally, SPWM Advisors LLC bought a new position in shares of Fortuna Mining during the 4th quarter valued at about $98,000. 33.80% of the stock is currently owned by institutional investors and hedge funds.

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.