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

Fortuna Mining (NYSE:FSM) (TSE:FVI) issued its quarterly earnings results on Wednesday. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05), Zacks reports. Fortuna Mining had a net margin of 31.07% and a return on equity of 16.26%.

Fortuna Mining Price Performance

Shares of NYSE FSM traded up $0.58 during mid-day trading on Wednesday, hitting $9.63. 8,816,576 shares of the stock were exchanged, compared to its average volume of 5,211,016. The company has a market cap of $2.85 billion, a P/E ratio of 9.09 and a beta of 1.01. The stock’s fifty day simple moving average is $8.77 and its two-hundred day simple moving average is $9.96. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.74 and a current ratio of 3.17. Fortuna Mining has a twelve month low of $6.17 and a twelve month high of $13.85.

Institutional Investors Weigh In On Fortuna Mining

A number of large investors have recently bought and sold shares of FSM. Geneos Wealth Management Inc. raised its position 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 purchasing an additional 2,000 shares during the last quarter. Advisory Services Network LLC bought a new stake in shares of Fortuna Mining during the third quarter worth $27,000. EverSource Wealth Advisors LLC lifted its position in Fortuna Mining by 126.8% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock worth $31,000 after buying an additional 2,691 shares in the last quarter. Osaic Holdings Inc. lifted its position in Fortuna Mining by 96.7% during the 2nd quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock worth $40,000 after buying an additional 3,006 shares in the last quarter. Finally, Employees Retirement System of Texas lifted its position in 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 worth $65,000 after buying an additional 6,725 shares in the last quarter. 33.80% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen lowered Fortuna Mining from a “strong-buy” rating to a “buy” rating in a report on Sunday, July 12th. Scotiabank restated an “outperform” rating on shares of Fortuna Mining in a research note on Thursday, July 30th. Zacks Research raised Fortuna Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Finally, Weiss Ratings downgraded shares of Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, June 18th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $14.00.

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.