Fortuna Mining (NYSE:FSM) Reaches New 52-Week High – Time to Buy?

Shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) reached a new 52-week high during trading on Monday . The company traded as high as $13.41 and last traded at $13.2760, with a volume of 3289556 shares traded. The stock had previously closed at $12.27.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on FSM. Weiss Ratings reissued a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. National Bank Financial raised shares of Fortuna Mining from a “sector perform” rating to an “outperform” rating in a report on Monday, November 24th. Scotiabank raised their price objective on shares of Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. Zacks Research raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Finally, Wall Street Zen upgraded Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Sunday. One investment analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $11.00.

Fortuna Mining Stock Performance

The stock has a fifty day simple moving average of $10.46 and a two-hundred day simple moving average of $9.09. The company has a debt-to-equity ratio of 0.11, a quick ratio of 2.50 and a current ratio of 2.98. The stock has a market cap of $4.01 billion, a price-to-earnings ratio of 14.61 and a beta of 0.88.

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

Institutional Investors Weigh In On Fortuna Mining

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Centric Wealth Management lifted its stake in Fortuna Mining by 10.0% in the 4th quarter. Centric Wealth Management now owns 11,000 shares of the basic materials company’s stock valued at $108,000 after purchasing an additional 1,000 shares during the last quarter. Federation des caisses Desjardins du Quebec increased its holdings in shares of Fortuna Mining by 1.0% during the fourth quarter. Federation des caisses Desjardins du Quebec now owns 158,579 shares of the basic materials company’s stock worth $1,554,000 after buying an additional 1,500 shares in the last quarter. Geneos Wealth Management Inc. lifted its stake in shares of 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. Farther Finance Advisors LLC boosted its holdings in shares of Fortuna Mining by 32.9% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,589 shares of the basic materials company’s stock valued at $77,000 after acquiring an additional 2,126 shares in the last quarter. Finally, Cetera Investment Advisers grew its position in Fortuna Mining by 22.2% during the 4th quarter. Cetera Investment Advisers now owns 14,343 shares of the basic materials company’s stock worth $141,000 after acquiring an additional 2,605 shares during the last quarter. 33.80% of the stock is owned by institutional investors.

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.