Wall Street Zen Upgrades Fortuna Mining (NYSE:FSM) to Buy

Fortuna Mining (NYSE:FSM) (TSE:FVI) was upgraded by research analysts at Wall Street Zen from a “hold” rating to a “buy” rating in a report released on Saturday.

A number of other research analysts have also recently weighed in on the stock. Zacks Research upgraded shares of Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, February 3rd. Weiss Ratings restated a “buy (b)” rating on shares of Fortuna Mining in a research report on Monday, December 29th. National Bank Financial upgraded Fortuna Mining from a “sector perform” rating to an “outperform” rating in a research note on Monday, November 24th. BMO Capital Markets reaffirmed an “outperform” rating on shares of Fortuna Mining in a report on Friday, January 16th. Finally, Scotiabank increased their price target on Fortuna Mining from $11.00 to $14.00 and gave the stock an “outperform” rating in a research report on Monday, January 26th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company. Based on data from MarketBeat.com, Fortuna Mining has an average rating of “Buy” and an average price target of $11.00.

Fortuna Mining Price Performance

Shares of NYSE FSM opened at $10.28 on Friday. The company has a debt-to-equity ratio of 0.11, a current ratio of 2.98 and a quick ratio of 2.50. The stock has a market capitalization of $3.14 billion, a price-to-earnings ratio of 11.43 and a beta of 0.82. The firm’s 50 day simple moving average is $11.19 and its 200-day simple moving average is $9.64. Fortuna Mining has a 12 month low of $5.13 and a 12 month high of $13.85.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last posted its earnings results 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 firm had revenue of $270.20 million during the quarter. Analysts expect that Fortuna Mining will post 0.51 EPS for the current year.

Hedge Funds Weigh In On Fortuna Mining

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in shares of Fortuna Mining by 98.8% in 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 during the period. Goldman Sachs Group Inc. raised its position 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 worth $51,046,000 after purchasing an additional 1,368,600 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in 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 valued at $5,127,000 after buying an additional 549,665 shares in the last quarter. Savant Capital LLC purchased a new position in Fortuna Mining in the 2nd quarter valued at about $298,000. Finally, Vise Technologies Inc. acquired a new stake in Fortuna Mining in the 2nd quarter worth about $78,000. 33.80% of the stock is owned by hedge funds and other 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.