Zacks Research Downgrades Fortuna Mining (NYSE:FSM) to Strong Sell

Fortuna Mining (NYSE:FSM) (TSE:FVI) was downgraded by Zacks Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday,Zacks.com reports.

A number of other analysts have also weighed in on the company. Wall Street Zen raised Fortuna Mining from a “hold” rating to a “strong-buy” rating in a research note on Saturday, May 9th. Weiss Ratings raised Fortuna Mining from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, May 8th. Finally, Scotiabank increased their price objective on Fortuna Mining from $11.00 to $14.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Four research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, Fortuna Mining presently has an average rating of “Moderate Buy” and an average price target of $11.00.

Fortuna Mining Stock Performance

NYSE:FSM opened at $9.77 on Monday. The firm has a market cap of $2.98 billion, a PE ratio of 9.22 and a beta of 0.94. Fortuna Mining has a fifty-two week low of $5.67 and a fifty-two week high of $13.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.74 and a current ratio of 3.17. The business has a 50 day moving average price of $9.96 and a 200-day moving average price of $10.21.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its quarterly earnings data on Wednesday, May 6th. The basic materials company reported $0.35 earnings per share for the quarter, missing analysts’ consensus estimates of $0.37 by ($0.02). The company had revenue of $342.47 million for the quarter, compared to analysts’ expectations of $340.00 million. Fortuna Mining had a net margin of 31.07% and a return on equity of 16.26%. Equities research analysts predict that Fortuna Mining will post 1.43 earnings per share for the current year.

Hedge Funds Weigh In On Fortuna Mining

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. IFP Advisors Inc purchased a new position in Fortuna Mining during the fourth quarter valued at $29,000. Advisory Services Network LLC purchased a new position in Fortuna Mining during the third quarter valued at $27,000. Geneos Wealth Management Inc. lifted its position in Fortuna Mining by 100.0% during the second quarter. Geneos Wealth Management Inc. now owns 4,000 shares of the basic materials company’s stock valued at $26,000 after buying an additional 2,000 shares during the period. EverSource Wealth Advisors LLC lifted its position in Fortuna Mining by 126.8% during the second quarter. EverSource Wealth Advisors LLC now owns 4,813 shares of the basic materials company’s stock valued at $31,000 after buying an additional 2,691 shares during the period. Finally, Osaic Holdings Inc. lifted its position in Fortuna Mining by 96.7% during the second quarter. Osaic Holdings Inc. now owns 6,116 shares of the basic materials company’s stock valued at $40,000 after buying an additional 3,006 shares during the period. Hedge funds and other 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.