Spark Investment Management LLC Takes Position in Fortuna Mining Corp. $FSM

Spark Investment Management LLC purchased a new position in Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 45,000 shares of the basic materials company’s stock, valued at approximately $380,000.

Other large investors have also made changes to their positions in the company. Royal Bank of Canada grew its position in Fortuna Mining by 33.1% during the first quarter. Royal Bank of Canada now owns 1,394,600 shares of the basic materials company’s stock valued at $13,849,000 after buying an additional 346,716 shares during the period. World Investment Advisors purchased a new stake in Fortuna Mining in the 4th quarter worth $1,415,000. Dimensional Fund Advisors LP grew its position in shares of Fortuna Mining by 5.6% during the first quarter. Dimensional Fund Advisors LP now owns 10,634,157 shares of the basic materials company’s stock worth $105,576,000 after purchasing an additional 567,558 shares in the last quarter. Bank of America Corp DE grew its holdings in Fortuna Mining by 9.8% during the 1st quarter. Bank of America Corp DE now owns 2,856,308 shares of the basic materials company’s stock valued at $28,363,000 after buying an additional 255,336 shares in the last quarter. Finally, Channing Global Advisors LLC purchased a new position in Fortuna Mining during the first quarter valued at $1,232,000. 33.80% of the stock is currently owned by institutional investors.

Fortuna Mining Trading Down 1.3%

Shares of FSM traded down $0.15 during midday trading on Tuesday, hitting $12.15. The stock had a trading volume of 2,944,855 shares, compared to its average volume of 6,496,158. Fortuna Mining Corp. has a 1 year low of $7.63 and a 1 year high of $13.85. The firm has a market cap of $3.60 billion, a PE ratio of 10.30 and a beta of 1.08. The company has a debt-to-equity ratio of 0.11, a current ratio of 3.00 and a quick ratio of 2.50. The stock’s 50 day moving average is $9.92 and its 200 day moving average is $10.08.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its earnings results on Wednesday, August 5th. The basic materials company reported $0.24 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.29 by ($0.05). Fortuna Mining had a return on equity of 17.48% and a net margin of 31.99%.The firm had revenue of $318.41 million during the quarter, compared to the consensus estimate of $325.00 million. As a group, analysts forecast that Fortuna Mining Corp. will post 1.24 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

FSM has been the topic of a number of research reports. Wall Street Zen downgraded Fortuna Mining from a “strong-buy” rating to a “buy” rating in a research note on Sunday, July 12th. Scotiabank restated an “outperform” rating on shares of Fortuna Mining in a research report on Thursday, July 30th. Weiss Ratings downgraded shares of Fortuna Mining from a “buy (b-)” rating to a “hold (c+)” rating in a report on Thursday, June 18th. Finally, Zacks Research upgraded Fortuna Mining from a “strong sell” rating to a “hold” rating in a research report on Monday, July 13th. Three research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat, the stock currently 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.