U S Global Investors Inc. Trims Position in Fortuna Mining Corp. $FSM

U S Global Investors Inc. cut its holdings in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 4.1% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 553,143 shares of the basic materials company’s stock after selling 23,571 shares during the quarter. U S Global Investors Inc.’s holdings in Fortuna Mining were worth $3,618,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in FSM. Nuveen LLC purchased a new position in shares of Fortuna Mining during the first quarter valued at approximately $17,032,000. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Fortuna Mining by 123.9% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 4,859,600 shares of the basic materials company’s stock valued at $29,553,000 after buying an additional 2,688,900 shares during the period. Jump Financial LLC purchased a new position in shares of Fortuna Mining during the first quarter valued at approximately $14,076,000. Cubist Systematic Strategies LLC increased its stake in shares of Fortuna Mining by 424.0% during the first quarter. Cubist Systematic Strategies LLC now owns 2,083,146 shares of the basic materials company’s stock valued at $12,706,000 after buying an additional 1,685,634 shares during the period. Finally, Goldman Sachs Group Inc. increased its stake in shares of Fortuna Mining by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 8,368,272 shares of the basic materials company’s stock valued at $51,046,000 after buying an additional 1,368,600 shares during the period. 33.80% of the stock is owned by hedge funds and other institutional investors.

Fortuna Mining Trading Down 1.1%

Fortuna Mining stock opened at $8.85 on Friday. The company has a current ratio of 2.71, a quick ratio of 2.15 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $7.88 and its two-hundred day simple moving average is $6.84. Fortuna Mining Corp. has a 12 month low of $4.13 and a 12 month high of $9.59. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of 17.70 and a beta of 0.84.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last released its earnings results on Wednesday, August 6th. The basic materials company reported $0.14 EPS for the quarter, missing the consensus estimate of $0.22 by ($0.08). Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%.The company had revenue of $230.42 million during the quarter, compared to the consensus estimate of $220.00 million. As a group, equities analysts predict that Fortuna Mining Corp. will post 0.51 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently weighed in on FSM. CIBC upped their price target on Fortuna Mining from $7.00 to $8.00 and gave the stock an “underperformer” rating in a research note on Tuesday, July 15th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fortuna Mining in a research note on Saturday, September 27th. Wall Street Zen raised Fortuna Mining from a “hold” rating to a “buy” rating in a research note on Saturday. Scotiabank upped their price target on Fortuna Mining from $7.50 to $8.00 and gave the stock a “sector perform” rating in a research note on Wednesday, August 6th. Finally, National Bankshares reaffirmed a “sector perform” rating on shares of Fortuna Mining in a research note on Tuesday, June 24th. Two investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $8.00.

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.