Fortuna Mining Corp. $FSM Shares Sold by PCJ Investment Counsel Ltd.

PCJ Investment Counsel Ltd. lowered its position in shares of Fortuna Mining Corp. (NYSE:FSM) (TSE:FVI) by 14.5% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 368,110 shares of the basic materials company’s stock after selling 62,590 shares during the period. PCJ Investment Counsel Ltd. owned about 0.12% of Fortuna Mining worth $2,416,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Farther Finance Advisors LLC purchased a new position in Fortuna Mining during the 2nd quarter worth approximately $42,000. Virtus Advisers LLC acquired a new stake in shares of Fortuna Mining in the first quarter valued at approximately $58,000. PCG Wealth Advisors LLC purchased a new position in shares of Fortuna Mining during the first quarter worth approximately $61,000. Quarry LP purchased a new position in shares of Fortuna Mining during the first quarter worth approximately $82,000. Finally, FORA Capital LLC purchased a new position in shares of Fortuna Mining during the first quarter worth approximately $85,000. 33.80% of the stock is owned by hedge funds and other institutional investors.

Fortuna Mining Price Performance

Shares of FSM opened at $8.17 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 stock’s 50 day moving average is $8.38 and its two-hundred day moving average is $7.17. Fortuna Mining Corp. has a twelve month low of $4.13 and a twelve month high of $9.81. The firm has a market capitalization of $2.51 billion, a PE ratio of 16.35 and a beta of 0.85.

Fortuna Mining (NYSE:FSM) (TSE:FVI) last issued its earnings results on Wednesday, November 5th. The basic materials company reported $0.15 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.23 by ($0.08). Fortuna Mining had a return on equity of 12.74% and a net margin of 14.36%.The business had revenue of $246.75 million for the quarter, compared to analysts’ expectations of $242.19 million. Research analysts anticipate that Fortuna Mining Corp. will post 0.51 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FSM. Wall Street Zen downgraded shares of Fortuna Mining from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. Zacks Research downgraded shares of Fortuna Mining from a “strong-buy” rating to a “hold” rating in a research note on Friday, August 15th. Scotiabank boosted their price target on Fortuna Mining from $8.50 to $10.50 and gave the company a “sector perform” rating in a research report on Thursday, October 23rd. CIBC upped their price objective on Fortuna Mining from $7.00 to $8.00 and gave the company an “underperformer” rating in a research note on Tuesday, July 15th. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Fortuna Mining in a research report on Tuesday, October 14th. Two research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $9.25.

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.