Zacks Investment Research upgraded shares of Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) from a hold rating to a buy rating in a report issued on Monday, Zacks.com reports. They currently have $7.75 price objective on the basic materials company’s stock.
According to Zacks, “Fortuna Silver Mines Inc. is engaged in the exploration, mining and development of silver and base metal properties in Latin America. Its core assets include the Caylloma Ag-Pb-Zn-Cu Mine located in Arequipa, Peru and the San Jose Ag – Au Project located in Oaxaca, Mexico. Fortuna Silver Mines Inc. is headquartered in Lima, Peru. “
Several other research analysts have also issued reports on FSM. National Bank Financial reiterated a hold rating and issued a $10.50 price target on shares of Fortuna Silver Mines in a research note on Thursday, July 23rd. Laurentian Bank of Canada reiterated a buy rating and issued a $11.35 price target on shares of Fortuna Silver Mines in a research note on Tuesday, August 18th. BMO Capital Markets increased their price target on shares of Fortuna Silver Mines from $8.25 to $11.25 and gave the stock an outperform rating in a research note on Monday, August 17th. Pi Financial upgraded shares of Fortuna Silver Mines from a neutral rating to a buy rating in a research note on Friday, August 28th. Finally, CIBC raised their price objective on shares of Fortuna Silver Mines from $9.00 to $10.00 and gave the company a neutral rating in a research note on Monday, August 17th. Five analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $8.97.
Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last issued its quarterly earnings data on Thursday, August 13th. The basic materials company reported ($0.03) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.01. Fortuna Silver Mines had a net margin of 0.50% and a return on equity of 0.86%. The business had revenue of $44.48 million during the quarter. On average, sell-side analysts predict that Fortuna Silver Mines will post 0.1 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the stock. Quadrature Capital Ltd purchased a new position in shares of Fortuna Silver Mines in the second quarter worth approximately $370,000. Great West Life Assurance Co. Can boosted its holdings in shares of Fortuna Silver Mines by 94.7% in the second quarter. Great West Life Assurance Co. Can now owns 17,757 shares of the basic materials company’s stock worth $89,000 after buying an additional 8,637 shares during the last quarter. U S Global Investors Inc. purchased a new position in Fortuna Silver Mines during the second quarter valued at approximately $1,145,000. Verition Fund Management LLC lifted its holdings in Fortuna Silver Mines by 107.8% during the second quarter. Verition Fund Management LLC now owns 167,140 shares of the basic materials company’s stock valued at $851,000 after purchasing an additional 86,700 shares in the last quarter. Finally, Bank of America Corp DE lifted its holdings in Fortuna Silver Mines by 102.8% during the second quarter. Bank of America Corp DE now owns 157,701 shares of the basic materials company’s stock valued at $803,000 after purchasing an additional 79,922 shares in the last quarter. 37.85% of the stock is currently owned by institutional investors.
About Fortuna Silver Mines
Fortuna Silver Mines Inc engages in the exploration, extraction, and processing of precious and base metal deposits in Latin America. The company explores for silver, gold, lead, and zinc deposits. Its principal properties include the Caylloma silver, lead, and zinc mine located in southern Peru; the San Jose silver-gold mine located in southern Mexico; and the Lindero gold project located in Argentina.
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