Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday, Zacks.com reports. The firm presently has a $2.75 price objective on the basic materials company’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.44% from the company’s previous close.

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. “

FSM has been the topic of a number of other reports. CIBC downgraded shares of Fortuna Silver Mines from a “sector outperform” rating to a “neutral” rating in a research report on Tuesday, March 5th. Canaccord Genuity raised shares of Fortuna Silver Mines from a “hold” rating to a “buy” rating in a research report on Thursday, March 14th. They noted that the move was a valuation call. Finally, ValuEngine downgraded shares of Fortuna Silver Mines from a “hold” rating to a “sell” rating in a research report on Friday, March 1st. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $2.75.

Shares of NYSE FSM traded down $0.02 during mid-day trading on Thursday, hitting $2.49. The stock had a trading volume of 1,623,800 shares, compared to its average volume of 1,103,679. The company has a quick ratio of 2.45, a current ratio of 2.71 and a debt-to-equity ratio of 0.13. Fortuna Silver Mines has a 1 year low of $2.46 and a 1 year high of $5.94. The company has a market cap of $411.05 million, a price-to-earnings ratio of 10.38 and a beta of 0.15.

Fortuna Silver Mines (NYSE:FSM) (TSE:FVI) last issued its earnings results on Tuesday, May 14th. The basic materials company reported $0.05 EPS for the quarter, missing the consensus estimate of $0.06 by ($0.01). Fortuna Silver Mines had a return on equity of 4.94% and a net margin of 8.90%. The firm had revenue of $59.00 million during the quarter, compared to analysts’ expectations of $62.60 million. During the same period in the previous year, the firm earned $0.09 earnings per share. The firm’s quarterly revenue was down 16.2% compared to the same quarter last year. Equities research analysts anticipate that Fortuna Silver Mines will post 0.11 earnings per share for the current year.

A number of institutional investors have recently modified their holdings of the business. Renaissance Technologies LLC increased its position in Fortuna Silver Mines by 23.3% during the 1st quarter. Renaissance Technologies LLC now owns 6,732,831 shares of the basic materials company’s stock valued at $22,554,000 after purchasing an additional 1,272,228 shares during the period. Morgan Stanley increased its position in Fortuna Silver Mines by 15.4% during the 1st quarter. Morgan Stanley now owns 3,198,984 shares of the basic materials company’s stock valued at $10,717,000 after purchasing an additional 427,027 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its position in Fortuna Silver Mines by 32.2% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 2,867,342 shares of the basic materials company’s stock valued at $10,497,000 after purchasing an additional 698,716 shares during the period. Mirae Asset Global Investments Co. Ltd. purchased a new position in Fortuna Silver Mines during the 4th quarter valued at $10,127,000. Finally, Deutsche Bank AG increased its position in Fortuna Silver Mines by 261.7% during the 4th quarter. Deutsche Bank AG now owns 2,210,977 shares of the basic materials company’s stock valued at $8,047,000 after purchasing an additional 1,599,642 shares during the period. 41.66% of the stock is currently owned by institutional investors and hedge funds.

Fortuna Silver Mines Company Profile

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.

Read More: Why do company’s buyback their stock?

Get a free copy of the Zacks research report on Fortuna Silver Mines (FSM)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Fortuna Silver Mines Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fortuna Silver Mines and related companies with MarketBeat.com's FREE daily email newsletter.