PolyMet Mining Corp. (PLM) Downgraded by Zacks Investment Research to Hold
According to Zacks, “PolyMet Mining Corporation is an investor-owned Canadian mining company whose principal asset is one of the world’s largest non-ferrous deposits located near Babbitt, Minnesota. The four thousand-acre NorthMet resource contains valuable quantities of copper, nickel, cobalt and platinum group metals. The Company holds an exclusive option on adjacent taconite processing plant and infrastructure called Cliff’s-Erie that dramatically reduces capital costs for project development. “
A number of other research firms have also weighed in on PLM. CIBC restated a sector perform rating and issued a $1.20 target price on shares of PolyMet Mining Corp. in a report on Wednesday, July 20th. Paradigm Capital restated a buy rating and issued a $1.30 target price (down previously from $2.15) on shares of PolyMet Mining Corp. in a report on Tuesday, July 19th.
Shares of PolyMet Mining Corp. (NYSE:PLM) traded up 1.15% during midday trading on Wednesday, hitting $0.89. The stock had a trading volume of 48,010 shares. The stock’s 50-day moving average price is $0.78 and its 200 day moving average price is $0.81. PolyMet Mining Corp. has a 52 week low of $0.68 and a 52 week high of $1.28. The company’s market cap is $247.24 million.
Large investors have recently bought and sold shares of the stock. PNC Financial Services Group Inc. purchased a new stake in PolyMet Mining Corp. during the third quarter valued at approximately $141,000. SNS Financial Group LLC raised its stake in PolyMet Mining Corp. by 7.4% in the second quarter. SNS Financial Group LLC now owns 144,505 shares of the company’s stock valued at $111,000 after buying an additional 10,000 shares during the period. Finally, US Bancorp DE raised its stake in PolyMet Mining Corp. by 793.2% in the second quarter. US Bancorp DE now owns 714,594 shares of the company’s stock valued at $550,000 after buying an additional 634,594 shares during the period.
PolyMet Mining Corp. Company Profile
PolyMet Mining Corp. (PolyMet) is a development-stage company. The Company is engaged in the exploration and development of natural resource properties. The Company’s sole mineral property is the NorthMet Project, which is located in St. Louis County in the Mesabi Iron Range mining district approximately 60 miles north of Duluth, Minnesota, the United States.
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