Zacks Investment Research Upgrades PolyMet Mining Corp. (PLM) to Buy
PolyMet Mining Corp. (NYSE:PLM) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Tuesday. The brokerage presently has a $1.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 14.92% from the stock’s current price.
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. “
Several other brokerages have also recently weighed in on PLM. Paradigm Capital reiterated a “buy” rating and set a $1.30 price target (down from $2.15) on shares of PolyMet Mining Corp. in a research report on Tuesday, July 19th. CIBC reiterated a “sector perform” rating and set a $1.20 price target on shares of PolyMet Mining Corp. in a research report on Wednesday, July 20th.
PolyMet Mining Corp. (NYSE:PLM) opened at 0.87 on Tuesday. The company’s market cap is $241.68 million. PolyMet Mining Corp. has a one year low of $0.55 and a one year high of $1.28. The company has a 50-day moving average of $0.88 and a 200-day moving average of $0.84.
An institutional investor recently raised its position in PolyMet Mining Corp. stock. US Bancorp DE raised its stake in PolyMet Mining Corp. (NYSE:PLM) by 793.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 714,594 shares of the company’s stock after buying an additional 634,594 shares during the period. US Bancorp DE owned about 0.26% of PolyMet Mining Corp. worth $550,000 at the end of the most recent reporting 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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