Texas Permanent School Fund Invests $1.22 Million in Livent Corporation (LTHM)
Texas Permanent School Fund bought a new position in shares of Livent Corporation (NASDAQ:LTHM) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 99,132 shares of the company’s stock, valued at approximately $1,217,000.
Other large investors have also added to or reduced their stakes in the company. Suntrust Banks Inc. purchased a new stake in shares of Livent during the fourth quarter worth about $239,000. Athena Capital Advisors LLC purchased a new stake in shares of Livent during the fourth quarter worth about $28,000. Skylands Capital LLC purchased a new stake in shares of Livent during the first quarter worth about $2,914,000. S&CO Inc. purchased a new stake in shares of Livent during the first quarter worth about $368,000. Finally, M&T Bank Corp purchased a new stake in shares of Livent during the fourth quarter worth about $261,000.
Several analysts recently issued reports on the company. Zacks Investment Research cut Livent from a “hold” rating to a “strong sell” rating in a research report on Wednesday, May 15th. Credit Suisse Group reissued an “outperform” rating and set a $12.00 price target (down from $18.00) on shares of Livent in a research note on Thursday, May 9th. Bank of America lowered Livent from a “buy” rating to a “neutral” rating and dropped their price target for the company from $16.00 to $10.00 in a research note on Friday, May 10th. Gabelli lowered Livent from a “buy” rating to a “sell” rating in a research note on Thursday, May 9th. Finally, Citigroup lowered Livent from a “buy” rating to a “neutral” rating and dropped their price target for the company from $15.00 to $13.00 in a research note on Monday, April 15th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $16.47.
Livent (NASDAQ:LTHM) last announced its quarterly earnings results on Tuesday, May 7th. The company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.01). The company had revenue of $98.30 million during the quarter, compared to the consensus estimate of $105.43 million. Livent’s revenue for the quarter was down 4.4% compared to the same quarter last year.
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Livent Company Profile
Livent Corporation manufactures and sells performance lithium compounds that are used primarily in energy storage, specialty polymers, and chemical synthesis application. The company offers lithium compounds for use in applications that have specific performance requirements, including battery-grade lithium hydroxide for use in high performance lithium-ion batteries; and supplies butyllithium, which is used as a synthesizer in the production of polymers and pharmaceutical products, as well as a range of specialty lithium compounds, including high purity lithium metal, which is used in the production of lightweight materials for aerospace applications and non-rechargeable batteries.
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