The Manufacturers Life Insurance Company Invests $4.42 Million in Skeena Resources Limited $SKE

The Manufacturers Life Insurance Company bought a new position in Skeena Resources Limited (NYSE:SKE) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 166,174 shares of the company’s stock, valued at approximately $4,420,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Van ECK Associates Corp boosted its position in Skeena Resources by 2.5% during the 4th quarter. Van ECK Associates Corp now owns 4,862,516 shares of the company’s stock valued at $115,427,000 after buying an additional 120,909 shares during the period. Vanguard Group Inc. increased its position in shares of Skeena Resources by 108.3% in the fourth quarter. Vanguard Group Inc. now owns 2,625,277 shares of the company’s stock valued at $62,353,000 after acquiring an additional 1,364,835 shares during the period. Amundi raised its stake in shares of Skeena Resources by 1.9% during the fourth quarter. Amundi now owns 2,536,138 shares of the company’s stock valued at $60,183,000 after acquiring an additional 47,516 shares during the last quarter. Franklin Resources Inc. raised its stake in shares of Skeena Resources by 7.6% during the fourth quarter. Franklin Resources Inc. now owns 2,396,970 shares of the company’s stock valued at $56,933,000 after acquiring an additional 168,932 shares during the last quarter. Finally, Millennium Management LLC boosted its holdings in shares of Skeena Resources by 44.6% during the fourth quarter. Millennium Management LLC now owns 2,202,510 shares of the company’s stock worth $52,309,000 after purchasing an additional 679,709 shares during the period. 45.15% of the stock is currently owned by institutional investors.

Skeena Resources Stock Performance

Skeena Resources stock opened at $32.59 on Tuesday. Skeena Resources Limited has a fifty-two week low of $15.43 and a fifty-two week high of $38.77. The stock’s 50 day simple moving average is $29.29 and its two-hundred day simple moving average is $30.41. The company has a debt-to-equity ratio of 5.66, a quick ratio of 3.15 and a current ratio of 3.15. The stock has a market cap of $4.06 billion, a price-to-earnings ratio of -21.73 and a beta of 1.14.

Skeena Resources (NYSE:SKE) last announced its earnings results on Thursday, August 13th. The company reported ($0.21) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.10). As a group, analysts expect that Skeena Resources Limited will post -1.22 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on SKE shares. Zacks Research raised Skeena Resources from a “strong sell” rating to a “hold” rating in a research note on Friday, July 31st. Weiss Ratings reiterated a “sell (d-)” rating on shares of Skeena Resources in a report on Friday, July 17th. Finally, Wall Street Zen upgraded Skeena Resources from a “strong sell” rating to a “sell” rating in a research report on Saturday, August 15th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy”.

Skeena Resources Company Profile

Skeena Resources Limited explores for and develops mineral properties in Canada. The company explores for gold, silver, copper, and other precious metal deposits. It holds 100% interests in the Snip gold mine comprising one mining lease and nine mineral tenures that covers an area of approximately 4,724 hectares; and the Eskay Creek gold mine that consists of eight mineral leases, two surface leases, and various unpatented mining claims comprising 7,666 hectares located in British Columbia, Canada.