StockNews.com Begins Coverage on PolyMet Mining (NYSEAMERICAN:PLM)

StockNews.com initiated coverage on shares of PolyMet Mining (NYSEAMERICAN:PLM) (TSE:POM) in a research note released on Friday morning. The brokerage issued a hold rating on the basic materials company’s stock.

PolyMet Mining Trading Up 0.5 %

NYSEAMERICAN PLM opened at $2.08 on Friday. The firm has a market capitalization of $404.44 million, a price-to-earnings ratio of -9.04 and a beta of 0.55. The business’s 50 day moving average price is $2.03. PolyMet Mining has a 1-year low of $0.75 and a 1-year high of $3.43.

PolyMet Mining (NYSEAMERICAN:PLM) (TSE:POM) last posted its quarterly earnings data on Thursday, August 10th. The basic materials company reported ($0.02) earnings per share for the quarter.

Hedge Funds Weigh In On PolyMet Mining

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Susquehanna International Group LLP acquired a new stake in PolyMet Mining in the 1st quarter valued at $79,000. Citadel Advisors LLC bought a new position in shares of PolyMet Mining in the 3rd quarter valued at about $71,000. UBS Group AG grew its position in shares of PolyMet Mining by 111.9% in the 4th quarter. UBS Group AG now owns 22,687 shares of the basic materials company’s stock valued at $60,000 after acquiring an additional 11,983 shares during the period. Millennium Management LLC grew its position in shares of PolyMet Mining by 73.1% in the 4th quarter. Millennium Management LLC now owns 21,608 shares of the basic materials company’s stock valued at $57,000 after acquiring an additional 9,123 shares during the period. Finally, JPMorgan Chase & Co. grew its position in shares of PolyMet Mining by 27.4% in the 4th quarter. JPMorgan Chase & Co. now owns 19,904 shares of the basic materials company’s stock valued at $53,000 after acquiring an additional 4,279 shares during the period. 3.09% of the stock is owned by institutional investors.

About PolyMet Mining

PolyMet Mining Corp., through its subsidiary, Poly Met Mining, Inc, engages in the exploration and development of natural resource properties. Its primary mineral property is the NorthMet project, a polymetallic project that hosts copper, nickel, cobalt, platinum, palladium, gold, and silver mineralization covering an area of approximately 5,980 acres located in northeastern Minnesota, the United States.