Principal Financial Group Inc. decreased its position in Piedmont Lithium Inc. (NASDAQ:PLL – Free Report) by 1.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 360,393 shares of the mineral exploration company’s stock after selling 4,371 shares during the quarter. Principal Financial Group Inc.’s holdings in Piedmont Lithium were worth $14,308,000 as of its most recent filing with the SEC.
Several other large investors have also made changes to their positions in PLL. SG Americas Securities LLC bought a new stake in Piedmont Lithium during the third quarter worth approximately $509,000. Allspring Global Investments Holdings LLC bought a new stake in Piedmont Lithium during the second quarter worth approximately $136,000. Mirae Asset Global Investments Co. Ltd. boosted its position in Piedmont Lithium by 21.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 188,183 shares of the mineral exploration company’s stock worth $7,471,000 after purchasing an additional 33,262 shares during the period. Swiss National Bank boosted its position in Piedmont Lithium by 2.3% during the second quarter. Swiss National Bank now owns 39,700 shares of the mineral exploration company’s stock worth $2,291,000 after purchasing an additional 900 shares during the period. Finally, Bank of New York Mellon Corp boosted its position in Piedmont Lithium by 2.7% during the second quarter. Bank of New York Mellon Corp now owns 66,493 shares of the mineral exploration company’s stock worth $3,837,000 after purchasing an additional 1,754 shares during the period. Institutional investors own 48.76% of the company’s stock.
Piedmont Lithium Trading Down 7.6 %
PLL opened at $15.99 on Wednesday. Piedmont Lithium Inc. has a 1-year low of $15.86 and a 1-year high of $76.78. The stock has a market capitalization of $307.15 million, a price-to-earnings ratio of -35.53 and a beta of 0.87. The business has a 50 day moving average of $24.93 and a 200-day moving average of $34.94.
Analyst Ratings Changes
A number of brokerages have issued reports on PLL. TD Cowen cut Piedmont Lithium from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $55.00 to $20.00 in a research report on Monday. JPMorgan Chase & Co. began coverage on Piedmont Lithium in a research report on Monday, December 11th. They set a “neutral” rating and a $25.00 target price for the company. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $93.33.
About Piedmont Lithium
Piedmont Lithium Inc, a development stage company, engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Carolina Lithium Project that include an area of approximately 3,245 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.
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