PolyMet Mining Corp. (PLM) Upgraded by Zacks Investment Research to “Buy”

Zacks Investment Research upgraded shares of PolyMet Mining Corp. (NYSE:PLM) from a hold rating to a buy rating in a report released on Tuesday. The firm currently has $1.00 price objective on the stock.

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. “

PLM has been the topic of a number of other research reports. Paradigm Capital reaffirmed a buy rating and issued a $1.30 price objective (down previously from $2.15) on shares of PolyMet Mining Corp. in a research note on Tuesday, July 19th. CIBC reiterated a sector perform rating and issued a $1.20 target price on shares of PolyMet Mining Corp. in a report on Wednesday, July 20th.

PolyMet Mining Corp. (NYSE:PLM) opened at 0.8157 on Tuesday. The company’s market cap is $226.60 million. The firm has a 50-day moving average price of $0.88 and a 200-day moving average price of $0.84. PolyMet Mining Corp. has a 12-month low of $0.55 and a 12-month high of $1.28.

An institutional investor recently raised its position in PolyMet Mining Corp. stock. SNS Financial Group LLC raised its position in shares of PolyMet Mining Corp. (NYSE:PLM) by 7.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 144,505 shares of the company’s stock after buying an additional 10,000 shares during the period. SNS Financial Group LLC owned about 0.05% of PolyMet Mining Corp. worth $111,000 as of its most recent filing with the SEC.

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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