Bank of New York Mellon Corp Raises Position in Piedmont Lithium Inc. (NASDAQ:PLL)

Bank of New York Mellon Corp raised its position in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 36.2% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 82,797 shares of the mineral exploration company’s stock after acquiring an additional 22,013 shares during the period. Bank of New York Mellon Corp’s holdings in Piedmont Lithium were worth $826,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Headlands Technologies LLC bought a new position in shares of Piedmont Lithium in the 1st quarter worth about $25,000. GAMMA Investing LLC lifted its holdings in shares of Piedmont Lithium by 66.6% during the first quarter. GAMMA Investing LLC now owns 1,992 shares of the mineral exploration company’s stock valued at $27,000 after purchasing an additional 796 shares during the last quarter. ICA Group Wealth Management LLC bought a new stake in shares of Piedmont Lithium in the 4th quarter worth approximately $28,000. State Board of Administration of Florida Retirement System purchased a new stake in shares of Piedmont Lithium in the 1st quarter worth approximately $71,000. Finally, PNC Financial Services Group Inc. increased its position in Piedmont Lithium by 143.6% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,580 shares of the mineral exploration company’s stock valued at $73,000 after buying an additional 1,521 shares in the last quarter. Hedge funds and other institutional investors own 52.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on PLL shares. Macquarie reissued a “neutral” rating and issued a $9.30 target price on shares of Piedmont Lithium in a research note on Monday, August 12th. Roth Mkm reissued a “buy” rating and set a $40.00 price objective (down from $61.00) on shares of Piedmont Lithium in a research report on Friday, August 9th. BMO Capital Markets decreased their target price on shares of Piedmont Lithium from $15.00 to $8.50 and set a “market perform” rating for the company in a report on Friday, September 6th. Finally, B. Riley cut their price target on shares of Piedmont Lithium from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $24.69.

Piedmont Lithium Price Performance

PLL opened at $7.44 on Monday. Piedmont Lithium Inc. has a 52-week low of $6.57 and a 52-week high of $40.56. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.32 and a current ratio of 2.32. The company’s 50-day simple moving average is $8.80 and its two-hundred day simple moving average is $11.22. The stock has a market capitalization of $144.56 million, a P/E ratio of -3.92 and a beta of 0.80.

Piedmont Lithium (NASDAQ:PLL) last released its quarterly earnings results on Thursday, August 8th. The mineral exploration company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.16) by ($0.53). The firm had revenue of $13.23 million for the quarter, compared to analysts’ expectations of $14.89 million. During the same period in the prior year, the firm earned ($0.55) earnings per share. As a group, analysts predict that Piedmont Lithium Inc. will post -2.26 EPS for the current year.

Piedmont Lithium Profile

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 3,706 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.