Scotiabank Cuts Metals Acquisition (NYSE:MTAL) Price Target to $14.50

Metals Acquisition (NYSE:MTAL) had its price target decreased by Scotiabank from $16.00 to $14.50 in a report released on Monday morning,Benzinga reports. Scotiabank currently has a sector outperform rating on the stock.

Metals Acquisition Price Performance

NYSE MTAL opened at $10.44 on Monday. The stock’s 50 day simple moving average is $11.88 and its 200 day simple moving average is $12.27. Metals Acquisition has a one year low of $9.89 and a one year high of $15.26. The company has a debt-to-equity ratio of 0.85, a quick ratio of 0.69 and a current ratio of 0.84.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Millennium Management LLC lifted its position in shares of Metals Acquisition by 54.3% during the second quarter. Millennium Management LLC now owns 1,919,918 shares of the company’s stock worth $26,284,000 after purchasing an additional 675,340 shares in the last quarter. Wellington Management Group LLP increased its stake in shares of Metals Acquisition by 799.1% in the 3rd quarter. Wellington Management Group LLP now owns 909,588 shares of the company’s stock valued at $12,598,000 after buying an additional 808,418 shares during the period. State Street Corp raised its position in shares of Metals Acquisition by 28.7% during the third quarter. State Street Corp now owns 698,943 shares of the company’s stock worth $9,680,000 after acquiring an additional 156,022 shares during the last quarter. Bank of Montreal Can acquired a new position in shares of Metals Acquisition during the third quarter valued at $6,049,000. Finally, Regal Partners Ltd increased its position in Metals Acquisition by 1.7% in the third quarter. Regal Partners Ltd now owns 406,327 shares of the company’s stock worth $5,628,000 after purchasing an additional 6,651 shares during the period. Institutional investors and hedge funds own 87.47% of the company’s stock.

Metals Acquisition Company Profile

Metals Acquisition Limited focuses on mining and production of copper and silver. It operates the CSA copper mine in Cobar, Australia. The company was incorporated in 2022 and is headquartered in Saint Helier, Jersey.