Old West Investment Management LLC Sells 1,517,453 Shares of Trilogy Metals Inc. $TMQ

Old West Investment Management LLC lessened its position in Trilogy Metals Inc. (NYSEAMERICAN:TMQ) by 12.0% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,094,426 shares of the mining company’s stock after selling 1,517,453 shares during the period. Trilogy Metals accounts for about 4.9% of Old West Investment Management LLC’s portfolio, making the stock its 4th biggest holding. Old West Investment Management LLC owned about 6.76% of Trilogy Metals worth $14,977,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Envestnet Asset Management Inc. acquired a new position in shares of Trilogy Metals in the first quarter valued at approximately $396,000. DLD Asset Management LP acquired a new stake in Trilogy Metals during the 1st quarter worth approximately $388,000. Virtu Financial LLC bought a new stake in Trilogy Metals during the 1st quarter worth approximately $83,000. Legacy Capital Group California Inc. acquired a new position in Trilogy Metals in the 1st quarter valued at approximately $232,000. Finally, Bornite Capital Management LP increased its position in Trilogy Metals by 42.9% in the 1st quarter. Bornite Capital Management LP now owns 1,000,000 shares of the mining company’s stock valued at $1,550,000 after acquiring an additional 300,000 shares during the period. 16.75% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Trilogy Metals

In other Trilogy Metals news, Director James Gowans sold 100,000 shares of Trilogy Metals stock in a transaction that occurred on Thursday, October 16th. The stock was sold at an average price of $7.50, for a total value of $750,000.00. Following the completion of the sale, the director directly owned 234,046 shares in the company, valued at approximately $1,755,345. The trade was a 29.94% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Elaine Sanders sold 449,599 shares of the stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $6.84, for a total value of $3,075,257.16. Following the transaction, the chief financial officer owned 3,149,561 shares in the company, valued at $21,542,997.24. The trade was a 12.49% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 1,064,506 shares of company stock worth $7,275,194 over the last quarter. 15.20% of the stock is owned by company insiders.

Trilogy Metals Trading Down 4.7%

Shares of TMQ opened at $3.84 on Friday. The firm’s fifty day simple moving average is $3.96 and its two-hundred day simple moving average is $2.37. Trilogy Metals Inc. has a 12 month low of $0.91 and a 12 month high of $11.29. The stock has a market capitalization of $645.47 million, a P/E ratio of -76.80 and a beta of 1.18.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on TMQ. Cowen reiterated a “hold” rating on shares of Trilogy Metals in a report on Tuesday, October 7th. Cormark downgraded Trilogy Metals from a “moderate buy” rating to a “hold” rating in a report on Wednesday, October 8th. Raymond James Financial upgraded Trilogy Metals from a “hold” rating to a “moderate buy” rating in a research report on Tuesday, October 7th. TD Securities reissued a “hold” rating on shares of Trilogy Metals in a research note on Tuesday, October 7th. Finally, BMO Capital Markets restated a “market perform” rating and set a $5.50 price objective on shares of Trilogy Metals in a research report on Friday, October 10th. Two research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $7.75.

About Trilogy Metals

Trilogy Metals Inc, a base metals exploration company, engages in the exploration and development of mineral properties in the United States. The company explores for copper, cobalt, lead, zinc, gold, and silver properties. It principally holds interests in the Upper Kobuk mineral projects that include the Arctic, which contains polymetallic volcanogenic massive sulfide deposits; and Bornite that contains carbonate-hosted copper – cobalt deposits covering an area of approximately 448,217 acres located in the Ambler mining district in Northwest Alaska.