The Manufacturers Life Insurance Company Purchases New Stake in Platinum Group Metals Ltd. $PLG

The Manufacturers Life Insurance Company acquired a new position in Platinum Group Metals Ltd. (NYSE:PLG) in the second quarter, HoldingsChannel.com reports. The institutional investor acquired 660,129 shares of the company’s stock, valued at approximately $898,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Kestra Advisory Services LLC acquired a new position in Platinum Group Metals during the 1st quarter valued at about $27,000. Cetera Investment Advisers grew its position in shares of Platinum Group Metals by 75.7% during the 2nd quarter. Cetera Investment Advisers now owns 22,825 shares of the company’s stock worth $35,000 after buying an additional 9,834 shares during the period. Commonwealth Equity Services LLC bought a new stake in shares of Platinum Group Metals during the fourth quarter worth approximately $41,000. Caitong International Asset Management Co. Ltd acquired a new position in Platinum Group Metals in the fourth quarter valued at approximately $58,000. Finally, LPL Financial LLC lifted its holdings in Platinum Group Metals by 35.7% in the fourth quarter. LPL Financial LLC now owns 25,320 shares of the company’s stock valued at $60,000 after buying an additional 6,664 shares during the period. 16.33% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Separately, Zacks Research raised shares of Platinum Group Metals to a “hold” rating in a research note on Monday, July 13th. One equities research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock presently has a consensus rating of “Hold”.

Platinum Group Metals Trading Down 1.9%

NYSE PLG opened at $1.51 on Friday. Platinum Group Metals Ltd. has a 12 month low of $1.18 and a 12 month high of $4.04. The stock has a 50-day simple moving average of $1.41 and a 200 day simple moving average of $1.69. The company has a market capitalization of $193.11 million, a PE ratio of -25.17 and a beta of 1.25.

About Platinum Group Metals

Platinum Group Metals Ltd is a mineral exploration and development company focused on the discovery and advancement of platinum group metal (PGM) deposits. The company’s flagship asset is the Waterberg Joint Venture Project located in South Africa’s Bushveld Complex, one of the world’s premier PGM-producing regions. In addition to its Waterberg interests, Platinum Group Metals holds the Marathon PGM project near Thunder Bay, Ontario, which is being advanced towards feasibility on the strength of its high-grade PGM and gold mineralization.

Since its inception, the company has pursued a strategy of combining regional geological expertise with strategic partnerships to de-risk project development and enhance shareholder value.