Merriman Wealth Management LLC acquired a new stake in Largo Resources Ltd. (NYSE:LGO) in the 2nd quarter, Holdings Channel.com reports. The fund acquired 105,845,786 shares of the company’s stock, valued at approximately $105,846,000. Largo Resources makes up 8.3% of Merriman Wealth Management LLC’s portfolio, making the stock its 2nd biggest position. Merriman Wealth Management LLC owned 1.64% of Largo Resources at the end of the most recent quarter.
Other institutional investors have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. acquired a new stake in Largo Resources during the 2nd quarter valued at approximately $78,000. Rockefeller Capital Management L.P. acquired a new stake in Largo Resources during the 2nd quarter valued at approximately $101,000. Van ECK Associates Corp acquired a new stake in Largo Resources during the 2nd quarter valued at approximately $466,000. Cresset Asset Management LLC acquired a new stake in Largo Resources during the 2nd quarter valued at approximately $780,000. Finally, Swiss National Bank acquired a new stake in Largo Resources during the 2nd quarter valued at approximately $1,111,000.
A number of analysts have weighed in on LGO shares. HC Wainwright reissued a “buy” rating and set a $24.00 target price on shares of Largo Resources in a research report on Wednesday, July 21st. Zacks Investment Research raised shares of Largo Resources from a “sell” rating to a “hold” rating in a research report on Thursday, August 19th. Finally, Royal Bank of Canada cut their price target on Largo Resources from C$25.00 to C$24.00 and set an “outperform” rating on the stock in a report on Monday, August 16th.
Largo Resources (NYSE:LGO) last posted its quarterly earnings results on Tuesday, August 10th. The company reported $0.13 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.25 by ($0.12). The business had revenue of $54.29 million for the quarter. Largo Resources had a return on equity of 8.96% and a net margin of 13.44%. Sell-side analysts forecast that Largo Resources Ltd. will post 0.4 earnings per share for the current fiscal year.
Largo Resources Company Profile
Largo Resources Ltd. engages in the exploration and production of vanadium at the Maracas Menchen Mine located in Brazil. The firm mines and sells vanadium pentoxide flake, high purity vanadium pentoxide flake, and high purity vanadium pentoxide powder. It also focuses on the advancement of renewable energy storage solutions through its vanadium redox flow battery technology.
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