MAC Copper (NYSE:MTAL) Raised to Strong-Buy at Zacks Research

MAC Copper (NYSE:MTAL) was upgraded by analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Thursday,Zacks.com reports.

A number of other research analysts have also recently commented on the company. BMO Capital Markets restated a “market perform” rating and issued a $12.25 price target (up previously from $11.00) on shares of MAC Copper in a research report on Tuesday, June 3rd. Canaccord Genuity Group lowered MAC Copper from a “strong-buy” rating to a “hold” rating in a research note on Friday, July 11th. One equities research analyst has rated the stock with a Strong Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $12.63.

MAC Copper Stock Performance

Shares of NYSE MTAL opened at $12.21 on Thursday. The company has a debt-to-equity ratio of 0.68, a quick ratio of 0.45 and a current ratio of 0.58. MAC Copper has a 52 week low of $7.69 and a 52 week high of $14.31. The stock’s fifty day moving average is $12.13 and its 200 day moving average is $11.10.

Institutional Trading of MAC Copper

Hedge funds have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its stake in shares of MAC Copper by 10,692.3% during the second quarter. EverSource Wealth Advisors LLC now owns 2,806 shares of the company’s stock valued at $34,000 after purchasing an additional 2,780 shares in the last quarter. Wolverine Asset Management LLC acquired a new stake in shares of MAC Copper during the second quarter valued at about $52,000. Russell Investments Group Ltd. boosted its stake in shares of MAC Copper by 56.2% during the second quarter. Russell Investments Group Ltd. now owns 6,108 shares of the company’s stock valued at $74,000 after purchasing an additional 2,197 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of MAC Copper by 38.1% during the second quarter. Ameritas Investment Partners Inc. now owns 7,288 shares of the company’s stock valued at $88,000 after purchasing an additional 2,011 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of MAC Copper by 256.3% during the second quarter. Signaturefd LLC now owns 10,575 shares of the company’s stock valued at $128,000 after purchasing an additional 7,607 shares in the last quarter. 87.47% of the stock is owned by institutional investors and hedge funds.

About MAC Copper

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.