Principal Financial Group Inc. Sells 283,179 Shares of Piedmont Lithium Inc. (NASDAQ:PLL)

Principal Financial Group Inc. trimmed its position in shares of Piedmont Lithium Inc. (NASDAQ:PLL) by 81.9% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 62,482 shares of the mineral exploration company’s stock after selling 283,179 shares during the quarter. Principal Financial Group Inc. owned 0.32% of Piedmont Lithium worth $558,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. National Bank of Canada FI raised its holdings in shares of Piedmont Lithium by 2,095.4% in the 3rd quarter. National Bank of Canada FI now owns 2,854 shares of the mineral exploration company’s stock worth $25,000 after acquiring an additional 2,724 shares during the last quarter. FMR LLC lifted its position in shares of Piedmont Lithium by 38.7% during the third quarter. FMR LLC now owns 3,353 shares of the mineral exploration company’s stock valued at $30,000 after purchasing an additional 936 shares in the last quarter. Point72 DIFC Ltd purchased a new position in Piedmont Lithium during the second quarter worth about $47,000. Point72 Asia Singapore Pte. Ltd. bought a new stake in Piedmont Lithium in the 2nd quarter worth about $58,000. Finally, Quantinno Capital Management LP purchased a new stake in Piedmont Lithium in the 3rd quarter valued at about $103,000. 52.23% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of brokerages have issued reports on PLL. JPMorgan Chase & Co. restated an “underweight” rating and issued a $8.00 price objective (down previously from $9.00) on shares of Piedmont Lithium in a research note on Monday, October 21st. Roth Capital downgraded shares of Piedmont Lithium from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, November 20th. Roth Mkm cut shares of Piedmont Lithium from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $32.00 to $13.00 in a report on Wednesday, November 20th. Macquarie raised Piedmont Lithium from a “hold” rating to a “strong-buy” rating in a report on Friday, December 6th. Finally, BMO Capital Markets upped their price target on shares of Piedmont Lithium from $9.50 to $14.00 and gave the company a “market perform” rating in a research note on Friday, November 29th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $21.21.

Insider Transactions at Piedmont Lithium

In other news, CEO Keith D. Phillips sold 41,867 shares of the firm’s stock in a transaction on Tuesday, December 10th. The shares were sold at an average price of $12.31, for a total transaction of $515,382.77. Following the sale, the chief executive officer now owns 170,616 shares in the company, valued at approximately $2,100,282.96. This trade represents a 19.70 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 1.81% of the company’s stock.

Piedmont Lithium Stock Performance

NASDAQ PLL opened at $9.79 on Monday. The company’s 50 day simple moving average is $11.40 and its two-hundred day simple moving average is $10.33. The company has a debt-to-equity ratio of 0.01, a current ratio of 1.99 and a quick ratio of 1.99. Piedmont Lithium Inc. has a 1 year low of $6.57 and a 1 year high of $26.50. The stock has a market capitalization of $190.30 million, a PE ratio of -2.39 and a beta of 0.72.

Piedmont Lithium Company Profile

Piedmont Lithium Inc, a development stage company, engages in the exploration and development of resource projects in the United States. The company primarily holds a 100% interest in the Carolina Lithium Project that include an area of approximately 3,706 acres located within the Carolina Tin-Spodumene Belt situated to the northwest of Charlotte, North Carolina in the United States.