MAC Copper (NYSE:MTAL) Stock Rating Lowered by Canaccord Genuity Group

MAC Copper (NYSE:MTAL) was downgraded by equities researchers at Canaccord Genuity Group from a “strong-buy” rating to a “hold” rating in a research note issued to investors on Friday, Marketbeat reports.

MTAL has been the subject of several other reports. Scotiabank reissued a “sector perform” rating and set a $13.00 price target on shares of MAC Copper in a research report on Tuesday, May 27th. BMO Capital Markets restated a “market perform” rating and set a $12.25 price objective (up previously from $11.00) on shares of MAC Copper in a report on Tuesday, June 3rd. Finally, National Bank Financial downgraded shares of MAC Copper from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 30th.

MAC Copper Stock Up 0.2%

MTAL stock opened at $12.06 on Friday. The firm has a 50-day simple moving average of $11.36 and a two-hundred day simple moving average of $10.53. MAC Copper has a one year low of $7.69 and a one year high of $14.79. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.12 and a quick ratio of 0.97.

Hedge Funds Weigh In On MAC Copper

Hedge funds have recently modified their holdings of the stock. Glencore plc acquired a new position in MAC Copper in the 4th quarter worth approximately $106,200,000. American Century Companies Inc. increased its holdings in MAC Copper by 58.5% in the 4th quarter. American Century Companies Inc. now owns 906,421 shares of the company’s stock worth $9,626,000 after buying an additional 334,505 shares during the period. Millennium Management LLC increased its holdings in MAC Copper by 11.2% in the 4th quarter. Millennium Management LLC now owns 2,028,073 shares of the company’s stock worth $21,538,000 after buying an additional 204,439 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of MAC Copper by 11.7% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,865,422 shares of the company’s stock worth $19,811,000 after purchasing an additional 194,813 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of MAC Copper during the 1st quarter worth approximately $1,271,000. Institutional investors and hedge funds own 87.47% of the company’s stock.

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.