Legal & General Group Plc Acquires 2,082,891 Shares of Lithium Americas Corp. $LAC

Legal & General Group Plc boosted its holdings in Lithium Americas Corp. (NYSE:LAC) by 212.7% during the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm owned 3,062,306 shares of the company’s stock after purchasing an additional 2,082,891 shares during the quarter. Legal & General Group Plc owned about 1.01% of Lithium Americas worth $13,349,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in LAC. Van ECK Associates Corp boosted its position in shares of Lithium Americas by 158.1% in the 3rd quarter. Van ECK Associates Corp now owns 14,479,615 shares of the company’s stock worth $82,679,000 after purchasing an additional 8,868,971 shares in the last quarter. Millennium Management LLC increased its position in Lithium Americas by 1,188.3% during the 3rd quarter. Millennium Management LLC now owns 3,307,103 shares of the company’s stock valued at $18,885,000 after buying an additional 3,050,405 shares in the last quarter. Old West Investment Management LLC bought a new position in Lithium Americas during the 3rd quarter valued at approximately $7,647,000. Kailix Advisors LLC purchased a new position in Lithium Americas during the fourth quarter valued at $5,123,000. Finally, Invesco Ltd. raised its stake in Lithium Americas by 44.3% during the third quarter. Invesco Ltd. now owns 2,405,568 shares of the company’s stock valued at $13,736,000 after buying an additional 739,007 shares during the last quarter.

Lithium Americas Stock Performance

Shares of LAC opened at $5.73 on Wednesday. The company has a market cap of $2.01 billion, a price-to-earnings ratio of -13.98 and a beta of 2.31. The business’s fifty day simple moving average is $4.72 and its two-hundred day simple moving average is $4.91. Lithium Americas Corp. has a 12 month low of $2.47 and a 12 month high of $10.52. The company has a current ratio of 7.36, a quick ratio of 7.36 and a debt-to-equity ratio of 0.65.

Lithium Americas (NYSE:LAC) last posted its quarterly earnings results on Thursday, May 14th. The company reported $0.00 earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.07. Research analysts anticipate that Lithium Americas Corp. will post -0.14 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. Scotiabank cut their target price on Lithium Americas from $7.00 to $5.00 and set a “sector perform” rating on the stock in a research note on Monday, April 6th. Wall Street Zen raised Lithium Americas from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Lithium Americas in a research note on Monday, April 27th. TD Securities raised shares of Lithium Americas to a “hold” rating in a research report on Monday, February 9th. Finally, Jefferies Financial Group restated a “buy” rating on shares of Lithium Americas in a research note on Monday, February 23rd. Two investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average price target of $5.56.

Lithium Americas Company Profile

Lithium Americas Corp. is a Vancouver‐based resource company focused on the development of lithium projects to support the global transition to electric vehicles and renewable energy storage. The company specializes in advancing lithium brine and claystone assets through feasibility studies, environmental permitting and engineering design. Its technical teams work to produce high‐purity lithium chemicals, including lithium carbonate and lithium hydroxide, for battery manufacturers worldwide.

Lithium Americas’ two flagship projects are the Cauchari‐Olaroz lithium brine operation in Jujuy Province, Argentina—developed in partnership with Ganfeng Lithium—and the Thacker Pass lithium clay deposit in northern Nevada, United States.