Zacks Investment Research Lowers Largo (NYSE:LGO) to Strong Sell

Largo (NYSE:LGOGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Largo Inc. is involved in production and supply of vanadium products. Largo Inc., formerly known as Largo Resources Ltd., is based in TORONTO. “

LGO has been the topic of several other research reports. HC Wainwright decreased their price target on shares of Largo from $24.00 to $20.00 and set a “buy” rating on the stock in a research report on Friday, February 4th. TheStreet raised shares of Largo from a “d” rating to a “c-” rating in a research note on Tuesday, March 1st. Morgan Stanley lowered shares of Largo from an “overweight” rating to an “equal weight” rating in a research note on Monday, January 31st. CIBC dropped their target price on shares of Largo from C$18.00 to C$16.00 in a report on Wednesday, May 18th. Finally, Royal Bank of Canada dropped their price objective on shares of Largo from C$23.00 to C$20.00 in a report on Monday, May 16th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $16.25.

Shares of LGO opened at $8.92 on Wednesday. The company has a current ratio of 3.58, a quick ratio of 2.28 and a debt-to-equity ratio of 0.01. The firm has a market capitalization of $578.23 million and a P/E ratio of 35.68. The stock’s fifty day simple moving average is $10.53 and its 200 day simple moving average is $10.07. Largo has a twelve month low of $6.77 and a twelve month high of $17.11.

Largo (NYSE:LGOGet Rating) last announced its earnings results on Wednesday, March 16th. The company reported $0.01 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.13). Largo had a net margin of 8.24% and a return on equity of 7.14%. The business had revenue of $50.33 million for the quarter, compared to analyst estimates of $51.22 million. Sell-side analysts predict that Largo will post 0.45 earnings per share for the current year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Rockefeller Capital Management L.P. increased its stake in Largo by 15.3% in the third quarter. Rockefeller Capital Management L.P. now owns 7,525 shares of the company’s stock valued at $79,000 after purchasing an additional 1,000 shares in the last quarter. Shell Asset Management Co. lifted its stake in shares of Largo by 41.1% during the 4th quarter. Shell Asset Management Co. now owns 3,727 shares of the company’s stock worth $35,000 after buying an additional 1,085 shares during the last quarter. Credit Suisse AG increased its position in Largo by 4.3% during the third quarter. Credit Suisse AG now owns 26,580 shares of the company’s stock worth $279,000 after acquiring an additional 1,092 shares during the period. TD Asset Management Inc. increased its holdings in Largo by 3.6% in the 4th quarter. TD Asset Management Inc. now owns 37,453 shares of the company’s stock valued at $348,000 after buying an additional 1,316 shares during the period. Finally, Jane Street Group LLC increased its holdings in Largo by 13.9% in the 1st quarter. Jane Street Group LLC now owns 15,171 shares of the company’s stock valued at $192,000 after buying an additional 1,849 shares during the period.

About Largo (Get Rating)

Largo Inc engages in the development and sale of vanadium-based utility scale electrical energy storage systems in Canada. The company operates in five segments: Sales & Trading, Mine Properties, Corporate, Exploration and Evaluation Properties, and Largo Clean Energy. Its products include VPURE+ vanadium flakes that are used in the production of master alloys and aerospace applications; VPURE vanadium flakes ferrovanadium and vanadium carbon nitride for the steel industry; and VPURE+ vanadium powder for catalyst applications.

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