Teacher Retirement System of Texas Purchases New Stake in TMC the metals company Inc. $TMC

Teacher Retirement System of Texas acquired a new position in TMC the metals company Inc. (NASDAQ:TMC) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 35,407 shares of the company’s stock, valued at approximately $234,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Allworth Financial LP boosted its stake in shares of TMC the metals by 48.0% in the 1st quarter. Allworth Financial LP now owns 14,796 shares of the company’s stock valued at $25,000 after purchasing an additional 4,796 shares during the last quarter. Sprott Inc. acquired a new position in TMC the metals in the first quarter valued at approximately $26,000. Foster Dykema Cabot & Partners LLC bought a new position in TMC the metals in the first quarter valued at approximately $44,000. Abacus Wealth Partners LLC acquired a new stake in TMC the metals during the 1st quarter worth $55,000. Finally, Corundum Group Inc. acquired a new stake in TMC the metals during the 2nd quarter worth $69,000. 4.39% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on TMC. HC Wainwright reissued a “buy” rating and issued a $7.25 price target on shares of TMC the metals in a research note on Monday, August 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of TMC the metals in a research note on Wednesday, October 8th. Finally, Zacks Research cut TMC the metals from a “hold” rating to a “strong sell” rating in a report on Wednesday, October 15th. Three equities research analysts have rated the stock with a Buy rating and two have assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.33.

Insider Activity at TMC the metals

In other news, insider Erika Ilves sold 1,591,485 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $5.77, for a total value of $9,182,868.45. Following the completion of the transaction, the insider owned 1,145,792 shares in the company, valued at $6,611,219.84. This represents a 58.14% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Anthony O’sullivan sold 250,000 shares of the stock in a transaction on Tuesday, August 26th. The stock was sold at an average price of $5.25, for a total transaction of $1,312,500.00. Following the sale, the insider directly owned 1,125,667 shares of the company’s stock, valued at $5,909,751.75. This represents a 18.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 27.60% of the stock is currently owned by insiders.

TMC the metals Stock Down 1.4%

TMC opened at $5.83 on Wednesday. The stock has a market cap of $2.37 billion, a P/E ratio of -15.76 and a beta of 1.71. TMC the metals company Inc. has a 12 month low of $0.72 and a 12 month high of $11.35. The company has a fifty day simple moving average of $6.84 and a 200 day simple moving average of $5.85.

TMC the metals (NASDAQ:TMC) last posted its earnings results on Thursday, August 14th. The company reported ($0.07) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.01). On average, equities research analysts expect that TMC the metals company Inc. will post -0.22 earnings per share for the current fiscal year.

About TMC the metals

TMC the metals company Inc, a deep-sea minerals exploration company, focuses on the collection, processing, and refining of polymetallic nodules found on the seafloor in California. It primarily explores for nickel, cobalt, copper, and manganese products. The company holds exploration and commercial rights in three polymetallic nodule contract areas in the Clarion Clipperton Zone of the Pacific Ocean.