2,334,403 Shares of Western Copper and Gold Corporation $WRN Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 2,334,403 shares of Western Copper and Gold in the second quarter, worth approximately $5.23 million and representing a 1.03% stake.
• Several other institutional investors also initiated positions, bringing total institutional and hedge-fund ownership to 21.96% of the company.
• WRN recently traded at $2.24, down 3.4%, while analysts maintained a “Buy” consensus with an average price target of $5.50, citing the company’s Casino copper-gold project in Yukon.

Bank of America Corp DE acquired a new position in shares of Western Copper and Gold Corporation (NYSEAMERICAN:WRN - Free Report) TSE: WRN in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm acquired 2,334,403 shares of the company's stock, valued at approximately $5,229,000. Bank of America Corp DE owned 1.03% of Western Copper and Gold as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Cibc World Market Inc. purchased a new position in shares of Western Copper and Gold in the 2nd quarter worth approximately $423,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Western Copper and Gold during the second quarter valued at approximately $704,000. Quantbot Technologies LP purchased a new stake in shares of Western Copper and Gold during the second quarter valued at approximately $581,000. Auxano Advisors LLC bought a new stake in Western Copper and Gold during the second quarter worth $1,111,000. Finally, BlackRock Inc. bought a new stake in Western Copper and Gold during the second quarter worth $173,000. 21.96% of the stock is currently owned by institutional investors and hedge funds.

Western Copper and Gold Stock Down 3.4%

Western Copper and Gold stock opened at $2.24 on Tuesday. Western Copper and Gold Corporation has a twelve month low of $1.86 and a twelve month high of $4.26. The firm has a fifty day simple moving average of $2.36 and a two-hundred day simple moving average of $2.51. The company has a market capitalization of $505.88 million, a PE ratio of -112.00 and a beta of 1.32.

Wall Street Analysts Forecast Growth

WRN has been the topic of a number of research analyst reports. HC Wainwright reissued a "buy" rating and issued a $5.75 price target on shares of Western Copper and Gold in a report on Friday, September 4th. UBS Group reiterated a "buy" rating and set a $5.25 price objective on shares of Western Copper and Gold in a research note on Wednesday, August 26th. Two equities research analysts have rated the stock with a Buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $5.50.

Western Copper and Gold Profile

Western Copper and Gold Corporation is a Canadian mineral exploration and development company focused on advancing the Casino project in Yukon, Canada. The company is not a diversified mining producer; its primary business is the exploration, evaluation and potential development of mineral resources.

The Casino project is a large polymetallic porphyry deposit containing copper, gold, molybdenum and silver. Western Copper and Gold's activities include geological studies, engineering and permitting work intended to assess and advance the project toward future mine development.

The company's operations are concentrated in Yukon, where the Casino property is located in the traditional territory of the Tr'ondëk Hwëch'in and Selkirk First Nations.

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