Bornite Capital Management LP Invests $2.40 Million in Sinda Ltd. $SIND

Key Points

• Bornite Capital Management LP acquired 200,000 Sinda shares worth approximately $2.4 million, representing about 0.13% of the company and 0.3% of the fund’s portfolio.
• Analysts are broadly optimistic, with an average rating of “Buy” and an average price target of $18.83, compared with the stock’s opening price of $15.25.
• Sinda reported a quarterly loss of $0.13 per share, slightly missing the $0.12 consensus estimate; shares have traded between $10.03 and $18.95 over the past year.

Bornite Capital Management LP purchased a new position in Sinda Ltd. (NYSE:SIND - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 200,000 shares of the company's stock, valued at approximately $2,400,000. Sinda accounts for about 0.3% of Bornite Capital Management LP's investment portfolio, making the stock its 20th biggest position. Bornite Capital Management LP owned approximately 0.13% of Sinda at the end of the most recent quarter.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on SIND shares. Citigroup began coverage on Sinda in a research note on Tuesday, July 21st. They issued a "buy" rating and a $18.00 target price on the stock. Royal Bank Of Canada started coverage on Sinda in a report on Tuesday, July 21st. They issued an "outperform" rating and a $19.00 price objective for the company. UBS Group set a $19.00 price objective on Sinda in a research note on Tuesday, July 21st. Canaccord Genuity Group started coverage on shares of Sinda in a report on Tuesday, August 18th. They set a "speculative buy" rating and a $19.00 price objective on the stock. Finally, BMO Capital Markets increased their target price on shares of Sinda from $16.00 to $19.00 and gave the stock an "outperform" rating in a research report on Monday, August 17th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Buy" and an average price target of $18.83.

Sinda Trading Down 2.3%

NYSE:SIND opened at $15.25 on Wednesday. The stock's fifty day moving average is $14.27. Sinda Ltd. has a 1 year low of $10.03 and a 1 year high of $18.95.

Sinda (NYSE:SIND - Get Free Report) last announced its quarterly earnings results on Friday, August 14th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.01). On average, analysts predict that Sinda Ltd. will post -0.32 earnings per share for the current fiscal year.

Sinda Company Profile

We hold title to, or have exploration and exploitation rights on, five contiguous mining concessions covering a large-scale, high-grade, silver-gold greenfield discovery located in the historic Guanajuato epithermal silver belt of Mexico (the “Sinda Property” or the “Project”). The Sinda Property is a large primary silver asset that we believe has the potential to be a globally significant mining operation. The Sinda Property is located approximately 22 miles (35 kilometers) from the colonial city of San Miguel de Allende in the Mexican state of Guanajuato, approximately 180 miles (290 kilometers) northwest of Mexico City and 28 miles (45 kilometers) southeast of the Guanajuato Mining District, in close proximity to several of the world's largest and historically most productive silver deposits and mines.

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