The S&P/ASX 200 Index (ASX: XJO) may be trading over 7% lower than its 52-week high, but that hasnât stopped a couple of stocks from reaching this milestone today.
Two ASX 200 stocks that have hit new 52-week highs are listed below. Hereâs why they are scaling new heights:
Liontown Resources Ltd (ASX: LTR)
The Liontown share price has built on yesterdayâs sensational gain and risen to a 52-week high of $2.64 on Wednesday. This has been driven by the lithium developer receiving and rejecting a takeover approach this week.
Analysts at Bell Potter believe that Albemarleâs $2.50 per share takeover proposal was âreasonable but not full.â
In response to the news, the broker has reiterated its speculative buy rating with an improved price target of $3.35. This suggests that this ASX 200 lithium stock could rise a further 27% from its current 52-week high of $2.64.
Its analysts commented:
The corporate interest in LTR from a high-profile US-based industry participant speaks to the quality of Kathleen Valley and the scarcity of growth opportunities in the sector.
Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)
The Soul Patts share price hit a 52-week high of $29.66 on Wednesday. Investors have been buying the investment house’s shares since the release of its half-year results release last week.
For the six months ended 31 January, the ASX 200 investment stock reported a regular profit of $475.7 million. This was a sizeable 38.4% increase on the prior corresponding period.
Management advised that this reflects strong performances from its strategic portfolio investments, helped by high commodity prices and contributions from Brickworks Limited (ASX: BKW), Apex Healthcare, and New Hope Corporation Limited (ASX: NHC).
This ultimately allowed the Soul Patts board to increase its interim dividend by 24.1% to a fully franked 36 cent per share.
The post 2 ASX 200 stocks smashing new 52-week highs on Wednesday appeared first on The Motley Fool Australia.
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More reading
- Why I continue buying shares of this magnificent ASX dividend stock hand over fist
- Broker says buy Pilbara Minerals shares now for 44% upside
- Takeover offer âreasonable but not fullâ: Broker says Liontown shares are worth more
- How to make passive income for life with just $5 a day
- Is time running out to buy high-yield ASX dividend shares?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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