Richmont Mines Inc. (NYSEMKT:RIC) Receives Average Rating of “Buy” from Brokerages
Shares of Richmont Mines Inc. (NYSEMKT:RIC) have been given a consensus rating of “Buy” by the twelve brokerages that are presently covering the company. Five analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month price objective among analysts that have updated their coverage on the stock in the last year is $7.89.
Separately, CIBC cut shares of Richmont Mines from an “outperformer” rating to a “sector performer” rating in a research report on Tuesday, August 9th.
Richmont Mines (NYSEMKT:RIC) traded up 1.44% on Friday, reaching $8.48. 304,116 shares of the company’s stock traded hands. The stock has a 50-day moving average of $9.70 and a 200 day moving average of $8.69. The firm has a market capitalization of $531.60 million, a P/E ratio of 63.76 and a beta of 0.28. Richmont Mines has a 52 week low of $2.79 and a 52 week high of $11.66.
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Hedge funds have recently bought and sold shares of the stock. Spark Investment Management LLC purchased a new stake in Richmont Mines during the first quarter worth about $399,000. Bogle Investment Management L P DE purchased a new stake in Richmont Mines during the first quarter worth about $468,000. Royal Bank of Canada raised its stake in Richmont Mines by 57.0% in the first quarter. Royal Bank of Canada now owns 2,904,536 shares of the company’s stock worth $16,382,000 after buying an additional 1,054,036 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Richmont Mines by 9.5% in the first quarter. Renaissance Technologies LLC now owns 3,579,200 shares of the company’s stock worth $20,187,000 after buying an additional 309,700 shares in the last quarter.
Richmont Mines Company Profile
Richmont Mines Inc is a mining company. The Company is engaged in activities related to the acquisition, exploration, development and operation of mineral properties. Its segments include Quebec and Ontario. It has two divisions: Ontario Division and Quebec Division. Its Island Gold Mine is located approximately 80 kilometers northeast of Wawa, Ontario in the Sault Ste.
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