Richmont Mines Inc. (RIC) Upgraded to “Hold” by Zacks Investment Research
Richmont Mines Inc. (NYSE:RIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Richmont Mines, Inc. is a gold mining company. It has operations in Quebec, Ontario and Newfoundland and holds interests in the Francoeur Mine, Beaufor Mine and Camflo Mill in Quebec, and the Island Gold Mine in Ontario. Richmont Mines, Inc., formerly known as Ressources Minieres Rouyn Inc., is headquartered in Rouyn-Noranda, Canada. “
Several other equities analysts have also issued reports on the stock. BMO Capital Markets lowered shares of Richmont Mines from a “market perform” rating to an “underperform” rating in a report on Thursday, September 29th. TheStreet lowered shares of Richmont Mines from a “buy” rating to a “hold” rating in a report on Friday, August 12th. TD Securities reissued a “buy” rating and set a $16.50 price objective (up from $15.00) on shares of Richmont Mines in a report on Thursday, August 11th. Scotiabank reissued a “sector perform” rating and set a $14.75 price objective on shares of Richmont Mines in a report on Thursday, August 11th. Finally, National Bank Financial reissued a “sector perform” rating and set a $13.50 price objective (up from $12.50) on shares of Richmont Mines in a report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.16.
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Shares of Richmont Mines (NYSE:RIC) traded down 1.29% during midday trading on Tuesday, reaching $8.41. The company’s stock had a trading volume of 69,379 shares. The stock has a 50-day moving average of $9.63 and a 200 day moving average of $8.79. The firm has a market capitalization of $527.21 million and a P/E ratio of 63.23. Richmont Mines has a 12-month low of $2.79 and a 12-month high of $11.66.
Richmont Mines (NYSE:RIC) last released its quarterly earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.09. The firm earned $40.62 million during the quarter, compared to analysts’ expectations of $40.55 million. Equities research analysts predict that Richmont Mines will post $0.28 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. I.G. Investment Management LTD. increased its position in Richmont Mines by 0.7% in the second quarter. I.G. Investment Management LTD. now owns 332,300 shares of the company’s stock worth $3,084,000 after buying an additional 2,300 shares in the last quarter. Ameriprise Financial Inc. acquired a new position in Richmont Mines during the second quarter worth about $102,000. Vanguard Group Inc. acquired a new position in Richmont Mines during the second quarter worth about $102,000. Bank of Nova Scotia acquired a new position in Richmont Mines during the second quarter worth about $143,000. Finally, Acadian Asset Management LLC increased its position in Richmont Mines by 2.0% in the second quarter. Acadian Asset Management LLC now owns 1,184,445 shares of the company’s stock worth $10,908,000 after buying an additional 23,485 shares in the last quarter.
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