Primero Mining Corp. (PPP) Short Interest Update
Primero Mining Corp. (NYSE:PPP) saw a large decline in short interest during the month of September. As of September 30th, there was short interest totalling 2,975,873 shares, a decline of 39.8% from the September 15th total of 4,939,553 shares. Currently, 1.6% of the shares of the company are sold short. Based on an average daily trading volume, of 1,717,405 shares, the days-to-cover ratio is currently 1.7 days.
PPP has been the topic of a number of research analyst reports. TD Securities reissued a “buy” rating and issued a $3.25 price target (down from $3.75) on shares of Primero Mining Corp. in a report on Wednesday, August 10th. Zacks Investment Research raised shares of Primero Mining Corp. from a “hold” rating to a “buy” rating and set a $2.25 price target on the stock in a report on Wednesday, June 29th. Cantor Fitzgerald downgraded shares of Primero Mining Corp. from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Desjardins downgraded shares of Primero Mining Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $3.20 price target on shares of Primero Mining Corp. in a report on Thursday, June 30th. Ten research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average price target of C$3.18.
Shares of Primero Mining Corp. (NYSE:PPP) opened at 1.61 on Wednesday. Primero Mining Corp. has a 1-year low of $1.41 and a 1-year high of $2.74. The firm has a 50-day moving average price of $1.59 and a 200-day moving average price of $1.85. The company’s market cap is $302.25 million.
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Primero Mining Corp. (NYSE:PPP) last issued its earnings results on Thursday, August 4th. The company reported ($0.12) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.10. Primero Mining Corp. had a negative return on equity of 1.50% and a negative net margin of 52.32%. The company earned $59.44 million during the quarter, compared to analysts’ expectations of $83.97 million. During the same quarter in the previous year, the company earned ($0.04) EPS. The firm’s quarterly revenue was down 11.9% compared to the same quarter last year. On average, equities analysts expect that Primero Mining Corp. will post ($0.06) EPS for the current year.
Hedge funds have recently modified their holdings of the company. Bank of Nova Scotia increased its stake in shares of Primero Mining Corp. by 10.7% in the second quarter. Bank of Nova Scotia now owns 52,489 shares of the company’s stock worth $109,000 after buying an additional 5,092 shares during the last quarter. Scotia Capital Inc. increased its stake in shares of Primero Mining Corp. by 85.4% in the second quarter. Scotia Capital Inc. now owns 77,826 shares of the company’s stock worth $160,000 after buying an additional 35,854 shares during the last quarter. Cubist Systematic Strategies LLC bought a new stake in shares of Primero Mining Corp. during the second quarter worth approximately $216,000. Alps Advisors Inc. increased its stake in shares of Primero Mining Corp. by 5.1% in the second quarter. Alps Advisors Inc. now owns 115,064 shares of the company’s stock worth $239,000 after buying an additional 5,580 shares during the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new stake in shares of Primero Mining Corp. during the second quarter worth approximately $295,000. Hedge funds and other institutional investors own 52.98% of the company’s stock.
About Primero Mining Corp.
Primero Mining Corp. is a precious metals producer with operations in both Mexico and Canada. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. Its segments include San Dimas, Cerro del Gallo, Black Fox Complex and Corporate.
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