Richmont Mines, Inc. (ARCA:RIC) (TSE:RIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Friday.

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. “

Separately, BidaskClub downgraded Richmont Mines from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Three equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Richmont Mines has an average rating of “Hold” and a consensus target price of $13.00.

Richmont Mines (ARCA:RIC) traded down 0.51% during midday trading on Friday, reaching $9.75. 115,064 shares of the company’s stock traded hands. The stock has a 50-day moving average of $9.74 and a 200 day moving average of $8.17. Richmont Mines has a 52-week low of $5.45 and a 52-week high of $10.45. The company has a market cap of $621.66 million, a P/E ratio of 43.33 and a beta of 0.41.

Richmont Mines (ARCA:RIC) (TSE:RIC) last released its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). Richmont Mines had a net margin of 9.44% and a return on equity of 8.16%. The firm had revenue of $59.30 million during the quarter, compared to analyst estimates of $59.30 million. The firm’s quarterly revenue was up 46.1% compared to the same quarter last year. On average, analysts anticipate that Richmont Mines will post $0.28 earnings per share for the current fiscal year.

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Hedge funds have recently made changes to their positions in the stock. Karp Capital Management Corp bought a new stake in Richmont Mines in the first quarter valued at approximately $115,000. Spot Trading L.L.C. bought a new stake in Richmont Mines in the first quarter valued at approximately $118,000. Aperio Group LLC boosted its holdings in Richmont Mines by 8.0% in the second quarter. Aperio Group LLC now owns 17,550 shares of the basic materials company’s stock valued at $137,000 after acquiring an additional 1,294 shares during the last quarter. KCG Holdings Inc. boosted its holdings in Richmont Mines by 40.8% in the first quarter. KCG Holdings Inc. now owns 60,358 shares of the basic materials company’s stock valued at $429,000 after acquiring an additional 17,499 shares during the last quarter. Finally, Royce & Associates LP boosted its holdings in Richmont Mines by 18.1% in the first quarter. Royce & Associates LP now owns 268,200 shares of the basic materials company’s stock valued at $1,904,000 after acquiring an additional 41,200 shares during the last quarter. Institutional investors and hedge funds own 63.91% of the company’s stock.

About Richmont Mines

Richmont Mines Inc is a mining company. The Company is engaged in mining, exploration and development of mining properties, principally gold. The Company operates gold mines at various sites in Quebec and Ontario. The Company’s segments include Quebec and Ontario. The Company is engaged in producing gold from the Island Gold Mine in Ontario and the Beaufor Mine in Quebec.

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