Richmont Mines, Inc. (ARCA:RIC) (TSE:RIC) was upgraded by Zacks Investment Research from a “sell” rating to a “buy” rating in a report issued on Thursday. The brokerage currently has a $11.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 56.03% from the stock’s current price.

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 report on Wednesday, July 12th. Three equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $13.00.

Richmont Mines (RIC) traded down 0.51% during midday trading on Thursday, hitting $9.75. The company had a trading volume of 115,064 shares. The stock has a 50 day moving average price of $9.74 and a 200 day moving average price 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 capitalization 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 EPS for the quarter, missing the consensus estimate of $0.14 by ($0.02). The firm had revenue of $59.30 million for the quarter, compared to analysts’ expectations of $59.30 million. Richmont Mines had a return on equity of 8.16% and a net margin of 9.44%. The business’s quarterly revenue was up 46.1% on a year-over-year basis. Equities analysts forecast that Richmont Mines will post $0.28 earnings per share for the current fiscal year.

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A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aperio Group LLC increased its holdings in Richmont Mines by 8.0% during the 2nd quarter. Aperio Group LLC now owns 17,550 shares of the basic materials company’s stock worth $137,000 after purchasing an additional 1,294 shares during the period. Karp Capital Management Corp purchased a new position in Richmont Mines during the 1st quarter worth $115,000. Spot Trading L.L.C. purchased a new position in Richmont Mines during the 1st quarter worth $118,000. KCG Holdings Inc. boosted its position in Richmont Mines by 40.8% during the 1st 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 in the last quarter. Finally, Royce & Associates LP boosted its position in Richmont Mines by 18.1% during the 1st 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 in the last quarter. Institutional investors own 63.91% of the company’s stock.

Richmont Mines Company Profile

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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