Richmont Mines Inc. (NYSE:RIC) (TSE:RIC) has been assigned a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the stock, MarketBeat reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokers that have updated their coverage on the stock in the last year is $12.33.
A number of brokerages have recently commented on RIC. Zacks Investment Research upgraded shares of Richmont Mines from a “sell” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Thursday, October 19th. TD Securities reissued a “buy” rating and issued a $12.33 price objective on shares of Richmont Mines in a report on Friday, November 24th.
Several institutional investors and hedge funds have recently made changes to their positions in the stock. Van ECK Associates Corp purchased a new stake in shares of Richmont Mines in the third quarter valued at about $38,228,000. Montrusco Bolton Investments Inc. purchased a new stake in shares of Richmont Mines in the third quarter valued at about $26,998,000. Magnetar Financial LLC purchased a new stake in shares of Richmont Mines in the third quarter valued at about $15,896,000. Mackenzie Financial Corp purchased a new stake in shares of Richmont Mines in the third quarter valued at about $10,431,000. Finally, JPMorgan Chase & Co. purchased a new stake in shares of Richmont Mines in the third quarter valued at about $8,743,000. 53.83% of the stock is owned by hedge funds and other institutional investors.
Richmont Mines (NYSE:RIC) (TSE:RIC) last issued its earnings results on Wednesday, November 8th. The basic materials company reported $0.06 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.06. The business had revenue of $36.55 million during the quarter, compared to analysts’ expectations of $36.45 million. Richmont Mines had a net margin of 13.14% and a return on equity of 8.60%. Richmont Mines’s revenue for the quarter was up 52.0% compared to the same quarter last year. equities research analysts predict that Richmont Mines will post 0.25 EPS for the current fiscal year.
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About Richmont Mines
Richmont Mines Inc, formerly Ressources Minieres Rouyn Inc, is a Canada-based mining company. The Company is engaged in the 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.
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