Arrowstreet Capital Limited Partnership reduced its stake in Resolute Forest Products Inc. (NYSE:RFP) (TSE:RFP) by 67.5% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 177,597 shares of the basic materials company’s stock after selling 368,459 shares during the period. Arrowstreet Capital Limited Partnership owned about 0.22% of Resolute Forest Products worth $1,945,000 at the end of the most recent reporting period.
Other institutional investors also recently made changes to their positions in the company. Lazard Asset Management LLC purchased a new position in Resolute Forest Products in the 4th quarter worth approximately $28,000. Dorsey Wright & Associates increased its stake in Resolute Forest Products by 135.0% in the 1st quarter. Dorsey Wright & Associates now owns 5,358 shares of the basic materials company’s stock worth $59,000 after purchasing an additional 3,078 shares during the period. International Assets Investment Management LLC increased its stake in Resolute Forest Products by 15.8% in the 1st quarter. International Assets Investment Management LLC now owns 11,000 shares of the basic materials company’s stock worth $78,000 after purchasing an additional 1,500 shares during the period. Cetera Investment Advisers purchased a new position in Resolute Forest Products in the 4th quarter worth approximately $84,000. Finally, ExodusPoint Capital Management LP purchased a new position in Resolute Forest Products in the 4th quarter worth approximately $115,000. 82.05% of the stock is currently owned by institutional investors and hedge funds.
Shares of RFP stock opened at $11.59 on Thursday. The company has a market cap of $916.66 million, a price-to-earnings ratio of 9.99 and a beta of 3.13. Resolute Forest Products Inc. has a fifty-two week low of $2.63 and a fifty-two week high of $17.65. The stock has a 50 day simple moving average of $13.50. The company has a current ratio of 2.30, a quick ratio of 1.05 and a debt-to-equity ratio of 0.40.
The company also recently declared a — dividend, which was paid on Wednesday, July 7th. Investors of record on Monday, June 28th were given a dividend of $1.00 per share. The ex-dividend date of this dividend was Friday, June 25th.
In related news, SVP Daniel Ouellet sold 5,000 shares of Resolute Forest Products stock in a transaction that occurred on Wednesday, June 16th. The stock was sold at an average price of $13.51, for a total transaction of $67,550.00. Following the sale, the senior vice president now directly owns 100,864 shares in the company, valued at $1,362,672.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.60% of the company’s stock.
A number of equities research analysts have recently weighed in on RFP shares. Royal Bank of Canada lifted their price objective on Resolute Forest Products from $13.00 to $16.00 and gave the stock an “outperform” rating in a research report on Friday, April 30th. Scotiabank upgraded Resolute Forest Products from a “sector underperform” rating to a “sector perform” rating and set a $17.00 price objective on the stock in a research report on Thursday, July 8th. Finally, TD Securities upgraded Resolute Forest Products from a “speculative buy” rating to a “buy” rating and set a $12.00 price objective on the stock in a research report on Thursday, April 1st. One research analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Resolute Forest Products has an average rating of “Buy” and an average price target of $12.19.
Resolute Forest Products Profile
Resolute Forest Products Inc, together with its subsidiaries, operates in the forest products industry in the United States, Canada, Mexico, and internationally. The company operates through four segments: Market Pulp, Tissue, Wood Products, and Paper. The Market Pulp segment offers virgin and recycled bleached kraft pulp, which is used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.
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