Richmont Mines Inc. (NYSE:RIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.
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. “
Several other research analysts have also recently weighed in on RIC. BMO Capital Markets cut Richmont Mines from a “market perform” rating to an “underperform” rating in a report on Thursday, September 29th. Scotiabank restated a “sector perform” rating and set a $11.00 target price on shares of Richmont Mines in a report on Sunday, July 10th. Canaccord Genuity restated a “buy” rating on shares of Richmont Mines in a report on Monday, July 18th. TD Securities restated a “buy” rating and set a $16.50 target price (up from $15.00) on shares of Richmont Mines in a report on Thursday, August 11th. Finally, TheStreet cut Richmont Mines from a “buy” rating to a “hold” rating in a report on Friday, August 12th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Richmont Mines has an average rating of “Hold” and a consensus price target of $14.16.
Shares of Richmont Mines (NYSE:RIC) traded down 1.53% during midday trading on Tuesday, reaching $8.39. The company’s stock had a trading volume of 68,534 shares. The firm has a market cap of $525.96 million and a price-to-earnings ratio of 63.08. Richmont Mines has a one year low of $2.79 and a one year high of $11.66. The stock’s 50 day moving average price is $9.63 and its 200 day moving average price is $8.79.
Richmont Mines (NYSE:RIC) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.09. The firm earned $40.62 million during the quarter, compared to analyst estimates of $40.55 million. Analysts predict that Richmont Mines will post $0.28 earnings per share for the current year.
Several hedge funds have recently added to or reduced their stakes in RIC. James Investment Research Inc. raised its stake in Richmont Mines by 13.2% in the second quarter. James Investment Research Inc. now owns 783,590 shares of the company’s stock valued at $7,217,000 after buying an additional 91,130 shares during the last quarter. Acadian Asset Management LLC raised its stake in shares of Richmont Mines by 2.0% in the second quarter. Acadian Asset Management LLC now owns 1,184,445 shares of the company’s stock worth $10,908,000 after buying an additional 23,485 shares during the last quarter. Montrusco Bolton Investments Inc. raised its stake in shares of Richmont Mines by 160.5% in the second quarter. Montrusco Bolton Investments Inc. now owns 1,071,412 shares of the company’s stock worth $9,892,000 after buying an additional 660,193 shares during the last quarter. Bank of Montreal Can purchased a new stake in shares of Richmont Mines during the second quarter worth about $6,344,000. Finally, Alps Advisors Inc. purchased a new stake in shares of Richmont Mines during the second quarter worth about $4,599,000.
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