Primero Mining Corp. (NYSE:PPP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday.
According to Zacks, “Primero Mining Corporation is engaged in exploration, acquisition and development of mineral resource properties. The Company mainly explores for gold and silver. Its properties include San Dimas gold-silver mine in Mexico. It focuses on building a precious metals portfolio in the Americas. Primero Mining Corporation is based in Canada. “
PPP has been the topic of several other research reports. Desjardins lowered shares of Primero Mining Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Royal Bank Of Canada restated an “outperform” rating and set a $3.20 target price on shares of Primero Mining Corp. in a report on Thursday, June 30th. RBC Capital Markets lowered shares of Primero Mining Corp. from an “outperform” rating to a “sector perform” rating in a report on Monday, August 8th. Scotiabank restated a “sector perform” rating and set a $3.50 target price on shares of Primero Mining Corp. in a report on Monday, June 27th. Finally, TD Securities reaffirmed a “buy” rating and set a $3.25 price target (down previously from $3.75) on shares of Primero Mining Corp. in a research note on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of C$3.18.
Primero Mining Corp. (NYSE:PPP) opened at 1.61 on Wednesday. Primero Mining Corp. has a 1-year low of $1.41 and a 1-year high of $2.74. The firm’s market cap is $302.25 million. The firm has a 50-day moving average of $1.59 and a 200 day moving average of $1.85.
Primero Mining Corp. (NYSE:PPP) last posted its earnings results on Thursday, August 4th. The company reported ($0.12) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.02) by $0.10. The business had revenue of $59.44 million for the quarter, compared to analyst estimates of $83.97 million. Primero Mining Corp. had a negative net margin of 52.32% and a negative return on equity of 1.50%. The business’s revenue was down 11.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.04) EPS. On average, analysts predict that Primero Mining Corp. will post ($0.06) EPS for the current year.
A number of institutional investors have recently added to or reduced their stakes in the company. Sentry Investments Corp. boosted its position in Primero Mining Corp. by 3.6% in the second quarter. Sentry Investments Corp. now owns 13,998,676 shares of the company’s stock worth $37,656,000 after buying an additional 483,440 shares during the period. Van ECK Associates Corp boosted its position in Primero Mining Corp. by 19.3% in the second quarter. Van ECK Associates Corp now owns 13,342,881 shares of the company’s stock worth $27,753,000 after buying an additional 2,157,004 shares during the period. Bank of New York Mellon Corp boosted its position in Primero Mining Corp. by 40.1% in the second quarter. Bank of New York Mellon Corp now owns 10,486,764 shares of the company’s stock worth $21,813,000 after buying an additional 2,999,547 shares during the period. Franklin Resources Inc. boosted its position in Primero Mining Corp. by 8.1% in the second quarter. Franklin Resources Inc. now owns 7,730,200 shares of the company’s stock worth $16,093,000 after buying an additional 580,000 shares during the period. Finally, Global X Management Co. LLC boosted its position in Primero Mining Corp. by 0.3% in the second quarter. Global X Management Co. LLC now owns 2,340,781 shares of the company’s stock worth $4,848,000 after buying an additional 5,918 shares during the period. 52.98% of the stock is owned by hedge funds and other institutional investors.
About Primero Mining Corp.
Primero Mining Corp. is a precious metals producer with operations in both Mexico and Canada. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. Its segments include San Dimas, Cerro del Gallo, Black Fox Complex and Corporate.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Primero Mining Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Primero Mining Corp. and related companies with MarketBeat.com's FREE daily email newsletter.