Primero Mining Corp. (PPP) Trading Up 2.9%
Primero Mining Corp. (NYSE:PPP) was up 2.9% on Wednesday . The company traded as high as $2.51 and last traded at $2.50, with a volume of 574,559 shares. The stock had previously closed at $2.43.
A number of research analysts have recently commented on PPP shares. Canaccord Genuity raised Primero Mining Corp. from a “hold” rating to a “buy” rating and increased their price objective for the company from $2.50 to $4.00 in a report on Friday, June 17th. Scotiabank reissued a “sector perform” rating and set a $2.75 price objective (down previously from $3.00) on shares of Primero Mining Corp. in a report on Tuesday, April 19th. Zacks Investment Research lowered Primero Mining Corp. from a “hold” rating to a “strong sell” rating in a report on Saturday, March 19th. Cormark reissued a “market perform” rating on shares of Primero Mining Corp. in a report on Tuesday, April 19th. Finally, Royal Bank Of Canada increased their price objective on Primero Mining Corp. from $2.25 to $3.00 in a report on Tuesday, April 12th. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of C$3.32.
The stock’s market cap is $410.09 million. The firm has a 50 day moving average of $2.01 and a 200 day moving average of $1.93.
Primero Mining Corp. (NYSE:PPP) last issued its quarterly earnings results on Wednesday, May 4th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The firm earned $50.50 million during the quarter, compared to the consensus estimate of $42.54 million. During the same quarter last year, the firm earned $0.02 earnings per share. The business’s revenue for the quarter was down 31.1% on a year-over-year basis. On average, equities research analysts expect that Primero Mining Corp. will post $0.01 earnings per share for the current fiscal year.
Several hedge funds have recently modified their holdings of the stock. Morgan Stanley raised its stake in shares of Primero Mining Corp. by 1.9% in the fourth quarter. Morgan Stanley now owns 940,271 shares of the company’s stock worth $2,144,000 after buying an additional 17,496 shares during the period. I.G. Investment Management LTD. raised its stake in Primero Mining Corp. by 8.6% in the fourth quarter. I.G. Investment Management LTD. now owns 1,066,161 shares of the company’s stock valued at $2,405,000 after buying an additional 84,606 shares during the last quarter. Alps Advisors Inc. raised its stake in Primero Mining Corp. by 1.3% in the fourth quarter. Alps Advisors Inc. now owns 1,196,161 shares of the company’s stock valued at $2,727,000 after buying an additional 15,710 shares during the last quarter. Finally, OppenheimerFunds Inc. raised its stake in Primero Mining Corp. by 10.3% in the fourth quarter. OppenheimerFunds Inc. now owns 3,630,000 shares of the company’s stock valued at $8,185,000 after buying an additional 340,000 shares during the last quarter.
Primero Mining Corp. is a Canada-based precious metals producer. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. It operates in the Mexico and Canada segments. It owns two producing properties: the San Dimas gold-silver mine, located in Mexico’s San Dimas district, on the border of Durango and Sinaloa states and the Black Fox mine located in the Township of Black River‐ Matheson, Ontario, Canada.
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