Primero Mining Corp. (PPP) Stock Price Down 2.4%
Primero Mining Corp. (NYSE:PPP)’s share price dropped 2.4% on Thursday . The stock traded as low as $2.35 and last traded at $2.43, with a volume of 830,198 shares trading hands. The stock had previously closed at $2.49.
PPP has been the topic of several recent analyst reports. Royal Bank Of Canada restated an “outperform” rating and set a $3.15 price objective (down from $3.80) on shares of Primero Mining Corp. in a research note on Sunday, April 24th. Canaccord Genuity upgraded Primero Mining Corp. from a “hold” rating to a “buy” rating and lifted their target price for the stock from $2.50 to $4.00 in a research note on Friday, June 17th. Cantor Fitzgerald reiterated a “buy” rating and set a $3.60 target price (up from $3.10) on shares of Primero Mining Corp. in a research note on Sunday, May 1st. Zacks Investment Research cut Primero Mining Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, July 6th. Finally, Scotiabank reiterated a “sector perform” rating and set a $3.50 target price on shares of Primero Mining Corp. in a research note on Monday, June 27th. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus target price of C$3.32.
The firm has a 50 day moving average of $2.03 and a 200 day moving average of $1.94. The stock’s market capitalization is $398.56 million.
Primero Mining Corp. (NYSE:PPP) last released its earnings results on Wednesday, May 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. The company earned $50.50 million during the quarter, compared to analysts’ expectations of $42.54 million. The company’s revenue was down 31.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.02 earnings per share. On average, equities research analysts forecast that Primero Mining Corp. will post $0.01 earnings per share for the current year.
Several large investors recently added to or reduced their stakes in PPP. Morgan Stanley boosted its stake in 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 in the last quarter. I.G. Investment Management LTD. boosted 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 worth $2,405,000 after buying an additional 84,606 shares in the last quarter. Alps Advisors Inc. boosted 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 worth $2,727,000 after buying an additional 15,710 shares in the last quarter. Finally, OppenheimerFunds Inc. boosted 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 worth $8,185,000 after buying an additional 340,000 shares in 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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