Primero Mining Corp. (PPP) Stock Price Down 2.4%
Primero Mining Corp. (NYSE:PPP) fell 2.4% during mid-day trading on Thursday . The stock traded as low as $2.35 and last traded at $2.43, with a volume of 830,198 shares changing hands. The stock had previously closed at $2.49.
Several equities research analysts have issued reports on the stock. Scotiabank restated a “sector perform” rating and set a $2.75 price objective (down from $3.00) on shares of Primero Mining Corp. in a research report on Tuesday, April 19th. Desjardins downgraded shares of Primero Mining Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday. Paradigm Capital restated a “buy” rating and set a $3.75 price objective (down from $4.50) on shares of Primero Mining Corp. in a research report on Saturday, May 7th. Cormark restated a “market perform” rating on shares of Primero Mining Corp. in a research report on Tuesday, April 19th. Finally, Royal Bank Of Canada raised their price objective on shares of Primero Mining Corp. from $2.25 to $3.00 in a research report on Tuesday, April 12th. Seven investment analysts have rated the stock with a hold rating and five have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average target price of C$3.32.
The stock’s 50-day moving average price is $2.07 and its 200 day moving average price is $1.94. The stock’s market cap is $395.27 million.
Primero Mining Corp. (NYSE:PPP) last released its quarterly earnings results on Wednesday, May 4th. The company reported ($0.05) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.08) by $0.03. During the same period in the previous year, the company posted $0.02 earnings per share. The firm had revenue of $50.50 million for the quarter, compared to analysts’ expectations of $42.54 million. The business’s quarterly revenue was down 31.1% compared to the same quarter last year. Equities analysts anticipate that Primero Mining Corp. will post $0.01 EPS for the current fiscal year.
Other hedge funds have recently added to or reduced their stakes in the company. Morgan Stanley raised 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 valued at $2,144,000 after buying an additional 17,496 shares during the last quarter. 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. 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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