Primero Mining Corp. (PPP) Shares Up 4.2%
Primero Mining Corp. (NYSE:PPP)’s share price shot up 4.2% on Thursday . The stock traded as high as $2.24 and last traded at $2.21, with a volume of 598,737 shares changing hands. The stock had previously closed at $2.12.
Several research firms have weighed in on PPP. Zacks Investment Research downgraded Primero Mining Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 6th. Desjardins downgraded Primero Mining Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Royal Bank Of Canada reissued an “outperform” rating and set a $3.20 price objective on shares of Primero Mining Corp. in a research report on Thursday, June 30th. Scotiabank reissued a “sector perform” rating and set a $3.50 price objective on shares of Primero Mining Corp. in a research report on Monday, June 27th. Finally, Canaccord Genuity raised Primero Mining Corp. from a “hold” rating to a “buy” rating and boosted their price objective for the stock from $2.50 to $4.00 in a research report on Friday, June 17th. 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 has an average rating of “Hold” and a consensus target price of C$3.32.
The firm’s market capitalization is $368.91 million. The stock’s 50-day moving average price is $2.11 and its 200 day moving average price is $1.94.
Primero Mining Corp. (NYSE:PPP) last released its quarterly earnings data on Wednesday, May 4th. The company reported ($0.05) EPS for the quarter, topping analysts’ consensus estimates of ($0.08) by $0.03. During the same quarter last year, the business earned $0.02 earnings per share. The firm earned $50.50 million during the quarter, compared to analysts’ expectations of $42.54 million. The business’s revenue for the quarter was down 31.1% compared to the same quarter last year. On average, analysts anticipate that Primero Mining Corp. will post ($0.02) EPS for the current fiscal year.
Several institutional investors have recently added to or reduced their stakes in PPP. I.G. Investment Management LTD. increased its position 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 during the period. Morgan Stanley increased its position 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 during the period. Finally, OppenheimerFunds Inc. increased its position 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 during the period.
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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