Primero Mining Corp. (PPP) Shares Up 4.2%
Primero Mining Corp. (NYSE:PPP) shares shot up 4.2% on Thursday . The company traded as high as $2.24 and last traded at $2.21, with a volume of 598,737 shares. The stock had previously closed at $2.12.
A number of research firms recently weighed in on PPP. Cantor Fitzgerald reaffirmed a “buy” rating and set a $3.60 price target (up from $3.10) on shares of Primero Mining Corp. in a research note on Sunday, May 1st. Zacks Investment Research raised Primero Mining Corp. from a “strong sell” rating to a “hold” rating in a research note on Wednesday, May 11th. Scotiabank reaffirmed a “sector perform” rating and set a $3.50 price target on shares of Primero Mining Corp. in a research note on Monday, June 27th. Desjardins downgraded Primero Mining Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday, July 13th. Finally, Paradigm Capital reaffirmed a “buy” rating and set a $3.75 price target (down from $4.50) on shares of Primero Mining Corp. in a research note on Saturday, May 7th. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of C$3.32.
The firm’s market capitalization is $357.39 million. The company’s 50 day moving average price is $2.14 and its 200 day moving average price is $1.94.
Primero Mining Corp. (NYSE:PPP) last announced its quarterly earnings results on Wednesday, May 4th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.03. The business had revenue of $50.50 million for the quarter, compared to analysts’ expectations of $42.54 million. The firm’s revenue for the quarter was down 31.1% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.02 EPS. On average, analysts anticipate that Primero Mining Corp. will post ($0.02) EPS for the current fiscal year.
An institutional investor recently raised its position in Primero Mining Corp. stock. I.G. Investment Management LTD. boosted its position in Primero Mining Corp. (NYSE:PPP) by 8.6% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 1,066,161 shares of the company’s stock after buying an additional 84,606 shares during the period. I.G. Investment Management LTD. owned approximately 0.66% of Primero Mining Corp. worth $2,405,000 at the end of the most recent 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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