Primero Mining Corp. (PPP) Shares Up 0.9%
Shares of Primero Mining Corp. (NYSE:PPP) shot up 0.9% on Tuesday . The stock traded as high as $2.35 and last traded at $2.31, with a volume of 850,730 shares trading hands. The stock had previously closed at $2.29.
Several research firms recently weighed in on PPP. Zacks Investment Research downgraded Primero Mining Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 6th. Desjardins downgraded Primero Mining Corp. from a “buy” rating to a “hold” rating in a report on Wednesday, July 13th. Royal Bank Of Canada restated an “outperform” rating and issued a $3.20 price objective on shares of Primero Mining Corp. in a report on Thursday, June 30th. Scotiabank restated a “sector perform” rating and issued a $3.50 price objective on shares of Primero Mining Corp. in a report on Monday, June 27th. Finally, Canaccord Genuity upgraded Primero Mining Corp. from a “hold” rating to a “buy” rating and lifted their price objective for the company from $2.50 to $4.00 in a report on Friday, June 17th. Seven investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Primero Mining Corp. presently has a consensus rating of “Hold” and a consensus price target of C$3.32.
The firm has a 50 day moving average price of $2.22 and a 200 day moving average price of $1.93. The firm’s market cap is $312.92 million.
Primero Mining Corp. (NYSE:PPP) last released its quarterly earnings results on Thursday, August 4th. The company reported ($0.12) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by $0.10. During the same period in the previous year, the company posted ($0.04) EPS. The firm earned $59.44 million during the quarter, compared to analyst estimates of $83.97 million. The company’s revenue for the quarter was down 11.9% on a year-over-year basis. Equities research analysts forecast that Primero Mining Corp. will post ($0.01) EPS for the current fiscal year.
An institutional investor recently raised its position in Primero Mining Corp. stock. OppenheimerFunds Inc. boosted its stake in Primero Mining Corp. (NYSE:PPP) by 10.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,630,000 shares of the company’s stock after buying an additional 340,000 shares during the period. OppenheimerFunds Inc. owned approximately 2.23% of Primero Mining Corp. worth $8,185,000 as of its most recent filing with the SEC.
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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