Resolute Forest Products Inc. (RFP) Sees Unusually-High Trading Volume
Shares of Resolute Forest Products Inc. (NYSE:RFP) saw an uptick in trading volume on Friday . 402,324 shares changed hands during mid-day trading, an increase of 177% from the previous session’s volume of 145,400 shares.The stock last traded at $5.89 and had previously closed at $5.94.
A number of brokerages have weighed in on RFP. Zacks Investment Research lowered shares of Resolute Forest Products from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, June 22nd. Vetr raised shares of Resolute Forest Products from a “sell” rating to a “hold” rating and set a $5.88 price target on the stock in a research note on Monday, May 2nd. Finally, TD Securities reaffirmed a “reduce” rating and issued a $5.00 price target (up previously from $4.75) on shares of Resolute Forest Products in a research note on Wednesday, August 10th. Two equities research analysts have rated the stock with a sell rating and four have assigned a hold rating to the company’s stock. Resolute Forest Products currently has a consensus rating of “Hold” and an average target price of $7.03.
The firm’s market cap is $520.93 million. The stock’s 50 day moving average price is $5.67 and its 200-day moving average price is $5.40.
Resolute Forest Products (NYSE:RFP) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.05. The firm earned $891 million during the quarter, compared to analyst estimates of $934 million. During the same period in the prior year, the company earned $0.07 EPS. Analysts predict that Resolute Forest Products Inc. will post $0.07 EPS for the current fiscal year.
In other news, Director Michael S. Rousseau acquired 20,000 shares of the stock in a transaction dated Wednesday, June 15th. The stock was bought at an average price of $5.18 per share, with a total value of $103,600.00. Following the completion of the purchase, the director now directly owns 59,032 shares of the company’s stock, valued at approximately $305,785.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
An institutional investor recently raised its position in Resolute Forest Products stock. Schwab Charles Investment Management Inc. boosted its stake in shares of Resolute Forest Products Inc. (NYSE:RFP) by 25.7% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 281,992 shares of the company’s stock after buying an additional 57,577 shares during the period. Schwab Charles Investment Management Inc. owned approximately 0.32% of Resolute Forest Products worth $2,135,000 as of its most recent SEC filing.
Resolute Forest Products Inc offers a range of forest products, including market pulp, tissue, wood products, newsprint and specialty papers. The Company owns or operates over 40 pulp, paper, tissue and wood products facilities in the United States, Canada and South Korea, as well as power generation assets in Canada.
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