Resolute Forest Products Inc. (RFP) Sees Large Volume Increase
Resolute Forest Products Inc. (NYSE:RFP) saw strong trading volume on Friday . 402,324 shares traded 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 research analysts have recently commented on the company. Zacks Investment Research upgraded Resolute Forest Products from a “hold” rating to a “buy” rating and set a $6.25 price objective on the stock in a report on Wednesday, July 13th. Vetr upgraded Resolute Forest Products from a “sell” rating to a “hold” rating and set a $5.88 price objective on the stock in a report on Monday, May 2nd. Finally, TD Securities reiterated a “reduce” rating and issued a $5.00 price objective (up previously from $4.75) on shares of Resolute Forest Products in a report on Wednesday, August 10th. Two 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 an average rating of “Hold” and an average price target of $7.03.
The stock has a 50-day moving average price of $5.67 and a 200-day moving average price of $5.40. The stock’s market cap is $520.93 million.
Resolute Forest Products (NYSE:RFP) last issued its earnings results on Thursday, August 4th. The company reported $0.07 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.02 by $0.05. During the same quarter in the previous year, the business posted $0.07 EPS. The firm earned $891 million during the quarter, compared to analyst estimates of $934 million. Analysts expect that Resolute Forest Products Inc. will post $0.07 earnings per share for the current fiscal year.
In other news, Director Michael S. Rousseau bought 20,000 shares of Resolute Forest Products stock in a transaction that occurred on Wednesday, June 15th. The shares were purchased at an average price of $5.18 per share, for a total transaction of $103,600.00. Following the completion of the acquisition, the director now owns 59,032 shares of the company’s stock, valued at $305,785.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
A hedge fund recently raised its stake in Resolute Forest Products stock. California Public Employees Retirement System increased its position in Resolute Forest Products Inc. (NYSE:RFP) by 1.1% during the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 364,200 shares of the company’s stock after buying an additional 4,100 shares during the period. California Public Employees Retirement System owned about 0.41% of Resolute Forest Products worth $2,757,000 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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