Zacks Investment Research cut shares of Richmont Mines Inc. (NYSE:RIC) from a hold rating to a sell rating in a research report released on Wednesday morning.

According to Zacks, “Richmont Mines, Inc. is a gold mining company. It has operations in Quebec, Ontario and Newfoundland and holds interests in the Francoeur Mine, Beaufor Mine and Camflo Mill in Quebec, and the Island Gold Mine in Ontario. Richmont Mines, Inc., formerly known as Ressources Minieres Rouyn Inc., is headquartered in Rouyn-Noranda, Canada. “

Analyst Recommendations for Richmont Mines (NYSE:RIC)

Several other analysts have also weighed in on RIC. TheStreet raised Richmont Mines from a hold rating to a buy rating in a research note on Friday, June 3rd. Pi Financial reaffirmed a buy rating and issued a $12.00 price objective (up from $11.00) on shares of Richmont Mines in a research note on Thursday, June 9th. Scotiabank reaffirmed a sector perform rating and issued a $11.00 price objective (up from $8.50) on shares of Richmont Mines in a research note on Thursday, June 9th. TD Securities reaffirmed a buy rating and issued a $13.00 price objective (up from $12.50) on shares of Richmont Mines in a research note on Thursday, June 9th. Finally, Canaccord Genuity reaffirmed a buy rating on shares of Richmont Mines in a research note on Monday, July 18th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus target price of $14.16.

Shares of Richmont Mines (NYSE:RIC) opened at 9.97 on Wednesday. The firm’s 50-day moving average price is $9.88 and its 200 day moving average price is $8.28. Richmont Mines has a one year low of $2.62 and a one year high of $11.48. The company has a market capitalization of $625.01 million and a PE ratio of 73.31.

Richmont Mines (NYSE:RIC) last released its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.09. The company had revenue of $40.62 million for the quarter, compared to analyst estimates of $40.55 million. Analysts anticipate that Richmont Mines will post $0.27 earnings per share for the current year.

Large investors have recently modified their holdings of the company. I.G. Investment Management LTD. increased its stake in shares of Richmont Mines by 0.7% in the second quarter. I.G. Investment Management LTD. now owns 332,300 shares of the company’s stock worth $3,084,000 after buying an additional 2,300 shares during the last quarter. Ameriprise Financial Inc. acquired a new stake in shares of Richmont Mines during the second quarter worth $102,000. Vanguard Group Inc. acquired a new stake in shares of Richmont Mines during the second quarter worth $102,000. Bank of Nova Scotia acquired a new stake in shares of Richmont Mines during the second quarter worth $143,000. Finally, Acadian Asset Management LLC increased its stake in shares of Richmont Mines by 2.0% in the second quarter. Acadian Asset Management LLC now owns 1,184,445 shares of the company’s stock worth $10,908,000 after buying an additional 23,485 shares during the last quarter.

Richmont Mines Company Profile

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