Zacks Investment Research lowered shares of Richmont Mines Inc. (NYSE:RIC) from a hold rating to a sell rating in a 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)

Other equities analysts have also recently issued reports about the company. TheStreet upgraded Richmont Mines from a hold rating to a buy rating in a report on Friday, June 3rd. BMO Capital Markets set a $14.00 price objective on Richmont Mines and gave the stock a hold rating in a report on Monday, August 8th. National Bank Financial restated a sector perform rating and set a $13.50 target price (up from $12.50) on shares of Richmont Mines in a report on Thursday, August 11th. Scotiabank restated a sector perform rating and set a $11.00 target price (up from $8.50) on shares of Richmont Mines in a report on Thursday, June 9th. Finally, CIBC cut Richmont Mines from a sector outperform rating to a sector perform rating and increased their target price for the company from $13.00 to $14.50 in a report on Tuesday, August 9th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of Hold and an average price target of $14.16.

Shares of Richmont Mines (NYSE:RIC) opened at 9.97 on Wednesday. Richmont Mines has a 52 week low of $2.62 and a 52 week high of $11.48. The firm has a market cap of $625.01 million and a PE ratio of 73.31. The firm has a 50-day moving average price of $9.88 and a 200-day moving average price of $8.28.

Richmont Mines (NYSE:RIC) last posted its quarterly earnings data on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.06 by $0.09. The firm earned $40.62 million during the quarter, compared to analysts’ expectations of $40.55 million. On average, equities research analysts predict that Richmont Mines will post $0.27 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. acquired a new position in Richmont Mines during the second quarter worth approximately $102,000. Vanguard Group Inc. acquired a new position in Richmont Mines during the second quarter worth approximately $102,000. Bank of Nova Scotia purchased a new position in shares of Richmont Mines during the second quarter valued at about $143,000. Toronto Dominion Bank raised its position in shares of Richmont Mines by 68,511.1% in the second quarter. Toronto Dominion Bank now owns 24,700 shares of the company’s stock valued at $229,000 after buying an additional 24,664 shares in the last quarter. Finally, UBS Asset Management Americas Inc. purchased a new position in shares of Richmont Mines during the second quarter valued at about $253,000.

Richmont Mines Company Profile

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