Richmont Mines Inc. (RIC) Rating Lowered to Underperform at BMO Capital Markets
Richmont Mines Inc. (NYSE:RIC) was downgraded by BMO Capital Markets from a “market perform” rating to an “underperform” rating in a report issued on Thursday.
Several other research analysts have also issued reports on the company. TheStreet lowered Richmont Mines from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. CIBC downgraded Richmont Mines from a “sector outperform” rating to a “sector perform” rating and increased their price target for the stock from $13.00 to $14.50 in a report on Tuesday, August 9th. Scotiabank reiterated a “sector perform” rating and set a $11.00 price target on shares of Richmont Mines in a report on Sunday, July 10th. TD Securities reiterated a “buy” rating and set a $16.50 price target (up from $15.00) on shares of Richmont Mines in a report on Thursday, August 11th. Finally, Zacks Investment Research upgraded Richmont Mines from a “hold” rating to a “buy” rating and set a $11.00 price target for the company in a report on Saturday, September 10th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $14.16.
Shares of Richmont Mines (NYSE:RIC) opened at 10.05 on Thursday. The company has a market cap of $630.02 million and a price-to-earnings ratio of 75.56. Richmont Mines has a 12-month low of $2.79 and a 12-month high of $11.66. The company’s 50-day moving average price is $9.84 and its 200 day moving average price is $8.58.
Richmont Mines (NYSE:RIC) last announced its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.09. The company had revenue of $40.62 million for the quarter, compared to the consensus estimate of $40.55 million. Equities analysts predict that Richmont Mines will post $0.28 earnings per share for the current year.
Several hedge funds have recently modified their holdings of RIC. Ameriprise Financial Inc. purchased a new stake in shares of Richmont Mines during the second quarter valued at approximately $102,000. Vanguard Group Inc. purchased a new stake in shares of Richmont Mines during the second quarter valued at approximately $102,000. Bank of Nova Scotia purchased a new stake in shares of Richmont Mines during the second quarter valued at approximately $143,000. Toronto Dominion Bank increased its stake 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, CIBC Asset Management Inc purchased a new stake in shares of Richmont Mines during the second quarter valued at approximately $253,000.
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