Richmont Mines Inc. (RIC) Given “Sector Perform” Rating at Scotiabank
Scotiabank restated their sector perform rating on shares of Richmont Mines Inc. (NYSE:RIC) in a research report sent to investors on Saturday. They currently have a $15.00 price objective on the stock.
Several other research firms have also recently weighed in on RIC. BMO Capital Markets cut Richmont Mines from a market perform rating to an underperform rating in a report on Thursday, September 29th. Zacks Investment Research raised Richmont Mines from a hold rating to a strong-buy rating and set a $11.00 price target on the stock in a report on Tuesday, July 19th. Canaccord Genuity reissued a buy rating and set a $17.00 price target (up from $15.50) on shares of Richmont Mines in a report on Wednesday, August 10th. CIBC cut Richmont Mines from a sector outperform rating to a sector perform rating and increased their price target for the company from $13.00 to $14.50 in a report on Tuesday, August 9th. Finally, TD Securities reissued 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. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company’s stock. Richmont Mines currently has an average rating of Hold and an average target price of $14.06.
Richmont Mines (NYSE:RIC) traded up 0.34% during trading on Friday, reaching $8.79. The company had a trading volume of 363,200 shares. The firm’s 50-day moving average price is $9.60 and its 200 day moving average price is $8.81. Richmont Mines has a one year low of $2.79 and a one year high of $11.66. The firm has a market capitalization of $551.04 million and a P/E ratio of 66.09.
Richmont Mines (NYSE:RIC) last issued its earnings results on Monday, August 8th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.06 by $0.09. The business had revenue of $40.62 million for the quarter, compared to analysts’ expectations of $40.55 million. Equities analysts forecast that Richmont Mines will post $0.28 earnings per share for the current fiscal year.
A number of institutional investors have recently made changes to their positions in the company. Greystone Managed Investments Inc. bought a new position in shares of Richmont Mines during the second quarter worth approximately $6,811,000. Alps Advisors Inc. acquired a new stake in shares of Richmont Mines during the second quarter worth about $4,599,000. Bank of Montreal Can acquired a new stake in shares of Richmont Mines during the second quarter worth about $6,344,000. TD Asset Management Inc. raised its stake in shares of Richmont Mines by 525.1% in the second quarter. TD Asset Management Inc. now owns 498,782 shares of the company’s stock worth $4,605,000 after buying an additional 418,992 shares during the last quarter. Finally, HAP Trading LLC acquired a new stake in shares of Richmont Mines during the second quarter worth about $1,155,000.
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