Primero Mining Corp. (PPP) Shares Down 3.5%
Primero Mining Corp. (NYSE:PPP)’s share price fell 3.5% during mid-day trading on Wednesday . The stock traded as low as $2.14 and last traded at $2.20, with a volume of 604,475 shares changing hands. The stock had previously closed at $2.28.
PPP has been the topic of a number of recent research reports. Cantor Fitzgerald restated a “buy” rating and issued a $3.60 target price (up from $3.10) on shares of Primero Mining Corp. in a report on Sunday, May 1st. Zacks Investment Research raised Primero Mining Corp. from a “hold” rating to a “buy” rating and set a $2.25 target price for the company in a research report on Wednesday, June 29th. TD Securities reaffirmed a “buy” rating and issued a $4.00 target price (down previously from $5.00) on shares of Primero Mining Corp. in a research report on Tuesday, April 19th. Desjardins cut Primero Mining Corp. from a “buy” rating to a “hold” rating in a research report on Wednesday, July 13th. Finally, Canaccord Genuity raised Primero Mining Corp. from a “hold” rating to a “buy” rating and raised their target price for the stock from $2.50 to $4.00 in a research report on Friday, June 17th. Seven analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Primero Mining Corp. has a consensus rating of “Hold” and a consensus price target of C$3.32.
The stock’s market capitalization is $364.80 million. The stock’s 50 day moving average price is $2.13 and its 200-day moving average price is $1.94.
Primero Mining Corp. (NYSE:PPP) last issued its earnings results on Wednesday, May 4th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.08) by $0.03. During the same quarter in the previous year, the firm posted $0.02 EPS. The business had revenue of $50.50 million for the quarter, compared to the consensus estimate of $42.54 million. The business’s revenue was down 31.1% on a year-over-year basis. Equities analysts forecast that Primero Mining Corp. will post ($0.02) EPS for the current year.
An institutional investor recently raised its position in Primero Mining Corp. stock. I.G. Investment Management LTD. raised its stake in shares of Primero Mining Corp. (NYSE:PPP) by 8.6% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 1,066,161 shares of the company’s stock after buying an additional 84,606 shares during the period. I.G. Investment Management LTD. owned about 0.66% of Primero Mining Corp. worth $2,405,000 as of its most recent filing with the SEC.
Primero Mining Corp. is a Canada-based precious metals producer. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. It operates in the Mexico and Canada segments. It owns two producing properties: the San Dimas gold-silver mine, located in Mexico’s San Dimas district, on the border of Durango and Sinaloa states and the Black Fox mine located in the Township of Black River‐ Matheson, Ontario, Canada.
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