BidaskClub downgraded shares of Richmont Mines, Inc. (ARCA:RIC) from a buy rating to a hold rating in a research report released on Wednesday morning.

Several other brokerages have also recently commented on RIC. TheStreet raised Richmont Mines from a c rating to a b rating in a research report on Wednesday, April 5th. National Bank Financial reaffirmed an outperform market weight rating on shares of Richmont Mines in a research report on Monday, May 22nd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Richmont Mines has an average rating of Hold and a consensus target price of $14.36.

Shares of Richmont Mines (RIC) opened at 7.95 on Wednesday. The stock has a market capitalization of $506.62 million, a P/E ratio of 70.98 and a beta of 0.48. Richmont Mines has a 12 month low of $5.45 and a 12 month high of $11.66. The stock has a 50 day moving average price of $7.47 and a 200 day moving average price of $7.52.

Richmont Mines (ARCA:RIC) last issued its earnings results on Thursday, May 4th. The basic materials company reported $0.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.06 by $0.01. The business had revenue of $46.50 million during the quarter, compared to analysts’ expectations of $45.88 million. Richmont Mines had a return on equity of 4.62% and a net margin of 5.77%. The company’s revenue for the quarter was down 11.6% on a year-over-year basis. On average, analysts anticipate that Richmont Mines will post $0.31 EPS for the current fiscal year.

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A number of hedge funds have recently added to or reduced their stakes in the stock. A.R.T. Advisors LLC purchased a new stake in Richmont Mines during the fourth quarter worth about $128,000. Van ECK Associates Corp boosted its stake in Richmont Mines by 24.8% in the first quarter. Van ECK Associates Corp now owns 9,192,948 shares of the basic materials company’s stock worth $65,262,000 after buying an additional 1,829,538 shares during the last quarter. Global X Management Co. LLC boosted its stake in Richmont Mines by 219.5% in the first quarter. Global X Management Co. LLC now owns 58,632 shares of the basic materials company’s stock worth $415,000 after buying an additional 40,279 shares during the last quarter. Montrusco Bolton Investments Inc. boosted its stake in Richmont Mines by 59.1% in the first quarter. Montrusco Bolton Investments Inc. now owns 2,590,527 shares of the basic materials company’s stock worth $18,317,000 after buying an additional 961,851 shares during the last quarter. Finally, OppenheimerFunds Inc. boosted its stake in Richmont Mines by 27.5% in the first quarter. OppenheimerFunds Inc. now owns 2,027,000 shares of the basic materials company’s stock worth $14,374,000 after buying an additional 437,000 shares during the last quarter. 65.86% of the stock is owned by hedge funds and other institutional investors.

About Richmont Mines

Richmont Mines Inc is a mining company. The Company is engaged in mining, exploration and development of mining properties, principally gold. The Company operates gold mines at various sites in Quebec and Ontario. The Company’s segments include Quebec and Ontario. The Company is engaged in producing gold from the Island Gold Mine in Ontario and the Beaufor Mine in Quebec.

Analyst Recommendations for Richmont Mines (ARCA:RIC)

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