Primero Mining Corp (PPP) Announces Quarterly Earnings Results, Hits Estimates
Primero Mining Corp (NYSE:PPP) (TSE:P) released its earnings results on Thursday. The basic materials company reported ($0.02) EPS for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.02), MarketWatch Earnings reports. Primero Mining Corp had a negative return on equity of 2.18% and a negative net margin of 100.69%. The firm had revenue of $16.23 million during the quarter, compared to analysts’ expectations of $44.64 million. During the same period in the previous year, the firm posted ($0.02) EPS. Primero Mining Corp’s revenue for the quarter was down 61.9% on a year-over-year basis.
Shares of Primero Mining Corp (NYSE:PPP) opened at 0.1981 on Friday. The stock’s market capitalization is $38.00 million. The firm’s 50-day moving average price is $0.34 and its 200-day moving average price is $0.51. Primero Mining Corp has a one year low of $0.18 and a one year high of $1.86.
Several hedge funds have recently made changes to their positions in the stock. Global X Management Co. LLC increased its stake in shares of Primero Mining Corp by 1.6% in the second quarter. Global X Management Co. LLC now owns 2,462,368 shares of the basic materials company’s stock valued at $853,000 after buying an additional 37,601 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Primero Mining Corp by 17.2% in the first quarter. Renaissance Technologies LLC now owns 3,136,725 shares of the basic materials company’s stock valued at $1,725,000 after buying an additional 461,300 shares in the last quarter. Finally, Van ECK Associates Corp increased its stake in shares of Primero Mining Corp by 31.3% in the first quarter. Van ECK Associates Corp now owns 23,471,756 shares of the basic materials company’s stock valued at $12,909,000 after buying an additional 5,600,386 shares in the last quarter. Institutional investors own 43.75% of the company’s stock.
PPP has been the subject of several analyst reports. Royal Bank Of Canada set a $1.00 target price on Primero Mining Corp and gave the stock a “hold” rating in a research note on Tuesday, July 18th. Desjardins downgraded Primero Mining Corp from a “hold” rating to a “sell” rating in a report on Tuesday, May 16th. ValuEngine downgraded Primero Mining Corp from a “sell” rating to a “strong sell” rating in a report on Tuesday, June 27th. Finally, Zacks Investment Research downgraded Primero Mining Corp from a “buy” rating to a “hold” rating in a report on Wednesday, April 26th. Two analysts have rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. Primero Mining Corp currently has a consensus rating of “Hold” and a consensus price target of $1.67.
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Primero Mining Corp Company Profile
Primero Mining Corp. is a precious metals producer with operations in both Mexico and Canada. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. Its segments include San Dimas, Cerro del Gallo, Black Fox Complex and Corporate.
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