Richmont Mines Inc. (ARCA:RIC) Raised to Hold at Zacks Investment Research

Zacks Investment Research upgraded shares of Richmont Mines Inc. (ARCA:RIC) from a sell rating to a hold rating in a report issued on Wednesday, August 9th.

According to Zacks, “Richmont Mines, Inc. is a gold mining company. It has operations in Quebec, Ontario and Newfoundland and holds interests in the Francoeur Mine, Beaufor Mine and Camflo Mill in Quebec, and the Island Gold Mine in Ontario. Richmont Mines, Inc., formerly known as Ressources Minieres Rouyn Inc., is headquartered in Rouyn-Noranda, Canada. “

Several other analysts also recently issued reports on RIC. National Bank Financial restated an outperform market weight rating on shares of Richmont Mines in a report on Monday, May 22nd. BidaskClub downgraded Richmont Mines from a buy rating to a hold rating in a report on Wednesday, July 12th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $13.00.

Shares of Richmont Mines (ARCA:RIC) traded up 0.65% during mid-day trading on Wednesday, reaching $7.75. 214,506 shares of the company were exchanged. Richmont Mines has a 12 month low of $5.45 and a 12 month high of $11.66. The firm has a market capitalization of $494.14 million, a price-to-earnings ratio of 36.05 and a beta of 0.48. The company’s 50-day moving average is $7.79 and its 200 day moving average is $7.72.

Richmont Mines (ARCA:RIC) last issued its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.12 EPS for the quarter, missing the consensus estimate of $0.14 by $0.02. Richmont Mines had a return on equity of 19.52% and a net margin of 17.72%. The business had revenue of $59.30 million during the quarter, compared to the consensus estimate of $59.30 million. The company’s revenue was up 46.1% compared to the same quarter last year. Analysts predict that Richmont Mines will post $0.29 EPS for the current year.

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Hedge funds have recently bought and sold shares of the company. Karp Capital Management Corp bought a new stake in Richmont Mines during the first quarter valued at about $115,000. Spot Trading L.L.C. bought a new stake in Richmont Mines during the first quarter valued at about $118,000. Aperio Group LLC increased its stake in Richmont Mines by 8.0% in the second quarter. Aperio Group LLC now owns 17,550 shares of the basic materials company’s stock valued at $137,000 after buying an additional 1,294 shares during the last quarter. Global X Management Co. LLC increased its position in shares of 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 in the last quarter. Finally, Addenda Capital Inc. increased its position in shares of Richmont Mines by 81.2% in the first quarter. Addenda Capital Inc. now owns 58,910 shares of the basic materials company’s stock worth $417,000 after buying an additional 26,400 shares in the last quarter. Hedge funds and other institutional investors own 63.91% of the company’s stock.

Richmont Mines Company Profile

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.

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