Zacks Investment Research cut shares of Richmont Mines Inc. (ARCA:RIC) (TSE:RIC) from a buy rating to a hold rating in a research note issued to investors on Friday.
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. “
Separately, BidaskClub upgraded shares of Richmont Mines from a hold rating to a buy rating in a research report on Wednesday, July 19th. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Richmont Mines currently has an average rating of Hold and an average price target of $13.00.
Richmont Mines (ARCA:RIC) opened at 8.95 on Friday. Richmont Mines has a 12-month low of $5.45 and a 12-month high of $10.45. The company’s 50 day moving average is $9.64 and its 200 day moving average is $8.23. The company has a market cap of $570.65 million, a price-to-earnings ratio of 39.78 and a beta of 0.41.
Richmont Mines (ARCA:RIC) (TSE:RIC) last announced its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.12 earnings per share for the quarter, missing the consensus estimate of $0.14 by ($0.02). Richmont Mines had a return on equity of 8.16% and a net margin of 9.44%. The business had revenue of $59.30 million during the quarter, compared to the consensus estimate of $59.30 million. The business’s revenue was up 46.1% compared to the same quarter last year. Analysts forecast that Richmont Mines will post $0.28 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the business. Aperio Group LLC increased its position in Richmont Mines by 8.0% during the second quarter. Aperio Group LLC now owns 17,550 shares of the basic materials company’s stock valued at $137,000 after acquiring an additional 1,294 shares during the last quarter. Karp Capital Management Corp bought a new position in Richmont Mines during the first quarter valued at $115,000. Spot Trading L.L.C. bought a new position in Richmont Mines during the first quarter valued at $118,000. KCG Holdings Inc. increased its position in Richmont Mines by 40.8% during the first quarter. KCG Holdings Inc. now owns 60,358 shares of the basic materials company’s stock valued at $429,000 after acquiring an additional 17,499 shares during the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Richmont Mines during the third quarter valued at $278,000. Institutional investors and hedge funds 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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