Resolute Forest Products Inc. (RFP) Sees Unusually-High Trading Volume After Better-Than-Expected Earnings

Resolute Forest Products Inc. (NYSE:RFP) (TSE:RFP) saw strong trading volume on Friday following a better than expected earnings announcement. 576,273 shares changed hands during trading, an increase of 195% from the previous session’s volume of 195,592 shares.The stock last traded at $8.00 and had previously closed at $5.85.

The basic materials company reported $0.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.18 by $0.16. Resolute Forest Products had a negative net margin of 4.05% and a negative return on equity of 0.30%. The business had revenue of $885.00 million for the quarter. During the same period in the previous year, the firm earned $0.17 EPS. The company’s revenue was down .3% compared to the same quarter last year.

A number of equities research analysts have issued reports on the stock. Royal Bank Of Canada boosted their target price on shares of Resolute Forest Products from $6.00 to $7.00 and gave the company a “sector perform” rating in a report on Friday. Scotiabank boosted their target price on shares of Resolute Forest Products from $5.25 to $7.75 and gave the company an “underperform” rating in a report on Friday. CIBC raised shares of Resolute Forest Products from a “sector perform” rating to a “sector outperform” rating in a report on Friday. TD Securities raised shares of Resolute Forest Products from a “reduce” rating to a “hold” rating and boosted their target price for the company from $5.00 to $8.00 in a report on Friday. Finally, BidaskClub raised shares of Resolute Forest Products from a “hold” rating to a “buy” rating in a report on Wednesday, August 23rd. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average price target of $7.58.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. ACR Alpine Capital Research LLC grew its position in shares of Resolute Forest Products by 2.5% during the 2nd quarter. ACR Alpine Capital Research LLC now owns 5,170,696 shares of the basic materials company’s stock valued at $22,751,000 after purchasing an additional 126,441 shares in the last quarter. Numeric Investors LLC grew its position in shares of Resolute Forest Products by 342.3% during the 2nd quarter. Numeric Investors LLC now owns 63,695 shares of the basic materials company’s stock valued at $280,000 after purchasing an additional 49,295 shares in the last quarter. Schwab Charles Investment Management Inc. grew its position in shares of Resolute Forest Products by 29.6% during the 1st quarter. Schwab Charles Investment Management Inc. now owns 521,226 shares of the basic materials company’s stock valued at $2,841,000 after purchasing an additional 119,102 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Resolute Forest Products by 7.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 2,568,151 shares of the basic materials company’s stock valued at $13,996,000 after purchasing an additional 175,547 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in shares of Resolute Forest Products by 2.8% during the 1st quarter. Geode Capital Management LLC now owns 518,984 shares of the basic materials company’s stock valued at $2,828,000 after purchasing an additional 14,019 shares in the last quarter. Hedge funds and other institutional investors own 87.54% of the company’s stock.

The company has a debt-to-equity ratio of 0.52, a current ratio of 2.49 and a quick ratio of 1.17.

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About Resolute Forest Products

Resolute Forest Products Inc operates in the forest products industry. It offers a range of forest products, including market pulp, tissue, wood products, newsprint and specialty papers. As of December 31, 2016, it owned or operated over 40 pulp, paper, tissue and wood products facilities in the United States and Canada.

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