The Richmont Mines Inc. (RIC) Rating Increased to Hold at Zacks Investment Research

The Richmont Mines Inc. (RIC) Rating Increased to Hold at Zacks Investment Research

Richmont Mines Inc. (NYSE:RIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Tuesday.

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. “

Other research analysts have also issued research reports about the stock. BMO Capital Markets set a $14.00 target price on shares of Richmont Mines and gave the stock a “hold” rating in a research report on Monday, August 8th. National Bank Financial restated a “sector perform” rating and set a $13.50 target price (up previously from $12.50) on shares of Richmont Mines in a research report on Thursday, August 11th. CIBC lowered shares of Richmont Mines from a “sector outperform” rating to a “sector perform” rating and increased their target price for the stock from $13.00 to $14.50 in a research report on Tuesday, August 9th. TheStreet lowered shares of Richmont Mines from a “buy” rating to a “hold” rating in a research report on Friday, August 12th. Finally, TD Securities restated a “buy” rating and set a $16.50 target price (up previously from $15.00) on shares of Richmont Mines in a research report on Thursday, August 11th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Richmont Mines has an average rating of “Hold” and an average target price of $14.16.

Shares of Richmont Mines (NYSE:RIC) opened at 8.62 on Tuesday. Richmont Mines has a 12 month low of $2.79 and a 12 month high of $11.66. The company has a market cap of $540.38 million and a PE ratio of 64.81. The firm’s 50 day moving average is $9.58 and its 200 day moving average is $8.78.

Richmont Mines (NYSE:RIC) last announced its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.09. The business had revenue of $40.62 million for the quarter, compared to analyst estimates of $40.55 million. On average, equities analysts predict that Richmont Mines will post $0.28 earnings per share for the current year.

Hedge funds have recently modified their holdings of the stock. Greystone Managed Investments Inc. bought a new stake in shares of Richmont Mines during the second quarter worth $6,811,000. Alps Advisors Inc. bought a new stake in shares of Richmont Mines during the second quarter worth $4,599,000. Bank of Montreal Can bought a new stake in shares of Richmont Mines during the second quarter worth $6,344,000. TD Asset Management Inc. raised its stake in shares of Richmont Mines by 525.1% in the second quarter. TD Asset Management Inc. now owns 498,782 shares of the company’s stock worth $4,605,000 after buying an additional 418,992 shares in the last quarter. Finally, HAP Trading LLC bought a new stake in shares of Richmont Mines during the second quarter worth $1,155,000.

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