Richmont Mines, Inc. (ARCA:RIC) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.
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 have also recently commented on the stock. BidaskClub raised shares of Richmont Mines from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. National Bank Financial reissued an “outperform market weight” rating on shares of Richmont Mines in a research note on Monday, May 22nd. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $13.80.
Shares of Richmont Mines (RIC) opened at 7.60 on Wednesday. Richmont Mines has a one year low of $5.45 and a one year high of $11.66. The company’s 50-day moving average price is $7.82 and its 200 day moving average price is $7.72. The company has a market cap of $484.58 million, a PE ratio of 34.86 and a beta of 0.48.
Richmont Mines (ARCA:RIC) last released its quarterly earnings results on Thursday, August 3rd. The basic materials company reported $0.12 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by $0.02. Richmont Mines had a net margin of 9.44% and a return on equity of 8.16%. The company had revenue of $59.30 million for the quarter, compared to the consensus estimate of $59.30 million. Richmont Mines’s quarterly revenue was up 46.1% compared to the same quarter last year. Equities analysts forecast that Richmont Mines will post $0.29 EPS for the current fiscal year.
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Several hedge funds have recently added to or reduced their stakes in RIC. Van ECK Associates Corp boosted its stake in Richmont Mines by 24.8% in the first quarter. Van ECK Associates Corp now owns 9,192,948 shares of the basic materials company’s stock valued at $65,262,000 after buying an additional 1,829,538 shares during the period. Montrusco Bolton Investments Inc. boosted its stake in Richmont Mines by 59.1% in the first quarter. Montrusco Bolton Investments Inc. now owns 2,590,527 shares of the basic materials company’s stock valued at $18,317,000 after buying an additional 961,851 shares during the period. Bank of Montreal Can boosted its stake in Richmont Mines by 29.7% in the first quarter. Bank of Montreal Can now owns 2,565,300 shares of the basic materials company’s stock valued at $18,213,000 after buying an additional 587,336 shares during the period. Financial & Investment Management Group Ltd. bought a new stake in Richmont Mines during the second quarter valued at approximately $4,274,000. Finally, OppenheimerFunds Inc. boosted its stake in Richmont Mines by 27.5% in the first quarter. OppenheimerFunds Inc. now owns 2,027,000 shares of the basic materials company’s stock valued at $14,374,000 after buying an additional 437,000 shares during the period. 63.91% of the stock is currently owned by institutional investors and hedge funds.
About Richmont Mines
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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