Published On: Thu, Sep 8th, 2016

Richmont Mines Inc. (RIC) Stock Rating Lowered by Zacks Investment Research

Richmont Mines Inc. (NYSE:RIC) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Thursday.
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 large investors recently bought and sold shares of the company. Bank of Montreal Can bought a new stake in Richmont Mines during the second quarter worth $6,344,000. Montrusco Bolton Investments Inc. increased its stake in Richmont Mines by 160.5% in the second quarter. Montrusco Bolton Investments Inc. now owns 1,071,412 shares of the company’s stock worth $9,892,000 after buying an additional 660,193 shares during the last quarter. Alps Advisors Inc. bought a new stake in Richmont Mines during the second quarter worth $4,599,000. James Investment Research Inc. increased its stake in Richmont Mines by 13.2% in the second quarter. James Investment Research Inc. now owns 783,590 shares of the company’s stock worth $7,217,000 after buying an additional 91,130 shares during the last quarter. Finally, Acadian Asset Management LLC increased its stake in Richmont Mines by 2.0% in the second quarter. Acadian Asset Management LLC now owns 1,184,445 shares of the company’s stock worth $10,908,000 after buying an additional 23,485 shares during the last quarter.

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A number of other research firms have also commented on RIC. CIBC lowered shares of Richmont Mines from a “sector outperform” rating to a “sector perform” rating and raised their price target for the stock from $13.00 to $14.50 in a research report on Tuesday, August 9th. BMO Capital Markets set a $14.00 price target on shares of Richmont Mines and gave the stock a “hold” rating in a research report on Monday, August 8th. National Bank Financial reaffirmed a “sector perform” rating and set a $13.50 price target (up from $12.50) on shares of Richmont Mines in a research report on Thursday, August 11th. Scotiabank reiterated a “sector perform” rating and set a $14.75 price objective on shares of Richmont Mines in a research note on Thursday, August 11th. Finally, TD Securities reiterated a “buy” rating and set a $16.50 price objective (up from $15.00) on shares of Richmont Mines in a research note on Thursday, August 11th. Six analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $14.16.
Shares of Richmont Mines (NYSE:RIC) opened at 10.91 on Thursday. The company has a market capitalization of $683.94 million and a P/E ratio of 80.22. The company’s 50 day moving average is $9.89 and its 200-day moving average is $7.95. Richmont Mines has a 1-year low of $2.49 and a 1-year high of $11.48.
Richmont Mines (NYSE:RIC) last released its quarterly earnings results on Monday, August 8th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.09. The business had revenue of $40.62 million for the quarter, compared to the consensus estimate of $40.55 million. On average, equities research analysts forecast that Richmont Mines will post $0.29 EPS for the current year.

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