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

Richmont Mines, Inc. (ARCA:RIC) (TSE:RIC) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors 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. “

Separately, BidaskClub upgraded Richmont Mines from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. One research analyst has rated the stock with a sell rating, two have given a hold rating and two have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $14.00.

Richmont Mines (ARCA RIC) traded up 1.03% during mid-day trading on Wednesday, reaching $9.80. 38,221 shares of the company’s stock traded hands. Richmont Mines has a 52 week low of $5.45 and a 52 week high of $10.45. The stock has a market capitalization of $624.85 million, a PE ratio of 44.75 and a beta of 0.41. The stock’s 50 day moving average is $9.44 and its 200-day moving average is $8.03.

Richmont Mines (ARCA:RIC) (TSE:RIC) last announced its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.12 earnings per share for the quarter, missing the Thomson Reuters’ 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 firm had revenue of $59.30 million for the quarter, compared to analyst estimates of $59.30 million. Richmont Mines’s revenue was up 46.1% on a year-over-year basis. On average, equities analysts anticipate that Richmont Mines will post $0.29 EPS for the current year.

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A number of large investors have recently bought and sold shares of RIC. Spot Trading L.L.C. acquired a new position in shares of Richmont Mines during the first quarter worth about $118,000. Karp Capital Management Corp acquired a new position in shares of Richmont Mines during the first quarter worth about $115,000. OppenheimerFunds Inc. boosted its position in shares of Richmont Mines by 27.5% during the first quarter. OppenheimerFunds Inc. now owns 2,027,000 shares of the basic materials company’s stock worth $14,374,000 after buying an additional 437,000 shares during the period. FMR LLC boosted its position in shares of Richmont Mines by 52.4% during the first quarter. FMR LLC now owns 876,343 shares of the basic materials company’s stock worth $6,214,000 after buying an additional 301,143 shares during the period. Finally, Royce & Associates LP boosted its position in shares of Richmont Mines by 18.1% during the first quarter. Royce & Associates LP now owns 268,200 shares of the basic materials company’s stock worth $1,904,000 after buying an additional 41,200 shares during the period. 63.91% of the stock is owned by hedge funds and other institutional investors.

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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