Zacks Investment Research Downgrades Richmont Mines, Inc. (RIC) to Sell

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 downgraded Richmont Mines from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $14.00.

Shares of Richmont Mines (RIC) opened at 9.85 on Wednesday. Richmont Mines has a 52 week low of $5.45 and a 52 week high of $10.45. The firm has a market capitalization of $628.04 million, a PE ratio of 44.98 and a beta of 0.41. The company’s 50 day moving average price is $9.55 and its 200-day moving average price is $8.06.

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

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Institutional investors and hedge funds have recently modified their holdings of the company. FMR LLC grew its stake in shares of Richmont Mines by 52.4% in the 1st quarter. FMR LLC now owns 876,343 shares of the basic materials company’s stock valued at $6,214,000 after buying an additional 301,143 shares during the period. KCG Holdings Inc. grew its stake in shares of Richmont Mines by 40.8% in the 1st quarter. KCG Holdings Inc. now owns 60,358 shares of the basic materials company’s stock valued at $429,000 after buying an additional 17,499 shares during the period. Morgan Stanley grew its stake in shares of Richmont Mines by 33.9% in the 1st quarter. Morgan Stanley now owns 438,422 shares of the basic materials company’s stock valued at $3,113,000 after buying an additional 110,899 shares during the period. Global X Management Co. LLC grew its stake in shares of Richmont Mines by 219.5% in the 1st quarter. Global X Management Co. LLC now owns 58,632 shares of the basic materials company’s stock valued at $415,000 after buying an additional 40,279 shares during the period. Finally, Karp Capital Management Corp acquired a new stake in shares of Richmont Mines in the 1st quarter valued at about $115,000. Institutional investors own 63.91% of the company’s stock.

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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