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

Richmont Mines, Inc. (ARCA:RIC) (TSE:RIC) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Wednesday. The brokerage presently has a $11.00 target price on the basic materials company’s stock. Zacks Investment Research‘s target price indicates a potential upside of 56.03% from the company’s current price.

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 raised Richmont Mines from a “hold” rating to a “buy” rating in a research report on Wednesday, July 19th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $13.00.

Shares of Richmont Mines (RIC) opened at 9.25 on Wednesday. The company has a market cap of $589.78 million, a PE ratio of 41.11 and a beta of 0.41. The company has a 50-day moving average of $9.73 and a 200 day moving average of $8.21. Richmont Mines has a 12 month low of $5.45 and a 12 month high of $10.45.

Richmont Mines (ARCA:RIC) (TSE:RIC) last issued its earnings results on Thursday, August 3rd. The basic materials company reported $0.12 earnings per share for the quarter, missing the 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. Richmont Mines’s revenue was up 46.1% on a year-over-year basis. On average, analysts anticipate that Richmont Mines will post $0.28 earnings per share for the current year.

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Institutional investors and hedge funds have recently added to or reduced their stakes in the business. FMR LLC increased its position in 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. KCG Holdings Inc. increased its position in Richmont Mines by 40.8% during the first quarter. KCG Holdings Inc. now owns 60,358 shares of the basic materials company’s stock worth $429,000 after buying an additional 17,499 shares during the period. Morgan Stanley increased its position in Richmont Mines by 33.9% during the first quarter. Morgan Stanley now owns 438,422 shares of the basic materials company’s stock worth $3,113,000 after buying an additional 110,899 shares during the period. Karp Capital Management Corp acquired a new position in Richmont Mines during the first quarter worth approximately $115,000. Finally, Montrusco Bolton Investments Inc. acquired a new position in Richmont Mines during the third quarter worth approximately $26,998,000. 63.91% of the stock is currently owned by institutional investors.

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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