Richmont Mines Inc. (ARCA:RIC) Upgraded to Buy 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 research note issued on Wednesday, October 25th. The firm currently has a $11.00 target price on the basic materials company’s stock. Zacks Investment Research‘s price objective points to a potential upside of 27.91% 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 cut Richmont Mines from a “buy” rating to a “hold” rating in a research report on Wednesday, July 12th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus price target of $11.00.

Shares of Richmont Mines (RIC) traded down $0.10 during trading on Wednesday, hitting $8.60. The stock had a trading volume of 124,100 shares, compared to its average volume of 473,993. Richmont Mines has a 12 month low of $5.45 and a 12 month high of $10.45. The company has a current ratio of 3.73, a quick ratio of 3.36 and a debt-to-equity ratio of 0.03.

Richmont Mines (ARCA:RIC) (TSE:RIC) last issued its quarterly earnings results on Wednesday, November 8th. The basic materials company reported $0.06 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.06. The business had revenue of $36.55 million for the quarter, compared to the consensus estimate of $36.45 million. Richmont Mines had a return on equity of 8.16% and a net margin of 9.44%. The company’s quarterly revenue was up 52.0% compared to the same quarter last year.

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A number of institutional investors have recently bought and sold shares of RIC. Karp Capital Management Corp acquired a new position in Richmont Mines in the 1st quarter valued at approximately $115,000. Spot Trading L.L.C. bought a new stake in shares of Richmont Mines in the 1st quarter valued at approximately $118,000. Aperio Group LLC grew its stake in shares of Richmont Mines by 8.0% in the 2nd quarter. Aperio Group LLC now owns 17,550 shares of the basic materials company’s stock valued at $137,000 after purchasing an additional 1,294 shares during the period. Gamco Investors INC. ET AL bought a new stake in shares of Richmont Mines in the 3rd quarter valued at approximately $191,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Richmont Mines in the 3rd quarter valued at approximately $278,000. 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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