California Public Employees Retirement System grew its position in shares of Resolute Forest Products Inc (NYSE:RFP) (TSE:RFP) by 12.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 356,510 shares of the basic materials company’s stock after purchasing an additional 39,810 shares during the period. California Public Employees Retirement System owned 0.40% of Resolute Forest Products worth $3,939,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in RFP. Janney Montgomery Scott LLC raised its holdings in Resolute Forest Products by 16.1% in the third quarter. Janney Montgomery Scott LLC now owns 63,113 shares of the basic materials company’s stock valued at $319,000 after buying an additional 8,734 shares during the period. Citadel Advisors LLC raised its stake in shares of Resolute Forest Products by 40.0% during the third quarter. Citadel Advisors LLC now owns 34,598 shares of the basic materials company’s stock valued at $175,000 after purchasing an additional 9,889 shares during the period. Oppenheimer Asset Management Inc. grew its position in shares of Resolute Forest Products by 0.7% during the third quarter. Oppenheimer Asset Management Inc. now owns 1,827,939 shares of the basic materials company’s stock worth $9,231,000 after buying an additional 11,868 shares in the last quarter. CAPROCK Group Inc. acquired a new stake in shares of Resolute Forest Products during the fourth quarter worth approximately $182,000. Finally, Schwab Charles Investment Management Inc. grew its position in shares of Resolute Forest Products by 8.9% during the third quarter. Schwab Charles Investment Management Inc. now owns 203,982 shares of the basic materials company’s stock worth $1,031,000 after buying an additional 16,610 shares in the last quarter. 88.25% of the stock is currently owned by institutional investors.
Shares of NYSE RFP traded up $0.20 during midday trading on Friday, reaching $9.40. 217,393 shares of the company traded hands, compared to its average volume of 284,324. Resolute Forest Products Inc has a 52 week low of $4.10 and a 52 week high of $12.15. The company has a quick ratio of 1.23, a current ratio of 2.48 and a debt-to-equity ratio of 0.49. The stock has a market cap of $829.81, a P/E ratio of 70.77 and a beta of 1.57.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its quarterly earnings data on Thursday, February 1st. The basic materials company reported $0.15 earnings per share for the quarter, missing analysts’ consensus estimates of $0.62 by ($0.47). Resolute Forest Products had a negative net margin of 2.39% and a positive return on equity of 0.74%. The company had revenue of $898.00 million for the quarter. During the same quarter in the prior year, the company posted ($0.03) EPS. The firm’s quarterly revenue was up 1.0% on a year-over-year basis.
RFP has been the subject of a number of research reports. TD Securities set a $11.50 price objective on shares of Resolute Forest Products and gave the stock a “hold” rating in a report on Thursday, January 11th. CIBC downgraded shares of Resolute Forest Products from an “outperform” rating to a “neutral” rating in a report on Friday, January 12th. Royal Bank of Canada reduced their price target on shares of Resolute Forest Products from $10.00 to $9.00 and set a “sector perform” rating for the company in a report on Friday, February 2nd. Finally, Scotiabank reissued a “sell” rating and set a $8.75 price target on shares of Resolute Forest Products in a report on Wednesday, March 7th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $9.08.
In other Resolute Forest Products news, Director Randall C. Benson purchased 4,800 shares of the company’s stock in a transaction on Tuesday, March 6th. The shares were purchased at an average cost of $10.43 per share, for a total transaction of $50,064.00. Following the completion of the transaction, the director now owns 8,134 shares in the company, valued at $84,837.62. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 1.10% of the stock is currently owned by insiders.
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Resolute Forest Products Company Profile
Resolute Forest Products Inc operates in the forest products industry in the United States, Canada, Mexico, and internationally. The company operates in five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment offers market, recycled bleached Kraft, and bleached hardwood Kraft pulp used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.
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