Resolute Forest Products (NYSE:RFP) (TSE:RFP) posted its quarterly earnings data on Thursday. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.10), Morningstar.com reports. The firm had revenue of $755.00 million for the quarter. Resolute Forest Products had a net margin of 7.26% and a return on equity of 11.85%. The firm’s revenue for the quarter was down 22.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.71 EPS.
Shares of RFP traded down $0.43 during mid-day trading on Friday, reaching $5.32. 548,000 shares of the stock traded hands, compared to its average volume of 292,701. The company has a current ratio of 2.54, a quick ratio of 1.27 and a debt-to-equity ratio of 0.30. The firm has a fifty day moving average of $6.60. The stock has a market cap of $555.83 million, a price-to-earnings ratio of 2.90 and a beta of 1.33. Resolute Forest Products has a 12-month low of $5.20 and a 12-month high of $15.75.
In related news, SVP Richard Joseph Tremblay sold 15,004 shares of Resolute Forest Products stock in a transaction on Thursday, May 30th. The shares were sold at an average price of $6.50, for a total value of $97,526.00. Following the completion of the sale, the senior vice president now owns 138,113 shares in the company, valued at $897,734.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jennifer C. Dolan purchased 4,152 shares of the company’s stock in a transaction that occurred on Tuesday, June 11th. The stock was bought at an average price of $6.21 per share, with a total value of $25,783.92. Following the purchase, the director now owns 47,939 shares of the company’s stock, valued at approximately $297,701.19. The disclosure for this purchase can be found here. 1.60% of the stock is currently owned by insiders.
Several large investors have recently modified their holdings of RFP. Squar Milner Financial Services LLC boosted its holdings in Resolute Forest Products by 15.9% in the second quarter. Squar Milner Financial Services LLC now owns 11,415 shares of the basic materials company’s stock worth $82,000 after purchasing an additional 1,570 shares during the period. Virginia Retirement Systems ET AL boosted its holdings in Resolute Forest Products by 21.6% in the first quarter. Virginia Retirement Systems ET AL now owns 18,600 shares of the basic materials company’s stock worth $147,000 after purchasing an additional 3,300 shares during the period. Campbell & CO Investment Adviser LLC acquired a new position in Resolute Forest Products in the second quarter worth $328,000. Squarepoint Ops LLC boosted its holdings in Resolute Forest Products by 51.9% in the fourth quarter. Squarepoint Ops LLC now owns 58,599 shares of the basic materials company’s stock worth $465,000 after purchasing an additional 20,031 shares during the period. Finally, Marshall Wace LLP boosted its holdings in Resolute Forest Products by 3.3% in the first quarter. Marshall Wace LLP now owns 62,329 shares of the basic materials company’s stock worth $492,000 after purchasing an additional 1,966 shares during the period. Institutional investors and hedge funds own 90.77% of the company’s stock.
A number of analysts have recently issued reports on the stock. TD Securities dropped their price objective on shares of Resolute Forest Products from $7.50 to $7.00 and set a “hold” rating on the stock in a research note on Friday. TheStreet lowered shares of Resolute Forest Products from a “b-” rating to a “c+” rating in a research note on Wednesday, June 12th. Finally, CIBC upgraded shares of Resolute Forest Products from a “neutral” rating to an “outperform” rating and set a $9.00 price objective on the stock in a research note on Tuesday, June 18th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $10.50.
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 through five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment offers virgin and recycled bleached Kraft used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.
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