Richmont Mines Inc. (NYSEMKT:RIC) Receives Average Rating of “Buy” from Brokerages
Richmont Mines Inc. (NYSEMKT:RIC) has earned a consensus recommendation of “Buy” from the twelve analysts that are presently covering the stock. Five analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average 1 year price objective among brokerages that have issued ratings on the stock in the last year is $7.89.
Separately, CIBC lowered shares of Richmont Mines from an “outperformer” rating to a “sector performer” rating in a research report on Tuesday, August 9th.
Richmont Mines (NYSEMKT:RIC) traded up 1.44% during mid-day trading on Friday, reaching $8.48. 304,116 shares of the company were exchanged. The company has a 50 day moving average of $9.70 and a 200-day moving average of $8.69. The company has a market capitalization of $531.60 million, a price-to-earnings ratio of 63.76 and a beta of 0.28. Richmont Mines has a 1-year low of $2.79 and a 1-year high of $11.66.
Large investors have recently added to or reduced their stakes in the stock. Royal Bank of Canada increased its stake in Richmont Mines by 57.0% in the first quarter. Royal Bank of Canada now owns 2,904,536 shares of the company’s stock worth $16,382,000 after buying an additional 1,054,036 shares during the period. Renaissance Technologies LLC increased its stake in Richmont Mines by 9.5% in the first quarter. Renaissance Technologies LLC now owns 3,579,200 shares of the company’s stock worth $20,187,000 after buying an additional 309,700 shares during the period. Bogle Investment Management L P DE bought a new stake in Richmont Mines during the first quarter worth about $468,000. Finally, Spark Investment Management LLC bought a new stake in Richmont Mines during the first quarter worth about $399,000.
About Richmont Mines
Richmont Mines Inc is a mining company. The Company is engaged in activities related to the acquisition, exploration, development and operation of mineral properties. Its segments include Quebec and Ontario. It has two divisions: Ontario Division and Quebec Division. Its Island Gold Mine is located approximately 80 kilometers northeast of Wawa, Ontario in the Sault Ste.
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