Zacks Investment Research upgraded shares of Richmont Mines Inc. (NYSE:RIC) from a sell rating to a hold rating in a report issued on Tuesday morning.

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. “

Other analysts have also issued reports about the stock. BMO Capital Markets set a $14.00 target price on shares of Richmont Mines and gave the company a hold rating in a research note on Monday, August 8th. National Bank Financial reissued a sector perform rating and set a $13.50 target price (up from $12.50) on shares of Richmont Mines in a research note on Thursday, August 11th. CIBC lowered shares of Richmont Mines from a sector outperform rating to a sector perform rating and boosted their target price for the company from $13.00 to $14.50 in a research note on Tuesday, August 9th. TheStreet lowered shares of Richmont Mines from a buy rating to a hold rating in a research note on Friday, August 12th. Finally, TD Securities reaffirmed a buy rating and issued a $16.50 price objective (up from $15.00) on shares of Richmont Mines in a research note on Thursday, August 11th. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have issued a buy rating to the company. The company has a consensus rating of Hold and a consensus price target of $14.16.

Shares of Richmont Mines (NYSE:RIC) traded up 1.31% during mid-day trading on Tuesday, hitting $8.48. 74,056 shares of the stock were exchanged. Richmont Mines has a 12 month low of $2.79 and a 12 month high of $11.66. The stock has a market cap of $531.60 million and a PE ratio of 63.76. The stock’s 50 day moving average is $9.60 and its 200-day moving average is $8.79.

Richmont Mines (NYSE:RIC) last issued its earnings results on Monday, August 8th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.06 by $0.09. The company had revenue of $40.62 million for the quarter, compared to analysts’ expectations of $40.55 million. On average, analysts anticipate that Richmont Mines will post $0.28 EPS for the current year.

Several institutional investors have recently bought and sold shares of the stock. Greystone Managed Investments Inc. bought a new position in Richmont Mines during the second quarter valued at about $6,811,000. Alps Advisors Inc. bought a new position in Richmont Mines during the second quarter valued at about $4,599,000. Bank of Montreal Can bought a new position in Richmont Mines during the second quarter valued at about $6,344,000. TD Asset Management Inc. increased its position in Richmont Mines by 525.1% in the second quarter. TD Asset Management Inc. now owns 498,782 shares of the company’s stock valued at $4,605,000 after buying an additional 418,992 shares during the period. Finally, HAP Trading LLC bought a new position in Richmont Mines during the second quarter valued at about $1,155,000.

5 Day Chart for NYSE:RIC

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