Richmont Mines Inc. (NYSE:RIC) released its quarterly earnings data on Thursday. The company reported $0.01 EPS for the quarter, hitting analysts’ consensus estimates of $0.01. The firm earned $23.90 million during the quarter, compared to analysts’ expectations of $27.92 million. The business’s revenue for the quarter was down 8.5% on a year-over-year basis.

Shares of Richmont Mines (NYSE:RIC) opened at 8.60 on Thursday. The firm has a market cap of $539.13 million and a price-to-earnings ratio of 65.65. Richmont Mines has a 52 week low of $2.79 and a 52 week high of $11.66. The firm’s 50-day moving average price is $9.35 and its 200-day moving average price is $9.17.

A number of hedge funds have recently added to or reduced their stakes in RIC. 1832 Asset Management L.P. boosted its stake in Richmont Mines by 12.3% in the second quarter. 1832 Asset Management L.P. now owns 2,290,000 shares of the company’s stock worth $35,332,000 after buying an additional 250,000 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Richmont Mines during the second quarter worth about $14,195,000. Van ECK Associates Corp boosted its stake in Richmont Mines by 79.9% in the second quarter. Van ECK Associates Corp now owns 1,115,500 shares of the company’s stock worth $10,308,000 after buying an additional 495,500 shares during the last quarter. FMR LLC boosted its stake in Richmont Mines by 59.5% in the second quarter. FMR LLC now owns 438,200 shares of the company’s stock worth $4,067,000 after buying an additional 163,400 shares during the last quarter. Finally, KCG Holdings Inc. purchased a new stake in Richmont Mines during the second quarter worth about $874,000.

A number of research firms have recently issued reports on RIC. Scotiabank reiterated a “sector perform” rating and issued a $15.00 target price on shares of Richmont Mines in a research note on Thursday, November 3rd. Zacks Investment Research lowered Richmont Mines from a “hold” rating to a “sell” rating in a research note on Thursday, November 3rd. BMO Capital Markets reiterated an “underperform” rating and issued a $13.00 target price on shares of Richmont Mines in a research note on Saturday, October 15th. TheStreet lowered Richmont Mines from a “buy” rating to a “hold” rating in a research note on Friday, August 12th. Finally, TD Securities reiterated a “buy” rating and issued a $16.50 target price (up previously from $15.00) on shares of Richmont Mines in a research note on Thursday, August 11th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $14.06.

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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