Primero Mining Corp. (PPP) Rating Reiterated by RBC Capital Markets
Primero Mining Corp. (NYSE:PPP)‘s stock had its “sector perform” rating reissued by investment analysts at RBC Capital Markets in a note issued to investors on Friday. They currently have a $2.00 price target on the stock, down from their prior price target of $3.00.
PPP has been the topic of a number of other reports. Zacks Investment Research raised Primero Mining Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, October 25th. Scotiabank reaffirmed a “sector perform” rating and set a $3.50 price target on shares of Primero Mining Corp. in a report on Thursday, September 22nd. Desjardins raised Primero Mining Corp. from a “hold” rating to a “buy” rating in a report on Thursday, October 20th. TD Securities reaffirmed a “buy” rating and set a $3.25 price target (down from $3.75) on shares of Primero Mining Corp. in a report on Wednesday, August 10th. Finally, Cantor Fitzgerald downgraded Primero Mining Corp. from a “buy” rating to a “hold” rating in a report on Friday, August 5th. Ten investment analysts have rated the stock with 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 C$3.07.
Primero Mining Corp. (NYSE:PPP) opened at 0.7824 on Friday. Primero Mining Corp. has a 12-month low of $0.75 and a 12-month high of $2.73. The firm’s 50-day moving average price is $1.43 and its 200-day moving average price is $1.78. The stock’s market cap is $147.03 million.
Primero Mining Corp. (NYSE:PPP) last announced its quarterly earnings results on Wednesday, November 9th. The company reported ($0.04) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.01 by $0.05. The business had revenue of $57.01 million for the quarter, compared to the consensus estimate of $72.94 million. Primero Mining Corp. had a negative net margin of 59.85% and a negative return on equity of 2.83%. The company’s revenue for the quarter was down 28.0% compared to the same quarter last year. During the same period in the previous year, the company earned $0.02 earnings per share. On average, equities analysts predict that Primero Mining Corp. will post ($0.10) EPS for the current fiscal year.
A number of hedge funds have recently modified their holdings of the company. OLD Mission Capital LLC boosted its stake in shares of Primero Mining Corp. by 243.3% in the third quarter. OLD Mission Capital LLC now owns 110,696 shares of the company’s stock worth $157,000 after buying an additional 78,448 shares during the last quarter. KCG Holdings Inc. boosted its stake in Primero Mining Corp. by 33.1% in the third quarter. KCG Holdings Inc. now owns 79,054 shares of the company’s stock valued at $131,000 after buying an additional 19,657 shares in the last quarter. Intrepid Capital Management Inc. acquired a new stake in Primero Mining Corp. during the third quarter valued at about $166,000. Schroder Investment Management Group boosted its stake in Primero Mining Corp. by 78.4% in the third quarter. Schroder Investment Management Group now owns 1,018,382 shares of the company’s stock valued at $2,230,000 after buying an additional 447,700 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in Primero Mining Corp. by 23.8% in the third quarter. BlackRock Group LTD now owns 458,528 shares of the company’s stock valued at $761,000 after buying an additional 88,176 shares in the last quarter. Institutional investors and hedge funds own 53.87% of the company’s stock.
About Primero Mining Corp.
Primero Mining Corp. is a precious metals producer with operations in both Mexico and Canada. The Company is focused on building a portfolio of precious metals assets in the Americas through acquiring, exploring, developing and operating mineral resource properties. Its segments include San Dimas, Cerro del Gallo, Black Fox Complex and Corporate.
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