Richmont Mines Inc. (RIC) Short Interest Down 10.5% in October
Richmont Mines Inc. (NYSE:RIC) (TSE:RIC) saw a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 1,970,071 shares, a decrease of 10.5% from the October 14th total of 2,201,893 shares. Based on an average trading volume of 339,347 shares, the short-interest ratio is presently 5.8 days. Currently, 3.4% of the company’s stock are sold short.
Richmont Mines (NYSE:RIC) opened at 6.70 on Thursday. Richmont Mines has a one year low of $2.79 and a one year high of $11.66. The company’s 50 day moving average is $8.80 and its 200 day moving average is $9.16. The stock has a market cap of $420.02 million and a PE ratio of 50.76.
Richmont Mines (NYSE:RIC) last posted its quarterly earnings results on Thursday, November 10th. The company reported $0.01 EPS for the quarter, hitting the consensus estimate of $0.01. The firm had revenue of $23.90 million for the quarter, compared to analyst estimates of $27.92 million. The company’s revenue was down 8.5% on a year-over-year basis. On average, equities research analysts expect that Richmont Mines will post $0.23 EPS for the current year.
A number of research firms have issued reports on RIC. Zacks Investment Research cut shares of Richmont Mines from a “buy” rating to a “hold” rating in a report on Thursday, September 8th. BMO Capital Markets cut shares of Richmont Mines from a “market perform” rating to an “underperform” rating in a report on Thursday, September 29th. CIBC cut shares of Richmont Mines from a “sector outperform” rating to a “sector perform” rating and raised their price target for the stock from $13.00 to $14.50 in a report on Tuesday, August 9th. TD Securities reaffirmed a “buy” rating and issued a $16.50 price target (up previously from $15.00) on shares of Richmont Mines in a report on Thursday, August 11th. Finally, Scotiabank reaffirmed a “sector perform” rating and issued a $14.75 price target on shares of Richmont Mines in a report on Thursday, August 11th. Two analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus price target of $14.06.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Mackenzie Financial Corp purchased a new position in Richmont Mines during the second quarter valued at approximately $14,195,000. Sprott Inc. boosted its position in Richmont Mines by 82.0% in the second quarter. Sprott Inc. now owns 2,001,941 shares of the company’s stock valued at $18,438,000 after buying an additional 901,941 shares during the period. CIBC Asset Management Inc boosted its position in Richmont Mines by 3,087.6% in the third quarter. CIBC Asset Management Inc now owns 874,040 shares of the company’s stock valued at $8,809,000 after buying an additional 846,620 shares during the period. Greystone Managed Investments Inc. purchased a new position in Richmont Mines during the second quarter valued at approximately $6,811,000. Finally, Bank of Montreal Can purchased a new position in Richmont Mines during the second quarter valued at approximately $6,344,000.
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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