Morgan Stanley increased its position in Richmont Mines Inc. (ARCA:RIC) by 33.9% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 438,422 shares of the basic materials company’s stock after buying an additional 110,899 shares during the period. Morgan Stanley owned about 0.70% of Richmont Mines worth $3,113,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. FMR LLC raised its stake in shares of Richmont Mines by 52.4% in the first quarter. FMR LLC now owns 876,343 shares of the basic materials company’s stock worth $6,214,000 after buying an additional 301,143 shares during the period. Van ECK Associates Corp raised its stake in Richmont Mines by 24.8% in the first quarter. Van ECK Associates Corp now owns 9,192,948 shares of the basic materials company’s stock valued at $65,262,000 after buying an additional 1,829,538 shares during the last quarter. Karp Capital Management Corp acquired a new stake in Richmont Mines during the first quarter valued at $115,000. Global X Management Co. LLC raised its stake in Richmont Mines by 219.5% in the first quarter. Global X Management Co. LLC now owns 58,632 shares of the basic materials company’s stock valued at $415,000 after buying an additional 40,279 shares during the last quarter. Finally, Montrusco Bolton Investments Inc. raised its stake in Richmont Mines by 59.1% in the first quarter. Montrusco Bolton Investments Inc. now owns 2,590,527 shares of the basic materials company’s stock valued at $18,317,000 after buying an additional 961,851 shares during the last quarter. Institutional investors and hedge funds own 63.91% of the company’s stock.

Richmont Mines Inc. (RIC) traded down 0.323% during mid-day trading on Monday, reaching $7.725. 55,177 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $7.79 and its 200 day moving average price is $7.73. The stock has a market capitalization of $492.55 million, a PE ratio of 35.930 and a beta of 0.48. Richmont Mines Inc. has a 12 month low of $5.45 and a 12 month high of $11.66.

Richmont Mines (ARCA:RIC) last released its quarterly earnings data on Thursday, August 3rd. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.14 by $0.02. Richmont Mines had a return on equity of 19.52% and a net margin of 17.72%. The company had revenue of $59.30 million for the quarter, compared to analyst estimates of $59.30 million. The company’s quarterly revenue was up 46.1% compared to the same quarter last year. Equities research analysts predict that Richmont Mines Inc. will post $0.29 EPS for the current year.

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Several analysts have weighed in on RIC shares. BidaskClub upgraded shares of Richmont Mines from a “hold” rating to a “buy” rating in a research note on Wednesday, July 19th. Zacks Investment Research upgraded shares of Richmont Mines from a “sell” rating to a “hold” rating in a research note on Wednesday, August 9th. Finally, National Bank Financial reiterated an “outperform market weight” rating on shares of Richmont Mines in a research note on Monday, May 22nd. Three research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Richmont Mines currently has a consensus rating of “Hold” and an average price target of $13.00.

Richmont Mines Company Profile

Richmont Mines Inc is a mining company. The Company is engaged in mining, exploration and development of mining properties, principally gold. The Company operates gold mines at various sites in Quebec and Ontario. The Company’s segments include Quebec and Ontario. The Company is engaged in producing gold from the Island Gold Mine in Ontario and the Beaufor Mine in Quebec.

Institutional Ownership by Quarter for Richmont Mines (ARCA:RIC)

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