Richmont Mines’ (RIC) “Tender” Rating Reaffirmed at Scotiabank
Scotiabank restated their tender rating on shares of Richmont Mines Inc. (TSE:RIC) (ARCA:RIC) in a research note released on Tuesday morning. Scotiabank currently has a C$12.25 price target on the stock.
Several other research firms have also recently weighed in on RIC. National Bank Financial started coverage on Richmont Mines in a research report on Tuesday, May 23rd. They set an outperform rating and a C$13.50 price objective for the company. Cormark raised Richmont Mines from a market perform rating to a buy rating and set a C$14.00 price objective for the company in a research report on Thursday, June 1st. BMO Capital Markets reaffirmed a market perform rating and set a C$12.25 price objective on shares of Richmont Mines in a research report on Tuesday, May 30th. Finally, CIBC reduced their price objective on Richmont Mines from C$15.50 to C$14.25 in a research report on Tuesday. One investment analyst has rated the stock with a hold rating and three have given a buy rating to the stock. Richmont Mines currently has an average rating of Buy and an average target price of C$13.65.
Shares of Richmont Mines (RIC) opened at 12.10 on Tuesday. The stock’s 50 day moving average price is $10.44 and its 200-day moving average price is $10.03. Richmont Mines has a 1-year low of $7.36 and a 1-year high of $15.01. The stock has a market capitalization of $771.50 million and a P/E ratio of 44.16.
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In related news, insider Christian Bourcier sold 10,000 shares of the company’s stock in a transaction dated Friday, June 23rd. The stock was sold at an average price of C$10.53, for a total transaction of C$105,300.00. Also, Director Renaud Adams sold 29,900 shares of the company’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of C$10.00, for a total value of C$299,000.00. Insiders have sold 40,500 shares of company stock worth $410,150 in the last quarter.
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.
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