Shares of Richmont Mines, Inc. (ARCA:RIC) (TSE:RIC) have been given a consensus rating of “Hold” by the seven ratings firms that are currently covering the company, MarketBeat.com reports. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating on the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $15.00.

Several research firms have commented on RIC. BidaskClub downgraded shares of Richmont Mines from a “buy” rating to a “hold” rating in a report on Wednesday, July 12th. Zacks Investment Research downgraded shares of Richmont Mines from a “hold” rating to a “sell” rating in a report on Wednesday, July 26th.

Hedge funds have recently made changes to their positions in the stock. Montrusco Bolton Investments Inc. purchased a new position in Richmont Mines during the third quarter valued at $26,998,000. FMR LLC raised its position in shares of Richmont Mines by 52.4% in the 1st quarter. FMR LLC now owns 876,343 shares of the basic materials company’s stock worth $6,214,000 after purchasing an additional 301,143 shares during the last quarter. Financial & Investment Management Group Ltd. purchased a new position in shares of Richmont Mines in the 2nd quarter worth about $4,274,000. Morgan Stanley raised its position in shares of Richmont Mines by 33.9% in the 1st quarter. Morgan Stanley now owns 438,422 shares of the basic materials company’s stock worth $3,113,000 after purchasing an additional 110,899 shares during the last quarter. Finally, Royce & Associates LP raised its position in shares of Richmont Mines by 18.1% in the 1st quarter. Royce & Associates LP now owns 268,200 shares of the basic materials company’s stock worth $1,904,000 after purchasing an additional 41,200 shares during the last quarter. 63.91% of the stock is owned by institutional investors.

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Richmont Mines (ARCA:RIC) traded down 0.51% on Wednesday, reaching $9.75. 115,064 shares of the company were exchanged. The stock has a market capitalization of $621.66 million, a P/E ratio of 43.33 and a beta of 0.41. Richmont Mines has a 12-month low of $5.45 and a 12-month high of $10.45. The company’s 50-day moving average price is $9.74 and its 200-day moving average price is $8.17.

Richmont Mines (ARCA:RIC) (TSE:RIC) last posted its earnings results on Thursday, August 3rd. The basic materials company reported $0.12 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.02). The firm had revenue of $59.30 million during the quarter, compared to the consensus estimate of $59.30 million. Richmont Mines had a return on equity of 8.16% and a net margin of 9.44%. The company’s revenue for the quarter was up 46.1% on a year-over-year basis. Equities research analysts anticipate that Richmont Mines will post $0.28 earnings per share for the current fiscal year.

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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