JPMorgan Chase & Co. Purchases New Position in Richmont Mines Inc. (RIC)
JPMorgan Chase & Co. purchased a new position in shares of Richmont Mines Inc. (NYSE:RIC) (TSE:RIC) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 920,300 shares of the basic materials company’s stock, valued at approximately $8,743,000. JPMorgan Chase & Co. owned about 1.44% of Richmont Mines as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Aperio Group LLC grew its stake in shares of Richmont Mines by 8.0% in the 2nd quarter. Aperio Group LLC now owns 17,550 shares of the basic materials company’s stock valued at $137,000 after purchasing an additional 1,294 shares during the last quarter. Montrusco Bolton Investments Inc. purchased a new position in shares of Richmont Mines in the 3rd quarter valued at approximately $26,998,000. Havens Advisors LLC purchased a new position in shares of Richmont Mines in the 3rd quarter valued at approximately $311,000. Intact Investment Management Inc. purchased a new position in shares of Richmont Mines in the 3rd quarter valued at approximately $1,470,000. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Richmont Mines in the 3rd quarter valued at approximately $278,000. Hedge funds and other institutional investors own 53.83% of the company’s stock.
Shares of Richmont Mines Inc. (NYSE RIC) opened at $9.60 on Tuesday. The company has a quick ratio of 2.86, a current ratio of 3.09 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $611.66 and a P/E ratio of 35.56. Richmont Mines Inc. has a 1-year low of $5.45 and a 1-year high of $10.45.
Several research analysts have weighed in on RIC shares. Zacks Investment Research downgraded Richmont Mines from a “buy” rating to a “hold” rating in a research note on Friday, October 20th. TD Securities reiterated a “buy” rating and issued a $12.33 target price on shares of Richmont Mines in a research note on Friday, November 24th. One analyst has rated the stock with a sell rating, one has given a hold rating and three have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $11.67.
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Richmont Mines Company Profile
Richmont Mines Inc, formerly Ressources Minieres Rouyn Inc, is a Canada-based mining company. The Company is engaged in the 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.
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