Haywood Securities Comments on Richmont Mines Inc.’s FY2017 Earnings (RIC)

Richmont Mines Inc. (NYSE:RIC) (TSE:RIC) – Equities researchers at Haywood Securities cut their FY2017 EPS estimates for Richmont Mines in a research note issued to investors on Wednesday, Zacks Investment Research reports. Haywood Securities analyst K. Smith now anticipates that the basic materials company will post earnings of $0.23 per share for the year, down from their prior forecast of $0.37. Haywood Securities also issued estimates for Richmont Mines’ FY2018 earnings at $0.27 EPS.

RIC has been the subject of several other research reports. Zacks Investment Research raised Richmont Mines from a “sell” rating to a “buy” rating and set a $11.00 target price for the company in a research report on Thursday, October 19th. TD Securities restated a “buy” rating and issued a $12.33 price target on shares of Richmont Mines in a research note on Friday, November 24th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have issued a buy rating to the company. Richmont Mines currently has an average rating of “Hold” and a consensus price target of $11.67.

Richmont Mines (NYSE RIC) traded up $0.25 during trading on Monday, reaching $9.60. The company had a trading volume of 868,200 shares, compared to its average volume of 466,921. Richmont Mines has a twelve month low of $5.45 and a twelve month high of $10.45. The company has a debt-to-equity ratio of 0.02, a quick ratio of 2.86 and a current ratio of 3.09. The stock has a market capitalization of $619.27 and a PE ratio of 36.92.

Richmont Mines (NYSE:RIC) (TSE:RIC) last announced its quarterly earnings data on Wednesday, November 8th. The basic materials company reported $0.06 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.06. Richmont Mines had a return on equity of 8.60% and a net margin of 13.14%. The firm had revenue of $36.55 million during the quarter, compared to analysts’ expectations of $36.45 million. The company’s revenue for the quarter was up 52.0% compared to the same quarter last year.

Several hedge funds have recently added to or reduced their stakes in RIC. Van ECK Associates Corp purchased a new position in shares of Richmont Mines in the 3rd quarter worth $38,228,000. Montrusco Bolton Investments Inc. bought a new position in Richmont Mines in the 3rd quarter worth $26,998,000. Magnetar Financial LLC bought a new position in Richmont Mines in the 3rd quarter worth $15,896,000. Mackenzie Financial Corp bought a new position in Richmont Mines in the 3rd quarter worth $10,431,000. Finally, JPMorgan Chase & Co. bought a new position in Richmont Mines in the 3rd quarter worth $8,743,000. Hedge funds and other institutional investors own 53.83% of the company’s stock.

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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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