Resolute Forest Products (NYSE:RFP) (TSE:RFP) had its target price boosted by investment analysts at Royal Bank of Canada from $3.00 to $4.00 in a research note issued on Friday, BayStreet.CA reports. The firm presently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 32.01% from the stock’s previous close.
RFP has been the subject of a number of other reports. TD Securities boosted their price objective on Resolute Forest Products from $2.75 to $4.00 and gave the stock a “hold” rating in a research report on Friday. CIBC cut shares of Resolute Forest Products from a “sector outperform” rating to a “neutral” rating and boosted their price target for the stock from $2.75 to $3.75 in a report on Friday. Finally, Scotiabank downgraded shares of Resolute Forest Products from a “sector perform” rating to an “underperform” rating and set a $3.25 price objective on the stock. in a research report on Friday. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $3.75.
Resolute Forest Products stock opened at $3.03 on Friday. The company has a current ratio of 3.21, a quick ratio of 1.55 and a debt-to-equity ratio of 0.71. Resolute Forest Products has a 52-week low of $1.14 and a 52-week high of $6.42. The company’s 50 day moving average is $2.37 and its two-hundred day moving average is $2.40.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.05. Resolute Forest Products had a negative return on equity of 7.47% and a negative net margin of 3.19%. The business had revenue of $612.00 million for the quarter.
A number of hedge funds have recently added to or reduced their stakes in the business. Cubist Systematic Strategies LLC acquired a new position in shares of Resolute Forest Products in the 4th quarter valued at $43,000. Assenagon Asset Management S.A. acquired a new position in Resolute Forest Products in the first quarter valued at $44,000. State of Tennessee Treasury Department boosted its stake in Resolute Forest Products by 31.6% in the first quarter. State of Tennessee Treasury Department now owns 43,452 shares of the basic materials company’s stock valued at $55,000 after acquiring an additional 10,436 shares in the last quarter. State of New Jersey Common Pension Fund D purchased a new position in shares of Resolute Forest Products during the first quarter worth about $59,000. Finally, Fosun International Ltd increased its position in shares of Resolute Forest Products by 45.5% during the first quarter. Fosun International Ltd now owns 80,000 shares of the basic materials company’s stock worth $104,000 after purchasing an additional 25,000 shares in the last quarter. 83.63% of the stock is currently owned by institutional investors.
Resolute Forest Products Company Profile
Resolute Forest Products Inc operates in the forest products industry in the United States, Canada, Mexico, and internationally. The company operates through five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment offers virgin and recycled bleached Kraft used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.
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