Royal Bank of Canada downgraded shares of Resolute Forest Products (NYSE:RFP – Get Rating) (TSE:RFP) from an outperform rating to a sector perform rating in a report released on Tuesday morning, Marketbeat.com reports. The brokerage currently has $23.00 price objective on the basic materials company's stock.
Several other research firms have also commented on RFP. StockNews.com raised Resolute Forest Products from a hold rating to a buy rating in a report on Friday, October 7th. TD Securities lowered Resolute Forest Products from a buy rating to a hold rating and increased their target price for the company from $16.00 to $23.00 in a report on Thursday, July 7th. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $21.67.
Get Resolute Forest Products alerts:Resolute Forest Products Stock Down 0.1 %
Resolute Forest Products stock opened at $20.57 on Tuesday. Resolute Forest Products has a twelve month low of $10.64 and a twelve month high of $21.07. The stock's fifty day simple moving average is $20.40 and its 200-day simple moving average is $17.37. The company has a current ratio of 2.75, a quick ratio of 1.56 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.58 billion, a P/E ratio of 3.87 and a beta of 2.77.
Resolute Forest Products (NYSE:RFP – Get Rating) (TSE:RFP) last posted its quarterly earnings data on Thursday, August 4th. The basic materials company reported $2.00 earnings per share for the quarter. Resolute Forest Products had a return on equity of 25.81% and a net margin of 11.44%. The business had revenue of $1.06 billion for the quarter.Insider Buying and Selling at Resolute Forest Products
In other news, SVP Richard Joseph Tremblay sold 7,059 shares of the stock in a transaction dated Wednesday, August 10th. The shares were sold at an average price of $20.58, for a total transaction of $145,274.22. Following the completion of the sale, the senior vice president now owns 217,936 shares in the company, valued at $4,485,122.88. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.30% of the stock is currently owned by insiders.
Institutional Inflows and Outflows
Hedge funds have recently added to or reduced their stakes in the stock. Captrust Financial Advisors boosted its position in Resolute Forest Products by 146.3% during the first quarter. Captrust Financial Advisors now owns 3,005 shares of the basic materials company's stock worth $39,000 after acquiring an additional 1,785 shares during the last quarter. Founders Capital Management lifted its holdings in shares of Resolute Forest Products by 40.0% during the 2nd quarter. Founders Capital Management now owns 3,500 shares of the basic materials company's stock valued at $45,000 after acquiring an additional 1,000 shares in the last quarter. Great West Life Assurance Co. Can lifted its holdings in shares of Resolute Forest Products by 64.7% during the 1st quarter. Great West Life Assurance Co. Can now owns 3,749 shares of the basic materials company's stock valued at $51,000 after acquiring an additional 1,473 shares in the last quarter. Toronto Dominion Bank lifted its holdings in shares of Resolute Forest Products by 16,255.2% during the 2nd quarter. Toronto Dominion Bank now owns 4,743 shares of the basic materials company's stock valued at $61,000 after acquiring an additional 4,714 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Resolute Forest Products during the 2nd quarter valued at $78,000. 90.49% of the stock is owned by hedge funds and other institutional investors.
About Resolute Forest Products
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Resolute Forest Products Inc, together with its subsidiaries, operates in the forest products industry in the United States, Canada, Mexico, and internationally. The company operates through four segments: Market Pulp, Tissue, Wood Products, and Paper. The Market Pulp segment offers virgin and recycled bleached Kraft pulp, which is used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.
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