California Public Employees Retirement System Has $2.07 Million Position in Resolute Forest Products (RFP)

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California Public Employees Retirement System lowered its position in shares of Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 38.5% in the 2nd quarter, HoldingsChannel reports. The fund owned 199,572 shares of the basic materials company’s stock after selling 125,168 shares during the quarter. California Public Employees Retirement System’s holdings in Resolute Forest Products were worth $2,066,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently made changes to their positions in the stock. Cubist Systematic Strategies LLC increased its position in shares of Resolute Forest Products by 40.8% during the second quarter. Cubist Systematic Strategies LLC now owns 19,446 shares of the basic materials company’s stock valued at $201,000 after acquiring an additional 5,634 shares in the last quarter. Spark Investment Management LLC grew its position in Resolute Forest Products by 5.9% in the 2nd quarter. Spark Investment Management LLC now owns 166,300 shares of the basic materials company’s stock worth $1,721,000 after purchasing an additional 9,258 shares during the period. Guggenheim Capital LLC grew its position in Resolute Forest Products by 19.0% in the 1st quarter. Guggenheim Capital LLC now owns 64,185 shares of the basic materials company’s stock worth $533,000 after purchasing an additional 10,236 shares during the period. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp grew its position in Resolute Forest Products by 32.5% in the 2nd quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 50,600 shares of the basic materials company’s stock worth $524,000 after purchasing an additional 12,400 shares during the period. Finally, Paloma Partners Management Co bought a new stake in Resolute Forest Products in the 2nd quarter worth approximately $130,000. 91.04% of the stock is owned by institutional investors.

NYSE:RFP opened at $11.16 on Wednesday. The company has a quick ratio of 1.28, a current ratio of 2.52 and a debt-to-equity ratio of 0.40. Resolute Forest Products has a 12 month low of $5.70 and a 12 month high of $15.75. The company has a market capitalization of $1.02 billion, a price-to-earnings ratio of 8.18 and a beta of 1.46.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last posted its earnings results on Thursday, August 2nd. The basic materials company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.67 by $0.04. Resolute Forest Products had a net margin of 3.28% and a return on equity of 7.83%. The business had revenue of $976.00 million during the quarter, compared to the consensus estimate of $1.01 billion. During the same quarter in the previous year, the firm posted ($0.03) EPS. The firm’s revenue was up 13.8% on a year-over-year basis.

RFP has been the subject of a number of research analyst reports. TheStreet raised shares of Resolute Forest Products from a “c” rating to a “b-” rating in a research report on Friday, August 3rd. TD Securities lifted their target price on shares of Resolute Forest Products from $12.00 to $14.50 and gave the stock a “hold” rating in a research report on Friday, August 3rd. Scotiabank reaffirmed a “hold” rating and issued a $12.00 target price on shares of Resolute Forest Products in a research report on Friday, August 3rd. CIBC downgraded shares of Resolute Forest Products from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, September 19th. Finally, Royal Bank of Canada lifted their target price on shares of Resolute Forest Products from $10.00 to $12.00 and gave the stock a “sector perform” rating in a research report on Friday, August 3rd. Four analysts have rated the stock with a hold rating and two have given a buy rating to the stock. Resolute Forest Products has a consensus rating of “Hold” and a consensus price target of $12.63.

Resolute Forest Products Profile

Resolute Forest Products Inc operates in the forest products industry in the United States, Canada, Mexico, and internationally. The company operates in five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment offers market, recycled bleached Kraft, and bleached hardwood Kraft pulp used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.

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Institutional Ownership by Quarter for Resolute Forest Products (NYSE:RFP)

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