Resolute Forest Products (RFP) PT Lowered to $9.00

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Resolute Forest Products (NYSE:RFP) (TSE:RFP) had its price objective reduced by analysts at TD Securities from $9.50 to $9.00 in a research note issued on Wednesday, BayStreet.CA reports. The brokerage presently has a “hold” rating on the basic materials company’s stock. TD Securities’ price target would suggest a potential upside of 20.81% from the company’s previous close.

Separately, CIBC reaffirmed a “hold” rating and issued a $12.00 price target on shares of Resolute Forest Products in a research report on Thursday, April 11th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $11.75.

Shares of NYSE:RFP traded up $0.11 during midday trading on Wednesday, hitting $7.45. The company’s stock had a trading volume of 6,365 shares, compared to its average volume of 375,305. The company has a market cap of $720.60 million, a P/E ratio of 3.77 and a beta of 1.20. Resolute Forest Products has a fifty-two week low of $7.27 and a fifty-two week high of $15.75. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.22 and a current ratio of 2.01.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its quarterly earnings results on Tuesday, April 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01). The business had revenue of $795.00 million during the quarter, compared to analyst estimates of $888.00 million. Resolute Forest Products had a net margin of 7.26% and a return on equity of 11.67%. The company’s revenue for the quarter was down 9.0% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share.

In related news, insider Jacques P. Vachon sold 42,216 shares of Resolute Forest Products stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $8.51, for a total transaction of $359,258.16. Following the sale, the insider now directly owns 110,374 shares of the company’s stock, valued at $939,282.74. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 1.60% of the stock is owned by company insiders.

A number of hedge funds have recently added to or reduced their stakes in RFP. LSV Asset Management grew its position in Resolute Forest Products by 323.2% during the fourth quarter. LSV Asset Management now owns 1,281,980 shares of the basic materials company’s stock worth $10,166,000 after buying an additional 979,060 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Resolute Forest Products by 12.0% during the fourth quarter. Dimensional Fund Advisors LP now owns 4,616,442 shares of the basic materials company’s stock worth $36,608,000 after purchasing an additional 493,849 shares during the period. Morgan Stanley lifted its stake in Resolute Forest Products by 78.8% during the third quarter. Morgan Stanley now owns 654,446 shares of the basic materials company’s stock worth $8,476,000 after purchasing an additional 288,389 shares during the period. O Shaughnessy Asset Management LLC lifted its stake in Resolute Forest Products by 128.5% during the fourth quarter. O Shaughnessy Asset Management LLC now owns 338,366 shares of the basic materials company’s stock worth $2,685,000 after purchasing an additional 190,285 shares during the period. Finally, Vanguard Group Inc lifted its stake in Resolute Forest Products by 2.7% during the third quarter. Vanguard Group Inc now owns 5,570,096 shares of the basic materials company’s stock worth $72,132,000 after purchasing an additional 145,885 shares during the period. 91.04% of the stock is currently owned by institutional investors and hedge funds.

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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