Resolute Forest Products (NYSE:RFP) Given New $7.00 Price Target at TD Securities

Resolute Forest Products (NYSE:RFP) (TSE:RFP) had its price objective trimmed by TD Securities from $7.50 to $7.00 in a research report released on Friday morning, BayStreet.CA reports. The firm currently has a hold rating on the basic materials company’s stock.

Other analysts have also recently issued research reports about the stock. TheStreet cut shares of Resolute Forest Products from a b- rating to a c+ rating in a research note on Wednesday, June 12th. CIBC raised shares of Resolute Forest Products from a neutral rating to an outperform rating and set a $9.00 target price for the company in a research note on Tuesday, June 18th. Three investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of Hold and a consensus price target of $10.50.

Shares of Resolute Forest Products stock traded down $0.43 during trading hours on Friday, reaching $5.32. The stock had a trading volume of 548,000 shares, compared to its average volume of 292,701. The company’s 50 day simple moving average is $6.60. The stock has a market cap of $555.83 million, a price-to-earnings ratio of 2.90 and a beta of 1.33. Resolute Forest Products has a twelve month low of $5.20 and a twelve month high of $15.75. The company has a quick ratio of 1.27, a current ratio of 2.54 and a debt-to-equity ratio of 0.30.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last released its earnings results on Thursday, August 1st. The basic materials company reported $0.12 EPS for the quarter, missing analysts’ consensus estimates of $0.22 by ($0.10). The company had revenue of $755.00 million for the quarter. Resolute Forest Products had a return on equity of 11.85% and a net margin of 7.26%. The firm’s quarterly revenue was down 22.6% on a year-over-year basis. During the same period in the prior year, the company earned $0.71 earnings per share.

In other news, SVP Richard Joseph Tremblay sold 15,004 shares of the business’s stock in a transaction dated Thursday, May 30th. The shares were sold at an average price of $6.50, for a total transaction of $97,526.00. Following the completion of the sale, the senior vice president now owns 138,113 shares of the company’s stock, valued at $897,734.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jennifer C. Dolan bought 4,152 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were bought at an average cost of $6.21 per share, with a total value of $25,783.92. Following the purchase, the director now directly owns 47,939 shares of the company’s stock, valued at $297,701.19. The disclosure for this purchase can be found here. 1.60% of the stock is owned by insiders.

Several hedge funds have recently added to or reduced their stakes in RFP. Squar Milner Financial Services LLC grew its stake in Resolute Forest Products by 15.9% during the 2nd quarter. Squar Milner Financial Services LLC now owns 11,415 shares of the basic materials company’s stock valued at $82,000 after acquiring an additional 1,570 shares in the last quarter. Marshall Wace LLP grew its stake in Resolute Forest Products by 3.3% during the 1st quarter. Marshall Wace LLP now owns 62,329 shares of the basic materials company’s stock valued at $492,000 after acquiring an additional 1,966 shares in the last quarter. Virginia Retirement Systems ET AL grew its stake in Resolute Forest Products by 21.6% during the 1st quarter. Virginia Retirement Systems ET AL now owns 18,600 shares of the basic materials company’s stock valued at $147,000 after acquiring an additional 3,300 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Resolute Forest Products by 5.2% during the 4th quarter. Bank of New York Mellon Corp now owns 83,473 shares of the basic materials company’s stock valued at $662,000 after acquiring an additional 4,143 shares in the last quarter. Finally, Nordea Investment Management AB grew its stake in Resolute Forest Products by 3.1% during the 1st quarter. Nordea Investment Management AB now owns 211,300 shares of the basic materials company’s stock valued at $1,669,000 after acquiring an additional 6,300 shares in the last quarter. 90.77% of the stock is 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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