Resolute Forest Products (NYSE:RFP) (TSE:RFP) was downgraded by research analysts at CIBC from an “outperform” rating to a “neutral” rating in a research note issued on Friday, The Fly reports. They currently have a $3.75 price objective on the basic materials company’s stock, up from their previous price objective of $2.75. CIBC’s price target indicates a potential upside of 6.84% from the company’s current price.
A number of other equities analysts have also issued reports on RFP. Scotiabank lowered shares of Resolute Forest Products from a “sector perform” rating to an “underperform” rating and set a $3.25 price target for the company. in a research report on Friday. Royal Bank of Canada reaffirmed a “hold” rating and set a $3.00 target price on shares of Resolute Forest Products in a research note on Monday, July 13th. Finally, TD Securities boosted their price target on shares of Resolute Forest Products from $1.50 to $2.75 and gave the company a “hold” rating in a research report on Friday, May 1st. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. Resolute Forest Products currently has an average rating of “Hold” and an average target price of $3.19.
Shares of NYSE:RFP opened at $3.51 on Friday. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.55 and a current ratio of 3.21. The firm has a fifty day moving average price of $2.35 and a 200 day moving average price of $2.41. Resolute Forest Products has a fifty-two week low of $1.14 and a fifty-two week high of $6.42. The firm has a market cap of $268.19 million, a price-to-earnings ratio of -3.51 and a beta of 2.66.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported ($0.25) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.05. Resolute Forest Products had a negative net margin of 3.19% and a negative return on equity of 7.47%.
Several institutional investors have recently added to or reduced their stakes in RFP. ACR Alpine Capital Research LLC raised its stake in shares of Resolute Forest Products by 14.3% during the first quarter. ACR Alpine Capital Research LLC now owns 4,918,768 shares of the basic materials company’s stock worth $6,198,000 after purchasing an additional 616,334 shares during the last quarter. Acadian Asset Management LLC increased its position in shares of Resolute Forest Products by 4.5% in the first quarter. Acadian Asset Management LLC now owns 2,988,405 shares of the basic materials company’s stock valued at $3,763,000 after buying an additional 129,101 shares in the last quarter. Assenagon Asset Management S.A. increased its position in shares of Resolute Forest Products by 252.2% in the second quarter. Assenagon Asset Management S.A. now owns 123,625 shares of the basic materials company’s stock valued at $261,000 after buying an additional 88,529 shares in the last quarter. Oppenheimer Asset Management Inc. increased its position in shares of Resolute Forest Products by 4.9% in the first quarter. Oppenheimer Asset Management Inc. now owns 1,332,631 shares of the basic materials company’s stock valued at $1,679,000 after buying an additional 62,821 shares in the last quarter. Finally, Two Sigma Advisers LP increased its position in shares of Resolute Forest Products by 8.6% in the first quarter. Two Sigma Advisers LP now owns 658,460 shares of the basic materials company’s stock valued at $830,000 after buying an additional 51,900 shares in the last quarter. Institutional investors and hedge funds own 83.63% of the company’s stock.
About Resolute Forest Products
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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