Janney Montgomery Scott LLC cut its stake in Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 39.9% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 52,908 shares of the basic materials company’s stock after selling 35,181 shares during the period. Janney Montgomery Scott LLC’s holdings in Resolute Forest Products were worth $685,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of RFP. Northern Trust Corp increased its holdings in Resolute Forest Products by 1.5% during the 2nd quarter. Northern Trust Corp now owns 332,779 shares of the basic materials company’s stock valued at $3,444,000 after purchasing an additional 5,007 shares in the last quarter. Cubist Systematic Strategies LLC increased its holdings in Resolute Forest Products by 40.8% during the 2nd quarter. Cubist Systematic Strategies LLC now owns 19,446 shares of the basic materials company’s stock valued at $201,000 after purchasing an additional 5,634 shares in the last quarter. Spark Investment Management LLC increased its holdings in Resolute Forest Products by 5.9% during the 2nd quarter. Spark Investment Management LLC now owns 166,300 shares of the basic materials company’s stock valued at $1,721,000 after purchasing an additional 9,258 shares in the last quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its holdings in Resolute Forest Products by 32.5% during 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 valued at $524,000 after purchasing an additional 12,400 shares in the last quarter. Finally, Paloma Partners Management Co acquired a new stake in Resolute Forest Products during the 2nd quarter valued at $130,000. 93.90% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently weighed in on RFP shares. Royal Bank of Canada raised their price target on Resolute Forest Products from $13.00 to $14.00 and gave the company a “sector perform” rating in a report on Friday, November 2nd. TD Securities raised their price target on Resolute Forest Products from $12.00 to $14.50 and gave the company a “hold” rating in a report on Friday, August 3rd. CIBC cut Resolute Forest Products from a “sector outperform” rating to a “neutral” rating in a report on Wednesday, September 19th. TheStreet raised Resolute Forest Products from a “c” rating to a “b-” rating in a report on Friday, August 3rd. Finally, Scotiabank reaffirmed a “hold” rating and set a $12.00 price target on shares of Resolute Forest Products in a report on Friday, August 3rd. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $12.88.
NYSE RFP opened at $11.15 on Thursday. The firm has a market capitalization of $982.95 million, a PE ratio of 5.26 and a beta of 1.38. Resolute Forest Products has a 52 week low of $7.40 and a 52 week high of $15.75. The company has a quick ratio of 1.59, a current ratio of 2.56 and a debt-to-equity ratio of 0.36.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last released its earnings results on Thursday, November 1st. The basic materials company reported $1.03 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.34. The company had revenue of $974.00 million during the quarter. Resolute Forest Products had a return on equity of 11.49% and a net margin of 5.70%. The firm’s quarterly revenue was up 10.1% on a year-over-year basis. During the same period last year, the business posted $0.34 earnings per share.
The company also recently announced a dividend, which will be paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th will be paid a $1.50 dividend. The ex-dividend date is Wednesday, December 5th.
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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 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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