Resolute Forest Products (NYSE:RFP) Price Target Raised to $4.00

Resolute Forest Products (NYSE:RFP) (TSE:RFP) had its target price boosted by investment analysts at Royal Bank of Canada from $3.00 to $4.00 in a research note issued on Friday, BayStreet.CA reports. The firm currently has a “sector perform” rating on the basic materials company’s stock. Royal Bank of Canada’s price objective would suggest a potential upside of 32.01% from the stock’s current price.

Other equities research analysts have also recently issued research reports about the company. Scotiabank downgraded Resolute Forest Products from a “sector perform” rating to an “underperform” rating and set a $3.25 price objective for the company. in a research report on Friday. They noted that the move was a valuation call. TD Securities lifted their price target on Resolute Forest Products from $2.75 to $4.00 and gave the company a “hold” rating in a report on Friday. Finally, CIBC downgraded shares of Resolute Forest Products from a “sector outperform” rating to a “neutral” rating and upped their price objective for the company from $2.75 to $3.75 in a research note on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the stock. Resolute Forest Products has an average rating of “Hold” and a consensus price target of $3.75.

Resolute Forest Products stock opened at $3.03 on Friday. Resolute Forest Products has a 12-month low of $1.14 and a 12-month high of $6.42. The company has a quick ratio of 1.55, a current ratio of 3.21 and a debt-to-equity ratio of 0.71. The firm’s 50-day moving average is $2.37 and its two-hundred day moving average is $2.40.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last announced its quarterly earnings data on Thursday, July 30th. The basic materials company reported ($0.25) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.30) by $0.05. The business had revenue of $612.00 million for the quarter. Resolute Forest Products had a negative net margin of 3.19% and a negative return on equity of 7.47%.

Institutional investors and hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC acquired a new position in Resolute Forest Products in the fourth quarter valued at $43,000. Assenagon Asset Management S.A. purchased a new position in shares of Resolute Forest Products in the 1st quarter worth about $44,000. State of Tennessee Treasury Department lifted its stake in shares of Resolute Forest Products by 31.6% in the 1st quarter. State of Tennessee Treasury Department now owns 43,452 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 10,436 shares in the last quarter. State of New Jersey Common Pension Fund D acquired a new position in shares of Resolute Forest Products in the 1st quarter valued at about $59,000. Finally, Fosun International Ltd grew its holdings in shares of Resolute Forest Products by 45.5% during the 1st quarter. Fosun International Ltd now owns 80,000 shares of the basic materials company’s stock worth $104,000 after purchasing an additional 25,000 shares during the period. 83.63% of the stock is currently owned by institutional investors and hedge funds.

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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