Resolute Forest Products (RFP) Trading Down 12.2%

Shares of Resolute Forest Products (NYSE:RFP) (TSE:RFP) were down 12.2% on Thursday . The stock traded as low as $9.06 and last traded at $9.67. Approximately 836,417 shares were traded during mid-day trading, an increase of 121% from the average daily volume of 378,118 shares. The stock had previously closed at $11.01.

Several analysts have recently weighed in on RFP shares. CIBC downgraded shares of Resolute Forest Products from a “sector outperform” rating to a “neutral” rating in a report on Wednesday, September 19th. TD Securities lowered their target price on shares of Resolute Forest Products from $14.00 to $13.50 and set a “hold” rating on the stock in a report on Friday, November 2nd. Finally, Royal Bank of Canada lifted their target price on shares of Resolute Forest Products from $13.00 to $14.00 and gave the company a “sector perform” rating in a report on Friday, November 2nd. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Resolute Forest Products has an average rating of “Hold” and an average price target of $12.88.

The firm has a market cap of $994.69 million, a price-to-earnings ratio of 5.32 and a beta of 1.38. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.59 and a current ratio of 2.56.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its earnings results on Thursday, November 1st. The basic materials company reported $1.03 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.69 by $0.34. The business had revenue of $974.00 million for the quarter. Resolute Forest Products had a net margin of 5.70% and a return on equity of 11.49%. The firm’s revenue was up 10.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 EPS.

The business also recently disclosed a dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be issued a dividend of $1.50 per share. The ex-dividend date is Wednesday, December 5th.

A number of hedge funds have recently added to or reduced their stakes in the stock. Northern Trust Corp boosted its holdings in Resolute Forest Products by 1.5% during the second quarter. Northern Trust Corp now owns 332,779 shares of the basic materials company’s stock worth $3,444,000 after buying an additional 5,007 shares in the last quarter. Cubist Systematic Strategies LLC boosted its holdings in Resolute Forest Products by 40.8% during the second quarter. Cubist Systematic Strategies LLC now owns 19,446 shares of the basic materials company’s stock worth $201,000 after buying an additional 5,634 shares in the last quarter. BlackRock Inc. boosted its holdings in Resolute Forest Products by 0.5% during the third quarter. BlackRock Inc. now owns 1,849,594 shares of the basic materials company’s stock worth $23,952,000 after buying an additional 8,297 shares in the last quarter. Spark Investment Management LLC boosted its holdings in Resolute Forest Products by 5.9% during the second quarter. Spark Investment Management LLC now owns 166,300 shares of the basic materials company’s stock worth $1,721,000 after buying an additional 9,258 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Resolute Forest Products during the third quarter worth about $143,000. 91.95% of the stock is currently owned by hedge funds and other institutional investors.

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About Resolute Forest Products (NYSE:RFP)

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.

See Also: Diversification

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