Nordea Investment Management AB lifted its position in Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 3.1% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 211,300 shares of the basic materials company’s stock after purchasing an additional 6,300 shares during the quarter. Nordea Investment Management AB owned about 0.23% of Resolute Forest Products worth $1,669,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Executive Wealth Management LLC bought a new position in shares of Resolute Forest Products during the fourth quarter valued at approximately $39,000. Prudential Financial Inc. bought a new position in shares of Resolute Forest Products during the fourth quarter valued at approximately $118,000. Virginia Retirement Systems ET AL grew its stake in shares of Resolute Forest Products by 21.6% during the first quarter. Virginia Retirement Systems ET AL now owns 18,600 shares of the basic materials company’s stock valued at $147,000 after buying an additional 3,300 shares during the last quarter. Squarepoint Ops LLC grew its stake in shares of Resolute Forest Products by 51.9% during the fourth quarter. Squarepoint Ops LLC now owns 58,599 shares of the basic materials company’s stock valued at $465,000 after buying an additional 20,031 shares during the last quarter. Finally, Janney Montgomery Scott LLC grew its stake in shares of Resolute Forest Products by 15.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 61,297 shares of the basic materials company’s stock valued at $486,000 after buying an additional 8,389 shares during the last quarter. 90.72% of the stock is currently owned by hedge funds and other institutional investors.
A number of brokerages recently issued reports on RFP. CIBC upgraded Cornerstone Progressive Return Fund from an “average” rating to a “buy” rating and set a $14.00 price target for the company in a report on Tuesday, June 18th. TD Securities lowered their price target on Resolute Forest Products from $9.50 to $9.00 and set a “hold” rating for the company in a report on Wednesday, May 1st. Finally, TheStreet lowered Resolute Forest Products from a “b-” rating to a “c+” rating in a report on Wednesday, June 12th. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $11.00.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its quarterly earnings data on Tuesday, April 30th. The basic materials company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.33 by ($0.01). Resolute Forest Products had a net margin of 7.26% and a return on equity of 11.85%. The business had revenue of $795.00 million for the quarter, compared to analysts’ expectations of $888.00 million. During the same quarter in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was down 9.0% on a year-over-year basis.
In related news, Director Jennifer C. Dolan purchased 4,152 shares of the business’s stock in a transaction on 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 transaction, the director now owns 47,939 shares of the company’s stock, valued at $297,701.19. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Richard Joseph Tremblay sold 15,004 shares of the stock in a transaction dated Thursday, May 30th. The stock was sold at an average price of $6.50, for a total value of $97,526.00. Following the sale, the senior vice president now directly owns 138,113 shares in the company, valued at $897,734.50. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.
Resolute Forest Products 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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