Shares of Noranda Income Fund (TSE:NIF.UN) passed above its 50-day moving average during trading on Thursday . The stock has a 50-day moving average of $1.48 and traded as high as $1.41. Noranda Income Fund shares last traded at $1.40, with a volume of 47,100 shares trading hands.
Separately, TD Securities lowered their target price on Noranda Income Fund from C$4.00 to C$3.75 and set a “buy” rating on the stock in a research note on Wednesday, July 24th.
The company has a debt-to-equity ratio of 88.09, a current ratio of 3.06 and a quick ratio of 1.16. The stock has a market capitalization of $54.36 million and a PE ratio of -2.21. The stock has a 50 day moving average of C$1.47 and a two-hundred day moving average of C$2.25.
Noranda Income Fund operates as an income trust. The company owns electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Québec that produces refined zinc metal and various by-products from zinc concentrate. Its products include jumbo zinc, a product customized with alloy for steel customers to enhance the productivity of galvanizing lines; zinc shot, a product that is used to produce electro-galvanized steel for the car industry; and granulated zinc that is used in the production of fertilizers and reagents for the pulp and paper industry.
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