Resolute Forest Products (NYSE:RFP) Stock Rating Lowered by Scotiabank

Resolute Forest Products (NYSE:RFP) (TSE:RFP) was downgraded by Scotiabank from a “sector perform” rating to an “underperform” rating in a research note issued on Friday, The Fly reports. They presently have a $3.25 price target on the basic materials company’s stock. Scotiabank’s price objective indicates a potential upside of 7.26% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other brokerages have also issued reports on RFP. TD Securities upped their target price on shares of Resolute Forest Products from $1.50 to $2.75 and gave the company a “hold” rating in a research note on Friday, May 1st. Royal Bank of Canada restated a “hold” rating and issued a $3.00 target price on shares of Resolute Forest Products in a research note on Monday, July 13th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $3.75.

Shares of Resolute Forest Products stock traded down $0.48 during trading on Friday, reaching $3.03. The company had a trading volume of 1,045,887 shares, compared to its average volume of 537,835. The firm’s fifty day moving average is $2.37 and its 200-day moving average is $2.40. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.55 and a current ratio of 3.21. Resolute Forest Products has a fifty-two week low of $1.14 and a fifty-two week high of $6.42.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its earnings results on Thursday, July 30th. The basic materials company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in RFP. Cubist Systematic Strategies LLC acquired a new stake in Resolute Forest Products during the fourth quarter worth about $43,000. Assenagon Asset Management S.A. acquired a new stake in Resolute Forest Products during the first quarter worth about $44,000. State of Tennessee Treasury Department raised its stake in Resolute Forest Products by 31.6% during the first quarter. State of Tennessee Treasury Department now owns 43,452 shares of the basic materials company’s stock worth $55,000 after acquiring an additional 10,436 shares during the period. State of New Jersey Common Pension Fund D acquired a new stake in Resolute Forest Products during the first quarter worth about $59,000. Finally, Fosun International Ltd raised its stake in Resolute Forest Products by 45.5% during the first quarter. Fosun International Ltd now owns 80,000 shares of the basic materials company’s stock worth $104,000 after acquiring an additional 25,000 shares during the period. Hedge funds and other institutional investors own 83.63% of the company’s stock.

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 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.

Recommended Story: What is FinTech?

The Fly

Receive News & Ratings for Resolute Forest Products Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Resolute Forest Products and related companies with MarketBeat.com's FREE daily email newsletter.