Private Management Group Inc. raised its position in shares of Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 317.8% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 337,550 shares of the basic materials company’s stock after purchasing an additional 256,752 shares during the quarter. Private Management Group Inc. owned 0.37% of Resolute Forest Products worth $2,667,000 as of its most recent SEC filing.
Several other institutional investors have also recently added to or reduced their stakes in the business. Executive Wealth Management LLC bought a new position in shares of Resolute Forest Products during the 4th quarter valued at approximately $39,000. Prudential Financial Inc. bought a new position in shares of Resolute Forest Products during the 4th quarter valued at approximately $118,000. Ramsey Quantitative Systems grew its stake in shares of Resolute Forest Products by 28.2% during the 4th quarter. Ramsey Quantitative Systems now owns 18,046 shares of the basic materials company’s stock valued at $143,000 after acquiring an additional 3,973 shares during the period. Virginia Retirement Systems ET AL grew its stake in shares of Resolute Forest Products by 21.6% during the 1st quarter. Virginia Retirement Systems ET AL now owns 18,600 shares of the basic materials company’s stock valued at $147,000 after acquiring an additional 3,300 shares during the period. Finally, WINTON GROUP Ltd purchased a new position in Resolute Forest Products in the 4th quarter worth approximately $245,000. Institutional investors and hedge funds own 90.63% of the company’s stock.
RFP has been the topic of a number of research analyst reports. TD Securities lowered their price target on Resolute Forest Products from $9.50 to $9.00 and set a “hold” rating on the stock in a report on Wednesday, May 1st. CIBC raised Resolute Forest Products from a “neutral” rating to an “outperform” rating and set a $9.00 price target on the stock in a report on Tuesday. Finally, TheStreet cut Resolute Forest Products from a “b-” rating to a “c+” rating in a report on Wednesday, June 12th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $11.00.Shares of RFP opened at $6.32 on Thursday. The company has a market cap of $557.65 million, a PE ratio of 2.91 and a beta of 1.35. Resolute Forest Products has a 1 year low of $6.01 and a 1 year high of $15.75. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.27 and a current ratio of 2.54.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last issued its quarterly earnings data on Tuesday, April 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.33 by ($0.01). The firm had revenue of $795.00 million for the quarter, compared to analysts’ expectations of $888.00 million. Resolute Forest Products had a return on equity of 11.85% and a net margin of 7.26%. The firm’s revenue was down 9.0% on a year-over-year basis. During the same period last year, the company earned $0.18 earnings per share.
In related news, Director Jennifer C. Dolan bought 4,152 shares of the business’s stock in a transaction dated Tuesday, June 11th. The shares were purchased at an average price of $6.21 per share, with a total value of $25,783.92. Following the transaction, the director now owns 47,939 shares in the company, valued at approximately $297,701.19. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, SVP Richard Joseph Tremblay sold 15,004 shares of the business’s stock in a transaction that occurred on Thursday, May 30th. The shares were sold at an average price of $6.50, for a total value of $97,526.00. Following the transaction, the senior vice president now directly owns 138,113 shares in the company, valued at approximately $897,734.50. The disclosure for this sale can be found here. 1.60% of the stock is owned by corporate insiders.
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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