Resolute Forest Products (NYSE:RFP) stock rating downgrade by Royal Bank of Canada

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Resolute Forest Products (NYSE:RFP – Get Rating) (TSE:RFP) was downgraded by Royal Bank of Canada analysts from an “outperforming” rating to an “sector outperforming” rating in a research note released on Tuesday, reports The Fly.

Other research analysts have also recently released reports on the stock. StockNews.com moved shares of Resolute Forest Products from a “hold” rating to a “buy” rating in a Friday, Oct. 7 research note. TD Securities has upgraded shares of Resolute Forest Products from a “buy” rating to a “hold” rating and raised its target price for the stock from $16.00 to $23.00 in a research note Thursday, July 7. Two analysts rated the stock with a hold rating and two assigned the stock a buy rating. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $20.33.

Resolute Forest Products trades up 0.7%

Shares of Resolute Forest Products opened at $20.86 on Tuesday. Resolute Forest Products has a 12-month low of $10.64 and a 12-month high of $21.07. The company has a current ratio of 2.75, a quick ratio of 1.56 and a debt ratio of 0.15. The stock has a market capitalization of $1.60 billion, a PE ratio of 3.92 and a beta of 2.93. The company has a 50-day moving average of $20.39 and a two-hundred-day moving average of $17.21.

Resolute Forest Products (NYSE:RFP – Get Rating) (TSE:RFP) last reported results on Thursday, August 4. The basic materials company reported earnings per share (EPS) of $2.00 for the quarter. Resolute Forest Products posted a net margin of 11.44% and a return on equity of 25.81%. The company had revenue of $1.06 billion in the quarter.

Insiders place their bets

In other Resolute Forest Products news, Senior Vice President Richard Joseph Tremblay sold 7,059 shares of Resolute Forest Products in a trade on Wednesday August 10th. The shares were sold at an average price of $20.58, for a total value of $145,274.22. As a result of the transaction, the senior vice president now owns 217,936 shares of the company, valued at approximately $4,485,122.88. The sale was disclosed in a document filed with the SEC, accessible via the SEC’s website. 1.30% of the shares are held by insiders.

Hedge funds weigh on Resolute Forest Products

Hedge funds have recently changed their positions in the stock. Metis Global Partners LLC acquired a new stock position in Resolute Forest Products in Q1 worth $289,000. Ritholtz Wealth Management increased its holdings of Resolute Forest Products shares by 85.5% in Q1. Ritholtz Wealth Management now owns 78,024 shares of the basic materials company valued at $1,007,000 after acquiring 35,961 additional shares last quarter. Cambria Investment Management LP increased its holdings of Resolute Forest Products shares by 13.1% during the second quarter. Cambria Investment Management LP now owns 578,250 shares of the basic materials company valued at $7,378,000 after acquiring an additional 66,888 shares last quarter. Founders Capital Management increased its equity interest in Resolute Forest Products by 40.0% during the second quarter. Founders Capital Management now owns 3,500 shares of the basic materials company valued at $45,000 after acquiring an additional 1,000 shares last quarter. Lastly, National Bank of Canada FI increased its stake in shares of Resolute Forest Products by 12.2% during the first quarter. National Bank of Canada FI now owns 34,046 shares of the basic materials company valued at $439,000 after acquiring 3,693 additional shares last quarter. Institutional investors and hedge funds own 90.49% of the company’s shares.

About Resolute Forest Products

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Resolute Forest Products Inc, together with its subsidiaries, operates in the forest products industry in the United States, Canada, Mexico and internationally. The Company operates through four segments: Market Pulp, Tissue Paper, Wood Products and Paper. The Market Pulp segment offers virgin and recycled bleached kraft pulp, which is used to manufacture a range of consumer products, including facial tissue, packaging, specialty paper products, diapers and other absorbent products.

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