BlackRock Inc. cut its holdings in shares of Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 5.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,754,682 shares of the basic materials company’s stock after selling 94,912 shares during the quarter. BlackRock Inc.’s holdings in Resolute Forest Products were worth $13,915,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of RFP. Ramsey Quantitative Systems raised its holdings in shares of Resolute Forest Products by 28.2% in the 4th quarter. Ramsey Quantitative Systems now owns 18,046 shares of the basic materials company’s stock valued at $143,000 after purchasing an additional 3,973 shares during the period. California Public Employees Retirement System raised its holdings in shares of Resolute Forest Products by 2.9% in the 4th quarter. California Public Employees Retirement System now owns 259,872 shares of the basic materials company’s stock valued at $2,061,000 after purchasing an additional 7,277 shares during the period. Janney Montgomery Scott LLC raised its holdings in shares of Resolute Forest Products by 15.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 61,297 shares of the basic materials company’s stock valued at $486,000 after purchasing an additional 8,389 shares during the period. Verition Fund Management LLC bought a new stake in shares of Resolute Forest Products in the 3rd quarter valued at about $190,000. Finally, Prudential Financial Inc. bought a new stake in shares of Resolute Forest Products in the 4th quarter valued at about $118,000. 90.99% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have recently issued reports on RFP shares. TD Securities dropped their target price on shares of Resolute Forest Products from $10.50 to $9.50 and set a “hold” rating on the stock in a report on Friday, February 1st. CIBC reaffirmed a “hold” rating and issued a $12.00 target price on shares of Resolute Forest Products in a report on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Resolute Forest Products presently has an average rating of “Hold” and a consensus target price of $11.88.
Shares of RFP stock opened at $7.87 on Friday. The stock has a market capitalization of $716.95 million, a PE ratio of 4.02 and a beta of 1.22. The company has a current ratio of 2.01, a quick ratio of 1.22 and a debt-to-equity ratio of 0.27. Resolute Forest Products has a 52-week low of $7.27 and a 52-week high of $15.75.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last released its quarterly earnings results on Thursday, January 31st. The basic materials company reported $0.04 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.52 by ($0.48). The company had revenue of $932.00 million during the quarter. Resolute Forest Products had a net margin of 6.26% and a return on equity of 11.00%.
In other Resolute Forest Products news, insider Jacques P. Vachon sold 42,216 shares of the stock in a transaction dated Friday, February 22nd. The shares were sold at an average price of $8.51, for a total value of $359,258.16. Following the transaction, the insider now directly owns 110,374 shares of the company’s stock, valued at approximately $939,282.74. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.00% of the stock is owned by corporate insiders.
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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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