Resolute Forest Products Target of Unusually High Options Trading (RFP)
Resolute Forest Products (NYSE:RFP) (TSE:RFP) saw unusually large options trading activity on Thursday. Traders purchased 799 call options on the stock. This represents an increase of approximately 995% compared to the average volume of 73 call options.
RFP opened at $9.36 on Friday. The company has a quick ratio of 1.59, a current ratio of 2.56 and a debt-to-equity ratio of 0.36. The company has a market cap of $819.95 million, a P/E ratio of 4.36 and a beta of 1.18. Resolute Forest Products has a fifty-two week low of $7.27 and a fifty-two week high of $15.75.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last posted its quarterly earnings results on Thursday, November 1st. The basic materials company reported $1.03 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.69 by $0.34. Resolute Forest Products had a net margin of 5.70% and a return on equity of 11.49%. The business had revenue of $974.00 million during the quarter. During the same period last year, the firm earned $0.34 earnings per share. The company’s quarterly revenue was up 10.1% on a year-over-year basis.
In other news, SVP John Lafave sold 12,500 shares of the business’s stock in a transaction dated Wednesday, December 12th. The shares were sold at an average price of $9.40, for a total transaction of $117,500.00. Following the transaction, the senior vice president now owns 87,556 shares in the company, valued at approximately $823,026.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 1.00% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. Schwab Charles Investment Management Inc. increased its holdings in Resolute Forest Products by 5.3% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 296,562 shares of the basic materials company’s stock valued at $3,070,000 after buying an additional 14,949 shares during the period. BlackRock Inc. raised its holdings in Resolute Forest Products by 18.0% during the 2nd quarter. BlackRock Inc. now owns 1,841,297 shares of the basic materials company’s stock worth $19,057,000 after purchasing an additional 281,317 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Resolute Forest Products by 6.3% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,851,433 shares of the basic materials company’s stock valued at $39,862,000 after acquiring an additional 228,131 shares in the last quarter. BlueMountain Capital Management LLC bought a new stake in shares of Resolute Forest Products in the 2nd quarter valued at $1,076,000. Finally, Renaissance Technologies LLC increased its stake in Resolute Forest Products by 36.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,258,800 shares of the basic materials company’s stock valued at $13,029,000 after purchasing an additional 334,300 shares in the last quarter. 91.48% of the stock is currently owned by institutional investors.
A number of research firms have commented on RFP. CIBC lowered shares of Resolute Forest Products from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, September 19th. TD Securities reduced their price target on shares of Resolute Forest Products from $14.00 to $13.50 and set a “hold” rating on the stock in a research report on Friday, November 2nd. Finally, Royal Bank of Canada boosted their price target on shares of Resolute Forest Products from $13.00 to $14.00 and gave the company a “sector perform” rating in a research report on Friday, November 2nd. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $12.88.
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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 in five segments: Market Pulp, Tissue, Wood Products, Newsprint, and Specialty Papers. The Market Pulp segment offers market, recycled bleached Kraft, and bleached hardwood Kraft pulp used to make a range of consumer products, including tissue, packaging, specialty paper products, diapers, and other absorbent products.
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