Macquarie Group Ltd. lessened its holdings in shares of Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 63.5% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 41,463 shares of the basic materials company’s stock after selling 72,032 shares during the quarter. Macquarie Group Ltd.’s holdings in Resolute Forest Products were worth $537,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of RFP. Acadian Asset Management LLC raised its position in Resolute Forest Products by 43.2% during the third quarter. Acadian Asset Management LLC now owns 2,462,276 shares of the basic materials company’s stock valued at $31,886,000 after acquiring an additional 742,825 shares in the last quarter. Robeco Institutional Asset Management B.V. bought a new position in Resolute Forest Products during the third quarter valued at approximately $6,692,000. Renaissance Technologies LLC raised its position in Resolute Forest Products by 27.3% during the third quarter. Renaissance Technologies LLC now owns 1,603,017 shares of the basic materials company’s stock valued at $20,759,000 after acquiring an additional 344,217 shares in the last quarter. Allianz Asset Management GmbH raised its position in Resolute Forest Products by 792.8% during the third quarter. Allianz Asset Management GmbH now owns 323,406 shares of the basic materials company’s stock valued at $4,189,000 after acquiring an additional 287,181 shares in the last quarter. Finally, BlackRock Inc. raised its position in Resolute Forest Products by 18.0% during the second quarter. BlackRock Inc. now owns 1,841,297 shares of the basic materials company’s stock valued at $19,057,000 after acquiring an additional 281,317 shares in the last quarter. 91.48% of the stock is currently owned by hedge funds and other institutional investors.
In other news, SVP John Lafave sold 12,500 shares of Resolute Forest Products stock in a transaction that occurred on Wednesday, December 12th. The shares were sold at an average price of $9.40, for a total value of $117,500.00. Following the transaction, the senior vice president now owns 87,556 shares of the company’s stock, valued at $823,026.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 1.00% of the company’s stock.
RFP has been the topic of several recent research reports. TD Securities cut their price objective 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. CIBC lowered shares of Resolute Forest Products from a “sector outperform” rating to a “neutral” rating in a research report on Wednesday, September 19th. Finally, Royal Bank of Canada raised their price objective 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 equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $12.88.
NYSE:RFP opened at $9.39 on Friday. Resolute Forest Products has a 12 month low of $7.27 and a 12 month high of $15.75. The company has a market capitalization of $819.95 million, a PE ratio of 4.36 and a beta of 1.18. The company has a debt-to-equity ratio of 0.36, a quick ratio of 1.59 and a current ratio of 2.56.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last released its quarterly earnings results on Thursday, November 1st. The basic materials company reported $1.03 EPS for the quarter, beating 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 company had revenue of $974.00 million for the quarter. During the same period in the prior year, the business earned $0.34 EPS. The company’s revenue for the quarter was up 10.1% compared to the same quarter last year.
The company also recently declared a dividend, which was paid on Thursday, December 20th. Stockholders of record on Thursday, December 6th were given a $1.50 dividend. The ex-dividend date was Wednesday, December 5th.
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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