Resolute Forest Products (NYSE:RFP) Short Interest Update

Resolute Forest Products (NYSE:RFP) (TSE:RFP) was the recipient of a significant growth in short interest in the month of August. As of August 31st, there was short interest totalling 831,900 shares, a growth of 39.3% from the August 15th total of 597,200 shares. Currently, 1.0% of the shares of the company are short sold. Based on an average daily trading volume, of 621,000 shares, the days-to-cover ratio is presently 1.3 days.

RFP has been the topic of several recent research reports. TD Securities raised their price objective on Resolute Forest Products from $2.75 to $4.00 and gave the stock a “hold” rating in a research note on Friday, July 31st. CIBC downgraded Resolute Forest Products from a “sector outperform” rating to a “neutral” rating and raised their price objective for the stock from $2.75 to $3.75 in a research note on Friday, July 31st. Royal Bank of Canada raised Resolute Forest Products from a “sector perform” rating to an “outperform” rating and raised their price objective for the stock from $4.00 to $5.50 in a research note on Wednesday, August 19th. Finally, Scotiabank downgraded Resolute Forest Products from a “sector perform” rating to an “underperform” rating and set a $3.25 price objective on the stock. in a research note on Friday, July 31st. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, two have given a hold rating and two have issued a buy rating to the company. Resolute Forest Products presently has an average rating of “Hold” and an average price target of $4.13.

In other news, SVP John Lafave sold 20,000 shares of the firm’s stock in a transaction dated Tuesday, September 1st. The stock was sold at an average price of $4.90, for a total value of $98,000.00. Following the transaction, the senior vice president now owns 159,298 shares of the company’s stock, valued at $780,560.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.40% of the stock is owned by company insiders.

Several large investors have recently bought and sold shares of RFP. Cascadia Advisory Services LLC purchased a new position in Resolute Forest Products during the 2nd quarter valued at approximately $27,000. Jane Street Group LLC bought a new position in shares of Resolute Forest Products during the 2nd quarter valued at approximately $54,000. State of Tennessee Treasury Department grew its holdings in shares of Resolute Forest Products by 31.6% in the first quarter. State of Tennessee Treasury Department now owns 43,452 shares of the basic materials company’s stock valued at $55,000 after purchasing an additional 10,436 shares in the last quarter. State of New Jersey Common Pension Fund D bought a new stake in Resolute Forest Products in the first quarter worth $59,000. Finally, Game Plan Financial Advisors LLC increased its position in Resolute Forest Products by 215.4% in the second quarter. Game Plan Financial Advisors LLC now owns 41,000 shares of the basic materials company’s stock worth $87,000 after purchasing an additional 28,000 shares during the last quarter. Institutional investors own 81.34% of the company’s stock.

Shares of NYSE:RFP opened at $4.99 on Thursday. The firm has a market cap of $429.53 million, a price-to-earnings ratio of -4.16 and a beta of 3.16. The firm has a fifty day moving average price of $4.10 and a 200 day moving average price of $2.54. Resolute Forest Products has a fifty-two week low of $1.14 and a fifty-two week high of $5.33. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.21 and a current ratio of 2.85.

Resolute Forest Products (NYSE:RFP) (TSE:RFP) last announced its quarterly earnings results on Thursday, July 30th. The basic materials company reported ($0.25) EPS for the quarter, topping the consensus estimate of ($0.30) by $0.05. The business had revenue of $612.00 million for the quarter. Resolute Forest Products had a negative net margin of 4.08% and a negative return on equity of 10.49%.

Resolute Forest Products Company Profile

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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