Short Interest in Resolute Forest Products (NYSE:RFP) Decreases By 9.5%

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Resolute Forest Products (NYSE:RFP) (TSE:RFP) was the recipient of a significant decline in short interest in September. As of September 15th, there was short interest totalling 752,900 shares, a decline of 9.5% from the August 31st total of 831,900 shares. Currently, 0.9% of the company’s stock are short sold. Based on an average trading volume of 680,500 shares, the days-to-cover ratio is currently 1.1 days.

In other news, SVP John Lafave sold 20,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 1st. The stock was sold at an average price of $4.90, for a total transaction of $98,000.00. Following the completion of the sale, the senior vice president now owns 159,298 shares in the company, valued at $780,560.20. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.40% of the company’s stock.

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

NYSE RFP traded up $0.30 on Friday, reaching $4.88. 382,272 shares of the stock traded hands, compared to its average volume of 462,861. The company has a debt-to-equity ratio of 0.54, a quick ratio of 1.21 and a current ratio of 2.85. The company has a fifty day moving average price of $4.57 and a 200-day moving average price of $2.72. The company has a market cap of $420.06 million, a price-to-earnings ratio of -4.07 and a beta of 3.16. Resolute Forest Products has a 12 month low of $1.14 and a 12 month high of $5.24.

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

Several research analysts have weighed in on the company. Royal Bank of Canada raised Resolute Forest Products from a “sector perform” rating to an “outperform” rating and boosted their price objective for the stock from $4.00 to $5.50 in a research report on Wednesday, August 19th. TD Securities boosted their price objective on Resolute Forest Products from $2.75 to $4.00 and gave the stock a “hold” rating in a research report on Friday, July 31st. CIBC cut Resolute Forest Products from a “sector outperform” rating to a “neutral” rating and boosted their price objective for the stock from $2.75 to $3.75 in a research report on Friday, July 31st. Finally, Scotiabank boosted their price objective on Resolute Forest Products from $3.25 to $4.00 in a research report on Friday. One research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $4.31.

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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