Deutsche Bank AG Raises Stake in Resolute Forest Products (RFP)
Deutsche Bank AG grew its position in Resolute Forest Products (NYSE:RFP) (TSE:RFP) by 18.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 117,960 shares of the basic materials company’s stock after acquiring an additional 18,340 shares during the period. Deutsche Bank AG’s holdings in Resolute Forest Products were worth $935,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of RFP. Executive Wealth Management LLC acquired a new position in Resolute Forest Products during the 4th quarter worth $39,000. Prudential Financial Inc. acquired a new position in Resolute Forest Products during the 4th quarter worth $118,000. Ramsey Quantitative Systems grew its stake in Resolute Forest Products by 28.2% during the 4th quarter. Ramsey Quantitative Systems now owns 18,046 shares of the basic materials company’s stock worth $143,000 after purchasing an additional 3,973 shares in the last quarter. WINTON GROUP Ltd acquired a new position in Resolute Forest Products during the 4th quarter worth $245,000. Finally, Squarepoint Ops LLC grew its stake in Resolute Forest Products by 51.9% during the 4th quarter. Squarepoint Ops LLC now owns 58,599 shares of the basic materials company’s stock worth $465,000 after purchasing an additional 20,031 shares in the last quarter. 90.97% of the stock is owned by institutional investors and hedge funds.
RFP has been the subject of several analyst reports. CIBC reissued a “hold” rating and set a $12.00 target price on shares of Resolute Forest Products in a research note on Thursday, April 11th. TD Securities lowered their target price on Resolute Forest Products from $10.50 to $9.50 and set a “hold” rating for the company in a research note on Friday, February 1st. Four equities research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and a consensus target price of $11.75.
Resolute Forest Products (NYSE:RFP) (TSE:RFP) last announced its quarterly earnings results on Tuesday, April 30th. The basic materials company reported $0.32 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.33 by ($0.01). The business had revenue of $795.00 million for the quarter, compared to analysts’ expectations of $888.00 million. Resolute Forest Products had a return on equity of 11.85% and a net margin of 7.26%. The firm’s quarterly revenue was down 9.0% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share.
In other Resolute Forest Products news, insider Jacques P. Vachon sold 42,216 shares of Resolute Forest Products stock in a transaction dated Friday, February 22nd. The stock was sold at an average price of $8.51, for a total transaction of $359,258.16. Following the completion of the sale, the insider now directly owns 110,374 shares of the company’s stock, valued at approximately $939,282.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.60% of the stock is owned by insiders.
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Resolute Forest Products 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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