Chou Associates Management buys $26.8 Million stake in Resolute Forest Products Inc (RFP)

Resolute Forest Products Inc (RFP) : Chou Associates Management scooped up 199,843 additional shares in Resolute Forest Products Inc during the most recent quarter end , the firm said in a disclosure report filed with the SEC on May 13, 2016. The investment management firm now holds a total of 4,904,752 shares of Resolute Forest Products Inc which is valued at $26.8 Million.Resolute Forest Products Inc makes up approximately 10.31% of Chou Associates Management’s portfolio.

Other Hedge Funds, Including , Parametric Portfolio Associates reduced its stake in RFP by selling 12,810 shares or 55.47% in the most recent quarter. The Hedge Fund company now holds 10,282 shares of RFP which is valued at $56,140.Norges Bank boosted its stake in RFP in the latest quarter, The investment management firm added 219,498 additional shares and now holds a total of 1,303,797 shares of Resolute Forest Products Inc which is valued at $7.1 Million.California Public Employees Retirement System boosted its stake in RFP in the latest quarter, The investment management firm added 4,100 additional shares and now holds a total of 364,200 shares of Resolute Forest Products Inc which is valued at $2 Million.

Resolute Forest Products Inc opened for trading at $5.63 and hit $5.85 on the upside on Wednesday, eventually ending the session at $5.82, with a gain of 3.37% or 0.19 points. The heightened volatility saw the trading volume jump to 1,30,475 shares. Company has a market cap of $521 M.

On the company’s financial health, Resolute Forest Products Inc reported $-0.20 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on May 5, 2016. Analyst had a consensus of $-0.21. The company had revenue of $877.00 million for the quarter.The company’s revenue was down -4.7 % compared to the same quarter last year.During the same quarter in the previous year, the company posted $-0.20 EPS.

Many Wall Street Analysts have commented on Resolute Forest Products Inc. RBC Capital Mkts Downgraded Resolute Forest Products Inc on Apr 25, 2016 to ” Sector Perform”, Price Target of the shares are set at $7.Resolute Forest Products Inc was Downgraded by CIBC to ” Sector Underperform” on Apr 22, 2016. Resolute Forest Products Inc was Downgraded by TD Securities to ” Reduce” on Apr 1, 2016.

Resolute Forest Products Inc. is a holding company. The Company is a forest products company which offers products including newsprint specialty papers market pulp and wood products. It owns or operates approximately 40 pulp and paper mills and wood products facilities in the United States Canada and South Korea and power generation assets in Canada. The Company operates through four segments: newsprint specialty papers market pulp and wood products. It also sells green power produced from renewable sources wood chips and other wood related products to customers located in Canada and the United States. The newsprint segment produces newsprint at 10 facilities in North America and one facility in South Korea. The specialty papers segment produces specialty papers at five facilities in North America. The market pulp segment produces market pulp at seven facilities in North America. The wood products segment operates 15 sawmills in Canada.

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