Dominion Diamond Corporation (DDC) Downgraded by BMO Capital Markets

BMO Capital Markets lowered shares of Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) from an outperform rating to a market perform rating in a research note released on Tuesday.

A number of other research firms also recently weighed in on DDC. Royal Bank Of Canada increased their price target on Dominion Diamond Corporation from $10.00 to $12.00 and gave the company a sector perform rating in a research note on Thursday, May 18th. Scotiabank increased their price target on Dominion Diamond Corporation from $14.00 to $14.50 and gave the company an outperform rating in a research note on Thursday, June 1st. Finally, Gabelli initiated coverage on Dominion Diamond Corporation in a research note on Monday, April 3rd. They issued a buy rating on the stock. Six research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $15.07.

Shares of Dominion Diamond Corporation (NYSE:DDC) traded down 0.07% during trading on Tuesday, hitting $14.08. The stock had a trading volume of 221,614 shares. The stock’s 50 day moving average is $12.91 and its 200 day moving average is $11.58. The stock’s market capitalization is $1.13 billion. Dominion Diamond Corporation has a 52 week low of $7.92 and a 52 week high of $14.14.

Dominion Diamond Corporation (NYSE:DDC) (TSE:DDC) last posted its quarterly earnings data on Monday, June 12th. The basic materials company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.05 by $0.04. Dominion Diamond Corporation had a positive return on equity of 1.46% and a negative net margin of 1.07%. The firm had revenue of $211 million for the quarter. During the same period in the prior year, the company posted ($0.01) EPS. The firm’s quarterly revenue was up 18.3% compared to the same quarter last year. On average, equities research analysts expect that Dominion Diamond Corporation will post $0.93 earnings per share for the current fiscal year.

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Dominion Diamond Corporation announced that its board has approved a share buyback plan on Monday, July 17th that permits the company to repurchase shares. This repurchase authorization permits the basic materials company to buy shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Several hedge funds have recently added to or reduced their stakes in DDC. JPMorgan Chase & Co. purchased a new stake in Dominion Diamond Corporation during the first quarter worth approximately $112,000. Fox Run Management L.L.C. purchased a new position in Dominion Diamond Corporation during the first quarter worth about $182,000. A.R.T. Advisors LLC purchased a new position in Dominion Diamond Corporation during the fourth quarter worth about $191,000. Sei Investments Co. boosted its position in Dominion Diamond Corporation by 529.5% in the first quarter. Sei Investments Co. now owns 16,362 shares of the basic materials company’s stock worth $207,000 after buying an additional 13,763 shares during the period. Finally, Jane Street Group LLC purchased a new position in Dominion Diamond Corporation during the first quarter worth about $212,000. Institutional investors and hedge funds own 56.34% of the company’s stock.

Dominion Diamond Corporation Company Profile

Dominion Diamond Corp is a diamond mining company. The Company is focused on the mining and marketing of rough diamonds to the global market. The Company’s segments include the Ekati Diamond Mine, the Diavik Diamond Mine and the Corporate segment. It supplies rough diamonds to the global market from its operation of the Ekati Diamond Mine (in which it owns a controlling interest) and its approximately 40% ownership interest in the Diavik Diamond Mine.

Analyst Recommendations for Dominion Diamond Corporation (NYSE:DDC)

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