TD Securities lowered shares of Noranda Income Fund (TSE:NIF.UN – Get Rating) from a hold rating to a tender rating in a report published on Tuesday, BayStreet.CA reports. They currently have C$1.42 price objective on the stock, up from their previous price objective of C$1.00.
Noranda Income Fund Price Performance
Shares of Noranda Income Fund stock opened at C$1.39 on Tuesday. The stock's 50-day simple moving average is C$0.80 and its 200-day simple moving average is C$0.99. Noranda Income Fund has a 52 week low of C$0.26 and a 52 week high of C$1.98. The company has a market capitalization of C$69.49 million and a price-to-earnings ratio of 3.97. The company has a quick ratio of 0.85, a current ratio of 2.14 and a debt-to-equity ratio of 108.27.
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Noranda Income Fund operates as an income trust. The company owns electrolytic zinc processing facility and ancillary assets located in Salaberry-de-Valleyfield, Québec that produces refined zinc metal and various by-products from zinc concentrate. Its products include jumbo zinc, a product customized with alloy for steel customers to enhance the productivity of galvanizing lines; zinc shot, a product that is used to produce electro-galvanized steel for the car industry; and granulated zinc that is used in the production of fertilizers and reagents for the pulp and paper industry.Featured Articles
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