Norges Bank acquired a new position in OR Royalties Inc. (NYSE:OR – Free Report) in the 4th quarter, HoldingsChannel reports. The firm acquired 2,501,068 shares of the basic materials company’s stock, valued at approximately $88,597,000.
Several other institutional investors and hedge funds have also recently modified their holdings of OR. Alps Advisors Inc. acquired a new stake in OR Royalties during the 3rd quarter valued at $2,649,000. Navellier & Associates Inc. acquired a new position in OR Royalties during the 3rd quarter worth $1,451,000. Vanguard Group Inc. grew its holdings in OR Royalties by 2.2% during the 4th quarter. Vanguard Group Inc. now owns 7,847,015 shares of the basic materials company’s stock worth $277,965,000 after acquiring an additional 167,970 shares in the last quarter. Van ECK Associates Corp grew its holdings in OR Royalties by 20.5% during the 3rd quarter. Van ECK Associates Corp now owns 15,561,057 shares of the basic materials company’s stock worth $623,686,000 after acquiring an additional 2,650,333 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in OR Royalties by 39.2% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 7,543,667 shares of the basic materials company’s stock worth $302,419,000 after acquiring an additional 2,124,421 shares in the last quarter. 68.52% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
OR has been the subject of several recent analyst reports. Zacks Research lowered shares of OR Royalties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Royal Bank Of Canada reissued an “outperform” rating and set a $56.00 price objective on shares of OR Royalties in a report on Friday, April 10th. Wall Street Zen lowered shares of OR Royalties from a “buy” rating to a “hold” rating in a report on Saturday. Weiss Ratings reissued a “buy (b)” rating on shares of OR Royalties in a report on Friday, May 22nd. Finally, TD Securities reissued a “hold” rating on shares of OR Royalties in a report on Monday, February 23rd. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $46.50.
OR Royalties Stock Performance
OR Royalties stock opened at $33.81 on Friday. The firm’s 50-day moving average is $38.03 and its 200-day moving average is $38.69. OR Royalties Inc. has a 1 year low of $24.76 and a 1 year high of $48.06. The company has a market cap of $6.34 billion, a P/E ratio of 25.23 and a beta of 0.70.
OR Royalties (NYSE:OR – Get Free Report) last posted its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.40 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.06. OR Royalties had a net margin of 78.09% and a return on equity of 15.10%. The company had revenue of $102.83 million for the quarter, compared to the consensus estimate of $103.27 million. As a group, sell-side analysts predict that OR Royalties Inc. will post 1.4 earnings per share for the current year.
OR Royalties Increases Dividend
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $0.065 dividend. This represents a $0.26 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Tuesday, June 30th. This is an increase from OR Royalties’s previous quarterly dividend of $0.06. OR Royalties’s payout ratio is 16.42%.
OR Royalties Profile
OR Royalties PLC (NYSE: OR) is a closed-ended investment company that specializes in acquiring and managing royalty interests in life science and pharmaceutical products. The company provides capital to biotechnology, specialty pharmaceutical and medical device companies in exchange for a share of future sales revenues. By focusing on royalties secured against marketed products, OR Royalties aims to deliver income and growth potential while minimizing the development and commercialization risks typically associated with direct equity stakes.
The company’s core activities include sourcing royalty transactions, structuring bespoke financing solutions and actively monitoring a diversified portfolio of assets.
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