SummitTX Capital L.P. bought a new stake in OR Royalties Inc. (NYSE:OR – Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 179,129 shares of the basic materials company’s stock, valued at approximately $6,810,000. SummitTX Capital L.P. owned about 0.10% of OR Royalties as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank acquired a new position in OR Royalties during the fourth quarter worth about $88,597,000. Elliott Investment Management L.P. raised its holdings in OR Royalties by 42.7% in the 4th quarter. Elliott Investment Management L.P. now owns 3,111,000 shares of the basic materials company’s stock valued at $110,098,000 after acquiring an additional 930,849 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in OR Royalties by 152.4% in the 1st quarter. Goldman Sachs Group Inc. now owns 1,256,583 shares of the basic materials company’s stock valued at $26,539,000 after acquiring an additional 758,815 shares during the last quarter. Invesco Ltd. lifted its stake in OR Royalties by 85.3% in the 3rd quarter. Invesco Ltd. now owns 1,543,366 shares of the basic materials company’s stock worth $61,858,000 after purchasing an additional 710,654 shares in the last quarter. Finally, Verbena Value LP purchased a new position in OR Royalties in the 4th quarter worth approximately $24,734,000. 68.52% of the stock is owned by hedge funds and other institutional investors.
OR Royalties Stock Up 1.1%
NYSE:OR opened at $29.53 on Tuesday. OR Royalties Inc. has a 52 week low of $27.40 and a 52 week high of $48.06. The stock’s fifty day moving average is $32.61 and its two-hundred day moving average is $37.81. The company has a market capitalization of $5.53 billion, a P/E ratio of 22.04 and a beta of 0.74.
OR Royalties Increases Dividend
The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a dividend of $0.065 per share. This represents a $0.26 dividend on an annualized basis and a yield of 0.9%. This is a positive change from OR Royalties’s previous quarterly dividend of $0.06. The ex-dividend date was Tuesday, June 30th. OR Royalties’s payout ratio is currently 18.66%.
Analyst Upgrades and Downgrades
A number of research firms have recently issued reports on OR. Weiss Ratings lowered OR Royalties from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Royal Bank Of Canada reduced their price objective on OR Royalties from $50.00 to $45.00 and set an “outperform” rating on the stock in a research report on Thursday, July 9th. Wall Street Zen lowered OR Royalties from a “buy” rating to a “hold” rating in a research note on Saturday, June 6th. Zacks Research cut OR Royalties from a “hold” rating to a “strong sell” rating in a report on Monday, July 13th. Finally, Jefferies Financial Group cut their target price on OR Royalties from $40.00 to $34.00 and set a “hold” rating for the company in a research note on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, OR Royalties currently has an average rating of “Hold” and an average price target of $40.50.
View Our Latest Report on OR Royalties
About OR Royalties
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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