Mackenzie Financial Corp Trims Stock Position in OR Royalties Inc. $OR

Mackenzie Financial Corp lessened its stake in shares of OR Royalties Inc. (NYSE:OR) by 14.3% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 4,317,792 shares of the basic materials company’s stock after selling 723,170 shares during the period. Mackenzie Financial Corp owned about 2.29% of OR Royalties worth $111,046,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Plato Investment Management Ltd purchased a new position in OR Royalties during the 1st quarter worth $56,000. Summit Securities Group LLC bought a new position in shares of OR Royalties during the 1st quarter worth $62,000. Hsbc Holdings PLC purchased a new position in shares of OR Royalties during the first quarter valued at $208,000. Twin Tree Management LP bought a new stake in shares of OR Royalties in the second quarter valued at about $245,000. Finally, Trexquant Investment LP bought a new stake in shares of OR Royalties in the first quarter valued at about $248,000. Hedge funds and other institutional investors own 68.52% of the company’s stock.

Analysts Set New Price Targets

A number of research analysts have commented on the stock. Raymond James Financial raised shares of OR Royalties from a “market perform” rating to an “outperform” rating and set a $41.00 target price on the stock in a research report on Thursday, November 6th. Jefferies Financial Group reiterated a “hold” rating and set a $40.00 price objective (up from $34.00) on shares of OR Royalties in a research note on Monday, October 6th. Weiss Ratings reissued a “buy (b)” rating on shares of OR Royalties in a research note on Tuesday. Scotiabank lowered OR Royalties from an “outperform” rating to a “sector perform” rating and upped their target price for the stock from $33.00 to $41.00 in a report on Thursday, October 23rd. Finally, Zacks Research upgraded OR Royalties from a “hold” rating to a “strong-buy” rating in a report on Monday, October 6th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, OR Royalties has an average rating of “Buy” and an average price target of $36.25.

OR Royalties Trading Up 1.8%

NYSE OR opened at $34.80 on Friday. OR Royalties Inc. has a 52 week low of $17.55 and a 52 week high of $42.25. The company has a 50 day moving average price of $35.25 and a 200 day moving average price of $30.89. The company has a quick ratio of 4.73, a current ratio of 4.73 and a debt-to-equity ratio of 0.03. The firm has a market cap of $6.55 billion, a PE ratio of 94.05 and a beta of 0.72.

OR Royalties (NYSE:OR) last released its quarterly earnings results on Wednesday, November 5th. The basic materials company reported $0.22 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.19 by $0.03. OR Royalties had a net margin of 35.25% and a return on equity of 8.56%. The business had revenue of $71.63 million for the quarter, compared to analyst estimates of $53.85 million. As a group, sell-side analysts forecast that OR Royalties Inc. will post 0.62 EPS for the current fiscal year.

OR Royalties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $0.055 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $0.22 dividend on an annualized basis and a yield of 0.6%. OR Royalties’s payout ratio is currently 27.85%.

OR Royalties Profile

Osisko Gold Royalties Ltd acquires and manages precious metal and other royalties, streams, and other interests in Canada and internationally. It also owns options on offtake; royalty/stream financings; and exclusive rights to participate in future royalty/stream financings on various projects. The company’s primary asset is a 3-5% net smelter return royalty on the Canadian Malartic complex located in Canada.