Gabelli Funds LLC Trims Holdings in OR Royalties Inc. $OR

Gabelli Funds LLC trimmed its holdings in shares of OR Royalties Inc. (NYSE:OR) by 18.2% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 213,680 shares of the basic materials company’s stock after selling 47,435 shares during the quarter. Gabelli Funds LLC owned 0.11% of OR Royalties worth $5,494,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Picton Mahoney Asset Management bought a new stake in OR Royalties during the 2nd quarter valued at about $96,617,000. T. Rowe Price Investment Management Inc. grew its stake in OR Royalties by 116.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,790,732 shares of the basic materials company’s stock worth $101,181,000 after acquiring an additional 2,574,458 shares in the last quarter. Elliott Investment Management L.P. purchased a new position in shares of OR Royalties during the first quarter worth approximately $46,045,000. EdgePoint Investment Group Inc. raised its stake in shares of OR Royalties by 6.8% during the first quarter. EdgePoint Investment Group Inc. now owns 24,020,067 shares of the basic materials company’s stock valued at $507,009,000 after acquiring an additional 1,534,292 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its holdings in shares of OR Royalties by 152.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,256,583 shares of the basic materials company’s stock valued at $26,539,000 after purchasing an additional 758,815 shares during the period. 68.52% of the stock is currently owned by institutional investors.

OR Royalties Price Performance

Shares of NYSE OR opened at $34.71 on Wednesday. OR Royalties Inc. has a 1-year low of $17.55 and a 1-year high of $42.25. The business has a fifty day moving average price of $34.69 and a 200 day moving average price of $31.43. The stock has a market capitalization of $6.52 billion, a P/E ratio of 43.93 and a beta of 0.81.

OR Royalties (NYSE:OR) last announced its earnings results on Wednesday, November 5th. The basic materials company reported $0.22 EPS for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. OR Royalties had a net margin of 60.72% and a return on equity of 10.67%. The business had revenue of $71.63 million during the quarter, compared to the consensus estimate of $53.85 million. As a group, equities research analysts anticipate that OR Royalties Inc. will post 0.62 earnings per share for the current fiscal year.

OR Royalties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors 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 dividend payout ratio is presently 27.85%.

Analysts Set New Price Targets

Several research analysts have commented on the company. Wall Street Zen upgraded OR Royalties from a “buy” rating to a “strong-buy” rating in a report on Friday, November 28th. Scotiabank lowered OR Royalties from an “outperform” rating to a “sector perform” rating and raised their price target for the company from $33.00 to $41.00 in a research note on Thursday, October 23rd. Raymond James Financial upgraded OR Royalties from a “market perform” rating to an “outperform” rating and set a $41.00 price objective for the company in a report on Thursday, November 6th. Zacks Research raised shares of OR Royalties from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Finally, Jefferies Financial Group reissued a “hold” rating and set a $38.00 target price on shares of OR Royalties in a research report on Sunday. Two research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and an average price target of $35.75.

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.