Canoe Financial LP Decreases Stock Position in Royal Gold, Inc. $RGLD

Canoe Financial LP trimmed its holdings in Royal Gold, Inc. (NASDAQ:RGLD) (TSE:RGL) by 21.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 12,241 shares of the basic materials company’s stock after selling 3,423 shares during the period. Canoe Financial LP’s holdings in Royal Gold were worth $2,455,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently added to or reduced their stakes in RGLD. Blue Trust Inc. grew its position in shares of Royal Gold by 56.8% in the second quarter. Blue Trust Inc. now owns 196 shares of the basic materials company’s stock valued at $35,000 after purchasing an additional 71 shares during the last quarter. Signaturefd LLC grew its holdings in Royal Gold by 7.5% during the 2nd quarter. Signaturefd LLC now owns 1,061 shares of the basic materials company’s stock valued at $189,000 after buying an additional 74 shares during the last quarter. Intech Investment Management LLC increased its position in Royal Gold by 0.5% during the first quarter. Intech Investment Management LLC now owns 16,544 shares of the basic materials company’s stock worth $2,705,000 after buying an additional 78 shares in the last quarter. Tiemann Investment Advisors LLC raised its holdings in shares of Royal Gold by 3.6% in the second quarter. Tiemann Investment Advisors LLC now owns 2,254 shares of the basic materials company’s stock worth $401,000 after acquiring an additional 79 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in shares of Royal Gold by 2.9% in the second quarter. Parallel Advisors LLC now owns 2,797 shares of the basic materials company’s stock valued at $497,000 after acquiring an additional 80 shares in the last quarter. 83.65% of the stock is currently owned by hedge funds and other institutional investors.

Royal Gold Trading Down 0.3%

Shares of RGLD stock opened at $232.64 on Friday. The firm’s 50-day simple moving average is $196.43 and its 200-day simple moving average is $184.07. The company has a debt-to-equity ratio of 0.23, a current ratio of 2.89 and a quick ratio of 2.68. Royal Gold, Inc. has a 1-year low of $130.67 and a 1-year high of $234.38. The firm has a market cap of $19.63 billion, a P/E ratio of 31.96, a PEG ratio of 0.89 and a beta of 0.48.

Royal Gold (NASDAQ:RGLD) (TSE:RGL) last released its earnings results on Wednesday, November 5th. The basic materials company reported $2.06 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.24). The company had revenue of $250.23 million during the quarter, compared to analysts’ expectations of $275.11 million. Royal Gold had a net margin of 55.99% and a return on equity of 14.14%. Royal Gold’s revenue for the quarter was up 30.1% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.47 earnings per share. As a group, equities analysts forecast that Royal Gold, Inc. will post 6.2 EPS for the current year.

Royal Gold Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, January 16th. Stockholders of record on Friday, January 2nd will be issued a dividend of $0.475 per share. This represents a $1.90 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date is Friday, January 2nd. This is a positive change from Royal Gold’s previous quarterly dividend of $0.45. Royal Gold’s payout ratio is currently 24.73%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on RGLD. Bank of America lifted their price objective on Royal Gold from $193.00 to $203.00 and gave the stock an “underperform” rating in a research report on Thursday, October 16th. Scotiabank reiterated an “outperform” rating on shares of Royal Gold in a report on Thursday, October 23rd. Wall Street Zen lowered shares of Royal Gold from a “buy” rating to a “hold” rating in a research report on Saturday, November 1st. CIBC raised their target price on shares of Royal Gold from $225.00 to $250.00 and gave the stock a “neutral” rating in a research report on Friday, October 10th. Finally, Raymond James Financial set a $264.00 price target on Royal Gold in a report on Thursday, November 6th. Eight research analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Royal Gold presently has a consensus rating of “Moderate Buy” and an average target price of $234.60.

About Royal Gold

Royal Gold, Inc, headquartered in Denver, Colorado, is a leading precious metals streaming and royalty company. Through its business model, Royal Gold provides upfront financing to mining operators in exchange for the right to purchase a percentage of future metal production at predetermined prices. This structure allows the company to participate in production upside while minimizing exposure to the operating and capital-intensive aspects of mine ownership.

The company’s portfolio encompasses interests in over 200 streams and royalties on projects across North America, South America, Europe, Africa and Australia.