Bornite Capital Management LP Cuts Stake in OR Royalties Inc. (NYSE:OR)

Key Points

• Bornite Capital Management LP significantly reduced its stake in OR Royalties Inc. by 66.7%, trimming its holdings to 500,000 shares after selling 1,000,000 shares in the first quarter.
• OR Royalties recently reported a miss in earnings with $0.13 EPS, falling short of analyst expectations by $0.04, and revenue of $60.36 million compared to an estimate of $83.25 million.
• Multiple analysts have issued ratings on OR Royalties, with Scotiabank raising its price target from $26 to $28 while the stock currently holds a consensus price target of $24.33.

Bornite Capital Management LP trimmed its position in shares of OR Royalties Inc. (NYSE:OR - Free Report) by 66.7% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 500,000 shares of the basic materials company's stock after selling 1,000,000 shares during the quarter. OR Royalties comprises about 2.7% of Bornite Capital Management LP's holdings, making the stock its 17th biggest holding. Bornite Capital Management LP owned 0.27% of OR Royalties worth $10,560,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of OR. Employees Retirement System of Texas purchased a new stake in shares of OR Royalties during the 4th quarter valued at about $131,000. Franklin Resources Inc. boosted its holdings in shares of OR Royalties by 4.5% during the 4th quarter. Franklin Resources Inc. now owns 12,282 shares of the basic materials company's stock valued at $222,000 after acquiring an additional 534 shares during the last quarter. Autumn Glory Partners LLC purchased a new stake in shares of OR Royalties during the 1st quarter valued at about $232,000. Cetera Investment Advisers purchased a new stake in shares of OR Royalties during the 1st quarter valued at about $268,000. Finally, Mariner LLC boosted its holdings in shares of OR Royalties by 36.1% during the 4th quarter. Mariner LLC now owns 15,816 shares of the basic materials company's stock valued at $286,000 after acquiring an additional 4,197 shares during the last quarter. 68.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on OR shares. Scotiabank raised their price objective on shares of OR Royalties from $26.00 to $28.00 and gave the stock a "sector outperform" rating in a report on Monday, July 7th. CIBC reissued an "outperform" rating on shares of OR Royalties in a report on Tuesday, July 15th. Wall Street Zen downgraded shares of OR Royalties from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Finally, National Bankshares reissued an "outperform" rating on shares of OR Royalties in a report on Tuesday, June 24th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $24.33.

OR Royalties Price Performance

NYSE OR opened at $30.46 on Friday. OR Royalties Inc. has a 12 month low of $16.11 and a 12 month high of $30.76. The stock has a market cap of $5.73 billion, a price-to-earnings ratio of 82.31 and a beta of 0.71. The company's 50 day moving average is $27.01 and its two-hundred day moving average is $23.20. The company has a current ratio of 4.73, a quick ratio of 4.98 and a debt-to-equity ratio of 0.03.

OR Royalties (NYSE:OR - Get Free Report) last released its earnings results on Tuesday, August 5th. The basic materials company reported $0.13 EPS for the quarter, missing analysts' consensus estimates of $0.17 by ($0.04). OR Royalties had a return on equity of 8.56% and a net margin of 35.25%. The firm had revenue of $60.36 million for the quarter, compared to the consensus estimate of $83.25 million. As a group, research analysts anticipate that OR Royalties Inc. will post 0.62 earnings per share for the current year.

OR Royalties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $0.055 per share. The ex-dividend date is Tuesday, September 30th. This represents a $0.22 annualized dividend and a dividend yield of 0.7%. OR Royalties's dividend payout ratio (DPR) is presently 59.46%.

OR Royalties Company 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.

Want to see what other hedge funds are holding OR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for OR Royalties Inc. (NYSE:OR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.