OR Royalties Inc. (NYSE:OR) Shares Sold by Bornite Capital Management LP

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 decreased its position in shares of OR Royalties Inc. (NYSE:OR - Free Report) by 66.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 500,000 shares of the basic materials company's stock after selling 1,000,000 shares during the period. OR Royalties accounts for 2.7% of Bornite Capital Management LP's holdings, making the stock its 17th biggest position. Bornite Capital Management LP owned 0.27% of OR Royalties worth $10,560,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of OR. Franklin Resources Inc. grew its position in OR Royalties by 4.5% during the fourth quarter. Franklin Resources Inc. now owns 12,282 shares of the basic materials company's stock valued at $222,000 after buying an additional 534 shares during the period. PFG Investments LLC lifted its holdings in OR Royalties by 2.5% during the first quarter. PFG Investments LLC now owns 25,409 shares of the basic materials company's stock valued at $537,000 after purchasing an additional 613 shares in the last quarter. Alliancebernstein L.P. lifted its holdings in OR Royalties by 4.6% during the fourth quarter. Alliancebernstein L.P. now owns 28,700 shares of the basic materials company's stock valued at $519,000 after purchasing an additional 1,260 shares in the last quarter. SeaBridge Investment Advisors LLC lifted its holdings in OR Royalties by 14.8% during the first quarter. SeaBridge Investment Advisors LLC now owns 15,500 shares of the basic materials company's stock valued at $327,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in OR Royalties by 3.7% during the fourth quarter. Geode Capital Management LLC now owns 83,446 shares of the basic materials company's stock valued at $1,528,000 after purchasing an additional 2,981 shares in the last quarter. Hedge funds and other institutional investors own 68.52% of the company's stock.

Wall Street Analyst Weigh In

OR has been the topic of several recent analyst reports. CIBC reaffirmed 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. National Bankshares reaffirmed an "outperform" rating on shares of OR Royalties in a report on Tuesday, June 24th. Finally, Scotiabank increased their price objective on shares of OR Royalties from $26.00 to $28.00 and gave the company a "sector outperform" rating in a report on Monday, July 7th. Three investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $24.33.

OR Royalties Price Performance

OR traded down $0.15 on Thursday, reaching $30.66. 1,018,363 shares of the company's stock were exchanged, compared to its average volume of 784,722. The stock has a market cap of $5.77 billion, a PE ratio of 82.87 and a beta of 0.71. OR Royalties Inc. has a twelve month low of $16.50 and a twelve month high of $31.28. The stock's fifty day moving average price is $27.32 and its 200-day moving average price is $23.50. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.73 and a quick ratio of 4.73.

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

OR Royalties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors 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 dividend on an annualized basis and a yield of 0.7%. OR Royalties's payout ratio is presently 51.35%.

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.