OR Royalties Inc. $OR Shares Sold by EdgePoint Investment Group Inc.

Key Points

• EdgePoint Investment Group reduced its OR Royalties position by 9.7%, selling 2.08 million shares in the first quarter. It still held 19.46 million shares worth approximately $741.2 million, representing 10.38% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $40.50. Several firms recently lowered their targets, while Zacks Research downgraded the stock to “strong sell.”
• OR Royalties reported quarterly EPS of $0.40, exceeding the $0.34 consensus estimate, and increased its quarterly dividend to $0.065 per share. Shares opened at $29.53, near the lower end of their 52-week range.

EdgePoint Investment Group Inc. trimmed its position in OR Royalties Inc. (NYSE:OR - Free Report) by 9.7% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 19,460,644 shares of the basic materials company's stock after selling 2,081,985 shares during the quarter. OR Royalties makes up approximately 5.9% of EdgePoint Investment Group Inc.'s holdings, making the stock its 7th largest position. EdgePoint Investment Group Inc. owned 10.38% of OR Royalties worth $741,159,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in OR. Norges Bank acquired a new stake in shares of OR Royalties during the fourth quarter worth $88,597,000. Elliott Investment Management L.P. grew its position in shares of OR Royalties by 42.7% during the 4th quarter. Elliott Investment Management L.P. now owns 3,111,000 shares of the basic materials company's stock valued at $110,098,000 after buying an additional 930,849 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of OR Royalties by 152.4% during the 1st quarter. Goldman Sachs Group Inc. now owns 1,256,583 shares of the basic materials company's stock valued at $26,539,000 after buying an additional 758,815 shares during the last quarter. Invesco Ltd. raised its stake in OR Royalties by 85.3% during the third quarter. Invesco Ltd. now owns 1,543,366 shares of the basic materials company's stock worth $61,858,000 after acquiring an additional 710,654 shares during the period. Finally, Verbena Value LP acquired a new stake in OR Royalties during the fourth quarter worth about $24,734,000. 68.52% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the company. Royal Bank Of Canada decreased their target price on OR Royalties from $50.00 to $45.00 and set an "outperform" rating for the company in a research note on Thursday, July 9th. Wall Street Zen downgraded OR Royalties from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. Jefferies Financial Group reduced their price objective on OR Royalties from $40.00 to $34.00 and set a "hold" rating for the company in a research report on Monday, July 6th. Zacks Research lowered OR Royalties from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Finally, Scotiabank cut their target price on OR Royalties from $51.00 to $42.00 and set a "sector perform" rating on the stock in a research note on Tuesday, July 14th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $40.50.

OR Royalties Trading Up 1.1%

Shares of NYSE:OR opened at $29.53 on Tuesday. The firm's 50 day moving average is $32.61 and its two-hundred day moving average is $37.81. OR Royalties Inc. has a 52 week low of $27.40 and a 52 week high of $48.06. The firm has a market capitalization of $5.53 billion, a P/E ratio of 22.04 and a beta of 0.74.

OR Royalties (NYSE:OR - Get Free Report) last released its quarterly earnings results on Wednesday, May 6th. The basic materials company reported $0.40 earnings per share for the quarter, beating analysts' consensus estimates of $0.34 by $0.06. OR Royalties had a return on equity of 15.10% and a net margin of 78.09%.The company had revenue of $102.83 million for the quarter, compared to analysts' expectations of $103.27 million. Analysts predict that OR Royalties Inc. will post 1.27 EPS for the current year.

OR Royalties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $0.065 per share. This is a boost from OR Royalties's previous quarterly dividend of $0.06. The ex-dividend date was Tuesday, June 30th. This represents a $0.26 dividend on an annualized basis and a yield of 0.9%. OR Royalties's payout ratio is presently 18.66%.

About OR Royalties

OR Royalties PLC NYSE: OR is a closed-ended investment company that specializes in acquiring and managing royalty interests in life science and pharmaceutical products. The company provides capital to biotechnology, specialty pharmaceutical and medical device companies in exchange for a share of future sales revenues. By focusing on royalties secured against marketed products, OR Royalties aims to deliver income and growth potential while minimizing the development and commercialization risks typically associated with direct equity stakes.

The company's core activities include sourcing royalty transactions, structuring bespoke financing solutions and actively monitoring a diversified portfolio of assets.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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