Gabelli Funds LLC Sells 180,000 Shares of OR Royalties Inc. $OR

Key Points

• Gabelli Funds LLC reduced its stake in OR Royalties Inc. by 40.8%, selling 180,000 shares and owning approximately 0.14% of the company, valued at $5.5 million by the end of the quarter.
• Institutional investors currently hold 68.52% of OR Royalties' stock, with T. Rowe Price increasing its position by 116.2% to own over $101 million in shares.
• Shares of OR Royalties reported a disappointing earnings result with $0.13 earnings per share, falling short of the $0.17 consensus estimate, alongside a quarterly revenue of $60.36 million versus expected $83.25 million.

Gabelli Funds LLC trimmed its holdings in OR Royalties Inc. (NYSE:OR - Free Report) by 40.8% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 261,115 shares of the basic materials company's stock after selling 180,000 shares during the period. Gabelli Funds LLC owned 0.14% of OR Royalties worth $5,515,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. lifted its position in shares of OR Royalties by 0.6% in the first quarter. Vanguard Group Inc. now owns 7,251,763 shares of the basic materials company's stock valued at $153,041,000 after buying an additional 43,417 shares during the last quarter. Mackenzie Financial Corp lifted its position in shares of OR Royalties by 52.2% in the first quarter. Mackenzie Financial Corp now owns 5,040,962 shares of the basic materials company's stock valued at $106,382,000 after buying an additional 1,728,760 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its position in shares of OR Royalties by 116.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 4,790,732 shares of the basic materials company's stock valued at $101,181,000 after buying an additional 2,574,458 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. acquired a new stake in shares of OR Royalties in the fourth quarter valued at approximately $60,364,000. Finally, Tidal Investments LLC acquired a new stake in shares of OR Royalties in the fourth quarter valued at approximately $34,209,000. 68.52% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Wall Street Zen raised OR Royalties from a "hold" rating to a "buy" rating in a research report on Friday, August 22nd. Scotiabank increased their target price on OR Royalties from $26.00 to $28.00 and gave the stock a "sector outperform" rating in a research note on Monday, July 7th. CIBC reiterated an "outperform" rating on shares of OR Royalties in a research note on Tuesday, July 15th. Finally, National Bankshares reiterated an "outperform" rating on shares of OR Royalties in a research note on Tuesday, June 24th. Six equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $24.33.

OR Royalties Price Performance

OR stock traded up $0.70 during midday trading on Wednesday, reaching $33.20. 437,161 shares of the stock were exchanged, compared to its average volume of 850,624. The stock has a market capitalization of $6.25 billion, a PE ratio of 89.68 and a beta of 0.72. OR Royalties Inc. has a 52 week low of $16.50 and a 52 week high of $33.23. The company has a debt-to-equity ratio of 0.03, a current ratio of 4.73 and a quick ratio of 4.73. The company has a fifty day moving average price of $28.63 and a 200 day moving average price of $24.58.

OR Royalties (NYSE:OR - Get Free Report) last released its quarterly 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 net margin of 35.25% and a return on equity of 8.56%. The company had revenue of $60.36 million during the quarter, compared to the consensus estimate of $83.25 million. As a group, analysts expect that OR Royalties Inc. will post 0.62 EPS for the current fiscal year.

OR Royalties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th will be given a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.7%. The ex-dividend date is Tuesday, September 30th. OR Royalties's payout ratio is 51.35%.

About OR Royalties

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.