Polar Asset Management Partners Inc. Reduces Position in OR Royalties Inc. $OR

Key Points

• Polar Asset Management Partners cut its OR Royalties position by 50% in the first quarter, selling 55,000 shares and retaining a stake valued at approximately $2.1 million.
• Institutional ownership remains significant at 68.52%, while other funds including SummitTX Capital and Healthcare of Ontario Pension Plan initiated positions and Renaissance Technologies increased its holding by 86.2%.
• OR Royalties reported quarterly EPS of $0.40, exceeding estimates, and raised its quarterly dividend to $0.065. However, analysts remain cautious, with an average “Hold” rating and a consensus price target of $40.50 versus the stock’s $29.53 opening price.

Polar Asset Management Partners Inc. decreased its position in OR Royalties Inc. (NYSE:OR - Free Report) by 50.0% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 55,000 shares of the basic materials company's stock after selling 55,000 shares during the period. Polar Asset Management Partners Inc.'s holdings in OR Royalties were worth $2,091,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. SummitTX Capital L.P. bought a new stake in OR Royalties during the 1st quarter valued at $6,810,000. Themes Management Co LLC bought a new stake in OR Royalties in the 1st quarter worth $247,000. Healthcare of Ontario Pension Plan Trust Fund bought a new stake in OR Royalties in the 1st quarter worth $1,912,000. Renaissance Technologies LLC increased its position in shares of OR Royalties by 86.2% in the first quarter. Renaissance Technologies LLC now owns 783,302 shares of the basic materials company's stock valued at $29,781,000 after acquiring an additional 362,700 shares during the period. Finally, FCA Corp TX increased its position in shares of OR Royalties by 0.8% in the first quarter. FCA Corp TX now owns 39,647 shares of the basic materials company's stock valued at $1,507,000 after acquiring an additional 330 shares during the period. 68.52% of the stock is owned by hedge funds and other institutional investors.

OR Royalties Price Performance

Shares of NYSE OR opened at $29.53 on Tuesday. OR Royalties Inc. has a 1 year low of $27.40 and a 1 year high of $48.06. The company's 50-day moving average is $32.61 and its 200 day moving average is $37.81. The stock 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 (EPS) for the quarter, topping analysts' consensus estimates of $0.34 by $0.06. The company had revenue of $102.83 million during the quarter, compared to the consensus estimate of $103.27 million. OR Royalties had a net margin of 78.09% and a return on equity of 15.10%. Research analysts anticipate that OR Royalties Inc. will post 1.27 earnings per share for the current year.

OR Royalties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $0.065 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $0.26 annualized dividend and a dividend yield of 0.9%. This is an increase from OR Royalties's previous quarterly dividend of $0.06. OR Royalties's dividend payout ratio is currently 18.66%.

Analyst Upgrades and Downgrades

OR has been the subject of a number of analyst reports. Royal Bank Of Canada dropped their target price on shares of OR Royalties from $50.00 to $45.00 and set an "outperform" rating for the company in a report 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. Scotiabank lowered their price target on OR Royalties from $51.00 to $42.00 and set a "sector perform" rating for the company in a research report on Tuesday, July 14th. Zacks Research lowered OR Royalties from a "hold" rating to a "strong sell" rating in a research report on Monday, July 13th. Finally, Jefferies Financial Group dropped their price objective on OR Royalties from $40.00 to $34.00 and set a "hold" rating for the company in a report on Monday, July 6th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and an average price target of $40.50.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source