Renaissance Technologies LLC Purchases 362,700 Shares of OR Royalties Inc. $OR

Key Points

• Renaissance Technologies increased its OR Royalties stake by 86.2% in the first quarter, acquiring 362,700 additional shares for a total holding of 783,302 shares valued at approximately $29.8 million. Institutional investors collectively own 68.52% of the company.
• Analyst sentiment has softened, with several firms cutting price targets or downgrading the stock. OR Royalties carries an average “Hold” rating and a consensus target price of $40.50.
• OR Royalties reported quarterly EPS of $0.40, exceeding the $0.34 consensus estimate, while revenue came in at $102.83 million. The company also raised its quarterly dividend to $0.065 per share, implying a 0.9% annualized yield.

Renaissance Technologies LLC raised its position in OR Royalties Inc. (NYSE:OR - Free Report) by 86.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 783,302 shares of the basic materials company's stock after acquiring an additional 362,700 shares during the quarter. Renaissance Technologies LLC owned approximately 0.42% of OR Royalties worth $29,781,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. State of Wyoming bought a new stake in shares of OR Royalties in the 1st quarter valued at about $28,000. FIL Ltd bought a new position in OR Royalties during the fourth quarter worth about $29,000. Assetmark Inc. bought a new stake in OR Royalties in the fourth quarter valued at approximately $36,000. Banque Cantonale Vaudoise acquired a new stake in shares of OR Royalties in the first quarter valued at approximately $37,000. Finally, Allworth Financial LP lifted its position in shares of OR Royalties by 20.0% in the fourth quarter. Allworth Financial LP now owns 2,305 shares of the basic materials company's stock valued at $82,000 after buying an additional 384 shares during the last quarter. Institutional investors own 68.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on OR. Scotiabank dropped their price target 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. Weiss Ratings downgraded shares of OR Royalties from a "buy (b-)" rating to a "hold (c+)" rating in a report on Friday. Royal Bank Of Canada dropped their price objective on shares of OR Royalties from $50.00 to $45.00 and set an "outperform" rating on the stock in a research report on Thursday, July 9th. Jefferies Financial Group cut their target price on shares of OR Royalties from $40.00 to $34.00 and set a "hold" rating for the company in a research note on Monday, July 6th. Finally, Wall Street Zen downgraded shares of OR Royalties from a "buy" rating to a "hold" rating in a report on Saturday, June 6th. One 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 company. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $40.50.

OR Royalties Stock Performance

Shares of OR opened at $29.44 on Wednesday. OR Royalties Inc. has a 52-week low of $27.40 and a 52-week high of $48.06. The firm has a market cap of $5.51 billion, a price-to-earnings ratio of 21.97 and a beta of 0.74. The business's fifty day moving average is $32.49 and its 200-day moving average is $37.74.

OR Royalties (NYSE:OR - Get Free Report) last released its earnings results on Wednesday, May 6th. The basic materials company reported $0.40 earnings per share (EPS) 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 firm had revenue of $102.83 million for the quarter, compared to analysts' expectations of $103.27 million. As a group, research analysts forecast that OR Royalties Inc. will post 1.27 EPS for the current fiscal year.

OR Royalties Increases Dividend

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

OR Royalties Company Profile

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.

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