State of New Jersey Common Pension Fund D Decreases Stock Holdings in Royal Gold, Inc. $RGLD

Key Points

• The State of New Jersey Common Pension Fund D reduced its holdings in Royal Gold, Inc. by 19.9%, selling 4,590 shares during the first quarter, leaving it with 18,469 shares worth approximately $3,020,000.
• Royal Gold reported earnings of $1.81 per share, exceeding estimates and marking a 20.4% revenue increase compared to the previous year, with a quarterly revenue of $209.64 million.
• Despite some analyst rating changes, Royal Gold holds an average rating of "Moderate Buy" with a target price of $198.63, and a recent declared dividend of $0.45 scheduled for payment on October 17th.

State of New Jersey Common Pension Fund D lessened its stake in Royal Gold, Inc. (NASDAQ:RGLD - Free Report) TSE: RGL by 19.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,469 shares of the basic materials company's stock after selling 4,590 shares during the period. State of New Jersey Common Pension Fund D's holdings in Royal Gold were worth $3,020,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. GAMMA Investing LLC boosted its stake in shares of Royal Gold by 17,722.4% in the 1st quarter. GAMMA Investing LLC now owns 457,501 shares of the basic materials company's stock valued at $74,806,000 after purchasing an additional 454,934 shares in the last quarter. Select Equity Group L.P. purchased a new stake in Royal Gold during the 4th quarter valued at $55,825,000. Nuveen LLC purchased a new stake in Royal Gold during the 1st quarter valued at $40,882,000. Victory Capital Management Inc. boosted its position in Royal Gold by 117.0% during the 1st quarter. Victory Capital Management Inc. now owns 415,179 shares of the basic materials company's stock valued at $67,886,000 after buying an additional 223,870 shares during the period. Finally, BLI Banque de Luxembourg Investments purchased a new stake in Royal Gold during the 4th quarter valued at $27,536,000. Hedge funds and other institutional investors own 83.65% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. TD Securities reaffirmed a "buy" rating and issued a $237.00 target price (up from $229.00) on shares of Royal Gold in a research report on Friday, August 8th. Canaccord Genuity Group raised their price objective on shares of Royal Gold from $202.00 to $203.00 in a research note on Wednesday, June 11th. Zacks Research lowered shares of Royal Gold from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, August 19th. Wall Street Zen lowered shares of Royal Gold from a "buy" rating to a "hold" rating in a research note on Saturday, August 16th. Finally, BMO Capital Markets set a $197.00 price objective on shares of Royal Gold and gave the company a "market perform" rating in a research note on Thursday, May 22nd. Five equities research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $198.63.

Royal Gold Trading Up 1.5%

RGLD traded up $2.69 during trading hours on Friday, hitting $177.44. The company's stock had a trading volume of 635,382 shares, compared to its average volume of 858,152. The business's 50-day moving average price is $167.03 and its 200-day moving average price is $166.67. Royal Gold, Inc. has a 12 month low of $130.67 and a 12 month high of $191.78. The stock has a market cap of $11.68 billion, a price-to-earnings ratio of 26.02, a P/E/G ratio of 1.30 and a beta of 0.40.

Royal Gold (NASDAQ:RGLD - Get Free Report) TSE: RGL last announced its quarterly earnings results on Wednesday, August 6th. The basic materials company reported $1.81 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.11. Royal Gold had a net margin of 56.24% and a return on equity of 13.30%. The company had revenue of $209.64 million for the quarter, compared to analysts' expectations of $186.63 million. During the same quarter in the previous year, the business posted $1.25 earnings per share. Royal Gold's quarterly revenue was up 20.4% on a year-over-year basis. On average, analysts forecast that Royal Gold, Inc. will post 6.2 earnings per share for the current year.

Royal Gold Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 17th. Stockholders of record on Friday, October 3rd will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date of this dividend is Friday, October 3rd. Royal Gold's payout ratio is currently 26.39%.

About Royal Gold

Royal Gold, Inc, together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals.