TD Asset Management Inc Decreases Stake in OR Royalties Inc. (NYSE:OR)

Key Points

• TD Asset Management Inc sold 486,333 shares of OR Royalties Inc., reducing its stake by 33.1% to about 981,980 shares, valued at approximately $20.7 million.
• Other institutional investors have also made significant changes to their positions in OR Royalties, with Vanguard Group increasing its stake by 1.8%, and Arrowstreet Capital boosting its stake by 352.8%.
• OR Royalties announced a quarterly dividend increase from $0.05 to $0.055 per share, showcasing a positive shift in its dividend policy, despite a high payout ratio of 111.76%.

TD Asset Management Inc reduced its holdings in OR Royalties Inc. (NYSE:OR - Free Report) by 33.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 981,980 shares of the basic materials company's stock after selling 486,333 shares during the period. TD Asset Management Inc owned about 0.53% of OR Royalties worth $20,724,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the company. Employees Retirement System of Texas purchased a new stake in shares of OR Royalties in the fourth quarter valued at about $1,306,000. Autumn Glory Partners LLC acquired a new stake in OR Royalties in the first quarter valued at $232,000. Franklin Resources Inc. grew its stake in shares of OR Royalties by 4.5% during the 4th quarter. Franklin Resources Inc. now owns 12,282 shares of the basic materials company's stock worth $222,000 after purchasing an additional 534 shares during the period. Cetera Investment Advisers purchased a new position in OR Royalties in the 1st quarter valued at approximately $268,000. Finally, Synergy Asset Management LLC purchased a new stake in OR Royalties during the first quarter worth $301,000. 68.52% of the stock is currently owned by hedge funds and other institutional investors.

OR Royalties Trading Up 0.8%

Shares of OR Royalties stock traded up $0.22 during trading on Friday, reaching $27.93. 763,359 shares of the company were exchanged, compared to its average volume of 859,705. The business has a 50-day moving average price of $26.50 and a 200-day moving average price of $22.73. OR Royalties Inc. has a twelve month low of $15.78 and a twelve month high of $28.87. The firm has a market capitalization of $5.26 billion, a price-to-earnings ratio of 164.29 and a beta of 0.75. The company has a quick ratio of 4.98, a current ratio of 4.98 and a debt-to-equity ratio of 0.06.

OR Royalties (NYSE:OR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The basic materials company reported $0.16 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.03. The company had revenue of $54.92 million during the quarter, compared to analysts' expectations of $79.63 million. OR Royalties had a return on equity of 8.66% and a net margin of 15.28%. Sell-side analysts anticipate that OR Royalties Inc. will post 0.62 EPS for the current fiscal year.

OR Royalties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were issued a dividend of $0.055 per share. This is an increase from OR Royalties's previous quarterly dividend of $0.05. The ex-dividend date of this dividend was Monday, June 30th. This represents a $0.22 dividend on an annualized basis and a dividend yield of 0.8%. OR Royalties's payout ratio is presently 111.76%.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of OR Royalties from a "buy" rating to a "hold" rating in a research note on Saturday, July 12th. Raymond James Financial reaffirmed an "outperform" rating on shares of OR Royalties in a research report on Friday, April 4th. 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 report on Monday, July 7th. CIBC reissued an "outperform" rating on shares of OR Royalties in a research note on Tuesday, July 15th. Finally, National Bankshares reaffirmed an "outperform" rating on shares of OR Royalties in a research note on Tuesday, June 24th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to MarketBeat.com, OR Royalties presently has an average rating of "Moderate Buy" and a consensus target price of $24.33.

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.