Forge First Asset Management Inc. Makes New $2.39 Million Investment in OR Royalties Inc. $OR

Forge First Asset Management Inc. bought a new stake in OR Royalties Inc. (NYSE:OR) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 92,900 shares of the basic materials company’s stock, valued at approximately $2,385,000.

Other institutional investors and hedge funds have also modified their holdings of the company. T. Rowe Price Investment Management Inc. raised its stake in OR Royalties by 116.2% in the 1st quarter. T. Rowe Price Investment Management Inc. now owns 4,790,732 shares of the basic materials company’s stock worth $101,181,000 after purchasing an additional 2,574,458 shares in the last quarter. Elliott Investment Management L.P. acquired a new position in shares of OR Royalties during the 1st quarter worth approximately $46,045,000. Mackenzie Financial Corp increased its holdings in shares of OR Royalties by 52.2% during the first quarter. Mackenzie Financial Corp now owns 5,040,962 shares of the basic materials company’s stock worth $106,382,000 after purchasing an additional 1,728,760 shares during the period. EdgePoint Investment Group Inc. raised its position in shares of OR Royalties by 6.8% in the first quarter. EdgePoint Investment Group Inc. now owns 24,020,067 shares of the basic materials company’s stock valued at $507,009,000 after buying an additional 1,534,292 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in shares of OR Royalties by 152.4% in the first quarter. Goldman Sachs Group Inc. now owns 1,256,583 shares of the basic materials company’s stock valued at $26,539,000 after buying an additional 758,815 shares during the period. 68.52% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms have commented on OR. Zacks Research upgraded OR Royalties from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 6th. Canaccord Genuity Group upgraded OR Royalties from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, October 22nd. Jefferies Financial Group reaffirmed a “hold” rating and set a $40.00 price objective (up previously from $34.00) on shares of OR Royalties in a research report on Monday, October 6th. Scotiabank lowered shares of OR Royalties from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $33.00 to $41.00 in a report on Thursday, October 23rd. Finally, Wall Street Zen raised shares of OR Royalties from a “hold” rating to a “buy” rating in a report on Saturday, October 4th. Two analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $36.25.

OR Royalties Price Performance

OR stock opened at $32.45 on Wednesday. The stock has a market cap of $6.11 billion, a price-to-earnings ratio of 87.70 and a beta of 0.72. 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 50 day simple moving average of $35.66 and a 200 day simple moving average of $30.39. OR Royalties Inc. has a 1 year low of $17.55 and a 1 year high of $42.25.

OR Royalties (NYSE:OR) last posted its earnings results on Wednesday, November 5th. The basic materials company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.19 by $0.03. The firm had revenue of $71.63 million for the quarter, compared to analysts’ expectations of $53.85 million. OR Royalties had a net margin of 35.25% and a return on equity of 8.56%. Research analysts anticipate that OR Royalties Inc. will post 0.62 EPS for the current fiscal year.

OR Royalties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be issued a $0.055 dividend. This represents a $0.22 dividend on an annualized basis and a yield of 0.7%. The ex-dividend date of this dividend is Wednesday, December 31st. OR Royalties’s dividend payout ratio is presently 29.73%.

OR Royalties Profile

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.