Royal Gold, Inc. (NASDAQ:RGLD) (TSE:RGL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Royal Gold, Inc. is engaged in the acquisition and management of precious metals royalties. They seek to acquire existing royalties or to finance projects that are in production or near production in exchange for royalty interests. They also explore and develop properties thought to contain precious metals and seek to obtain royalty and other carried ownership interests in these properties through the subsequent transfer of operating interests to other mining companies. “
RGLD has been the topic of several other reports. National Bank Financial cut Royal Gold from an “outperform” rating to a “sector perform” rating and boosted their price target for the stock from $80.00 to $82.50 in a report on Thursday, April 20th. BMO Capital Markets restated a “buy” rating and set a $95.00 price target on shares of Royal Gold in a report on Thursday, June 29th. Barclays PLC restated an “overweight” rating and set a $83.00 price target (up from $82.00) on shares of Royal Gold in a report on Saturday, April 22nd. Scotiabank boosted their price target on Royal Gold from $81.00 to $115.00 and gave the stock a “sector perform” rating in a report on Friday, May 12th. Finally, BidaskClub cut Royal Gold from a “buy” rating to a “hold” rating in a report on Saturday, June 10th. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Buy” and a consensus price target of $89.77.
Royal Gold (NASDAQ:RGLD) opened at 81.59 on Tuesday. Royal Gold has a 52-week low of $60.21 and a 52-week high of $87.74. The firm has a market capitalization of $5.33 billion, a P/E ratio of 52.13 and a beta of 0.66. The firm’s 50-day moving average is $78.18 and its 200-day moving average is $70.77.
Royal Gold (NASDAQ:RGLD) (TSE:RGL) last released its quarterly earnings results on Wednesday, May 10th. The basic materials company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.38 by $0.02. The firm had revenue of $107 million for the quarter, compared to the consensus estimate of $105.14 million. Royal Gold had a return on equity of 4.22% and a net margin of 23.93%. The business’s revenue for the quarter was up 14.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.29 earnings per share. On average, equities analysts expect that Royal Gold will post $1.65 earnings per share for the current year.
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In other Royal Gold news, CFO Stefan Wenger sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $70.40, for a total value of $70,400.00. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Tony A. Jensen sold 25,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were sold at an average price of $80.00, for a total value of $2,000,000.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,000 shares of company stock worth $2,623,595. Insiders own 1.37% of the company’s stock.
A number of institutional investors have recently modified their holdings of the stock. Meadow Creek Investment Management LLC raised its position in shares of Royal Gold by 6.2% in the first quarter. Meadow Creek Investment Management LLC now owns 1,648 shares of the basic materials company’s stock valued at $115,000 after buying an additional 96 shares during the period. Neuburgh Advisers LLC raised its position in shares of Royal Gold by 6.2% in the first quarter. Neuburgh Advisers LLC now owns 2,266 shares of the basic materials company’s stock valued at $159,000 after buying an additional 132 shares during the period. Hexavest Inc. acquired a new position in shares of Royal Gold during the first quarter valued at about $166,000. Tyers Asset Management LLC raised its position in shares of Royal Gold by 6.2% in the first quarter. Tyers Asset Management LLC now owns 2,884 shares of the basic materials company’s stock valued at $202,000 after buying an additional 168 shares during the period. Finally, Wedbush Securities Inc. acquired a new position in shares of Royal Gold during the first quarter valued at about $214,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.
About Royal Gold
Royal Gold, Inc, together with its subsidiaries, is engaged in acquiring and managing precious metal streams, royalties and similar interests. The Company operates through two segments: Acquisition and Management of Stream Interests, and Acquisition and Management of Royalty Interests. Its assets are located in Canada, Chile, Dominican Republic, Mexico, the United States, Africa, Australia and Other.
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