Scully Royalty (NYSE:SRL) Shares Down 0.1% – Here’s Why

Scully Royalty Ltd. (NYSE:SRL)’s stock price traded down 0.1% during mid-day trading on Monday. The company traded as low as $4.07 and last traded at $4.0450. Approximately 1,180 shares traded hands during trading, a decline of 77% from the average daily volume of 5,111 shares. The stock had previously closed at $4.05.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Scully Royalty in a research report on Friday, September 11th. One equities research analyst has rated the stock with a Sell rating. According to MarketBeat.com, the company currently has a consensus rating of “Sell”.

Scully Royalty Stock Performance

The business has a 50-day moving average price of $5.01 and a 200 day moving average price of $6.49.

Institutional Inflows and Outflows

A hedge fund recently raised its position in Scully Royalty stock. Renaissance Technologies LLC increased its position in shares of Scully Royalty Ltd. (NYSE:SRL) by 41.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 68,114 shares of the financial services provider’s stock after acquiring an additional 19,800 shares during the quarter. Renaissance Technologies LLC owned 0.46% of Scully Royalty worth $533,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 41.96% of the company’s stock.

About Scully Royalty

Scully Royalty Ltd. is a royalty company focused on the mining sector. Its principal asset is a royalty interest tied to the Scully iron ore mine in western Labrador, Newfoundland and Labrador, Canada.

The Scully Mine produces iron ore concentrate for use in steelmaking. Scully Royalty does not operate the mine; instead, it receives royalty payments based on the mine’s production or revenue under agreements associated with the property. Mining operations are conducted by Tacora Resources Inc, an iron ore producer with operations in Canada.

The company’s business and financial performance are therefore primarily linked to activity at the Scully Mine, including production levels, iron ore prices and the mine’s operating performance.