Royal Gold Inc. (NASDAQ:RGLD) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Wednesday.
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 a number of other reports. Barclays PLC upped their price target on shares of Royal Gold from $62.00 to $99.00 and gave the company an “overweight” rating in a research note on Monday, August 8th. FBR & Co upped their price target on shares of Royal Gold from $71.00 to $78.00 and gave the company a “mkt perform” rating in a research note on Wednesday, July 20th. Dundee Securities upgraded shares of Royal Gold from a “neutral” rating to a “buy” rating and upped their price target for the company from $80.00 to $85.00 in a research note on Wednesday, July 6th. BMO Capital Markets upgraded shares of Royal Gold from a “market perform” rating to an “outperform” rating in a research note on Wednesday, July 6th. Finally, Macquarie started coverage on shares of Royal Gold in a research note on Wednesday, July 6th. They set an “outperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the company. The company has a consensus rating of “Buy” and an average target price of $72.29.
Shares of Royal Gold (NASDAQ:RGLD) opened at 65.09 on Wednesday. Royal Gold has a 1-year low of $24.68 and a 1-year high of $87.74. The firm’s 50 day moving average is $76.20 and its 200-day moving average is $69.26. The company’s market cap is $4.25 billion.
Royal Gold (NASDAQ:RGLD) last released its earnings results on Wednesday, August 10th. The company reported $0.32 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.01. Royal Gold had a negative net margin of 21.44% and a positive return on equity of 2.81%. The company had revenue of $94.10 million for the quarter, compared to the consensus estimate of $100.62 million. During the same period in the prior year, the company earned $0.23 earnings per share. The firm’s revenue was up 27.9% on a year-over-year basis. Equities analysts expect that Royal Gold will post $1.86 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a $0.23 dividend. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.41%. The ex-dividend date of this dividend is Wednesday, September 28th. Royal Gold’s payout ratio is -77.97%.
Several institutional investors have recently modified their holdings of RGLD. Riverhead Capital Management LLC raised its position in shares of Royal Gold by 101.6% in the second quarter. Riverhead Capital Management LLC now owns 25,355 shares of the company’s stock worth $119,000 after buying an additional 12,777 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Royal Gold by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,669 shares of the company’s stock valued at $120,000 after buying an additional 208 shares in the last quarter. Bellwether Investment Group LLC acquired a new position in Royal Gold during the second quarter valued at approximately $139,000. Meeder Asset Management Inc. raised its position in Royal Gold by 199,100.0% in the second quarter. Meeder Asset Management Inc. now owns 1,992 shares of the company’s stock valued at $144,000 after buying an additional 1,991 shares in the last quarter. Finally, Cantab Capital Partners LLP acquired a new position in Royal Gold during the second quarter valued at approximately $144,000. 68.95% 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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