Zacks Investment Research Downgrades Royal Gold Inc. (RGLD) to Strong Sell
Royal Gold Inc. (NASDAQ:RGLD) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report 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 several other research reports. FBR & Co set a $80.00 price target on Royal Gold and gave the company a “hold” rating in a research note on Tuesday, September 20th. RBC Capital Markets reiterated an “outperform” rating on shares of Royal Gold in a research note on Tuesday, September 20th. BMO Capital Markets upgraded Royal Gold from a “market perform” rating to an “outperform” rating in a research note on Wednesday, July 6th. National Bank Financial upgraded Royal Gold from a “sector perform” rating to an “outperform” rating and lifted their price target for the company from $72.00 to $85.00 in a research note on Wednesday, July 6th. Finally, Dundee Securities upgraded Royal Gold from a “neutral” rating to a “buy” rating and lifted their price target for the company from $80.00 to $85.00 in a research note on Wednesday, July 6th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and ten have issued a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus target price of $72.29.
Royal Gold (NASDAQ:RGLD) opened at 66.99 on Wednesday. The firm has a 50-day moving average price of $75.48 and a 200 day moving average price of $69.23. The firm’s market cap is $4.37 billion. Royal Gold has a 1-year low of $24.68 and a 1-year high of $87.74.
Royal Gold (NASDAQ:RGLD) last posted its quarterly earnings data on Wednesday, August 10th. The company reported $0.32 EPS for the quarter, missing the Zacks’ consensus estimate of $0.33 by $0.01. Royal Gold had a positive return on equity of 2.81% and a negative net margin of 21.44%. The company had revenue of $94.10 million for the quarter, compared to the consensus estimate of $100.62 million. During the same quarter last year, the business earned $0.23 EPS. Royal Gold’s revenue was up 27.9% on a year-over-year basis. Equities analysts predict that Royal Gold will post $1.86 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, September 30th will be issued a dividend of $0.23 per share. This represents a $0.92 annualized dividend and a yield of 1.37%. The ex-dividend date of this dividend is Wednesday, September 28th. Royal Gold’s payout ratio is presently -77.97%.
Hedge funds and other institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. increased its position in shares of Royal Gold by 1.0% in the second quarter. PNC Financial Services Group Inc. now owns 2,184 shares of the company’s stock worth $157,000 after buying an additional 22 shares in the last quarter. IBM Retirement Fund increased its position in shares of Royal Gold by 1.5% in the second quarter. IBM Retirement Fund now owns 6,568 shares of the company’s stock worth $473,000 after buying an additional 96 shares in the last quarter. Sprott Inc. increased its position in shares of Royal Gold by 0.4% in the second quarter. Sprott Inc. now owns 28,438 shares of the company’s stock worth $2,048,000 after buying an additional 116 shares in the last quarter. State Treasurer State of Michigan increased its position in shares of Royal Gold by 0.8% in the second quarter. State Treasurer State of Michigan now owns 26,200 shares of the company’s stock worth $1,887,000 after buying an additional 200 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of Royal Gold by 14.2% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,669 shares of the company’s stock worth $120,000 after buying an additional 208 shares in the last quarter. 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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