Royal Gold, Inc. (RGLD) Raised to “Buy” at Zacks Investment Research
Royal Gold, Inc. (NASDAQ:RGLD) (TSE:RGL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday, July 12th. The firm presently has a $88.00 price objective on the basic materials company’s stock. Zacks Investment Research‘s target price suggests a potential upside of 3.59% from the stock’s current price.
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 subject of several other research reports. Macquarie cut Royal Gold from an “outperform” rating to a “neutral” rating in a report on Wednesday, July 12th. BidaskClub upgraded Royal Gold from a “hold” rating to a “buy” rating in a research note on Saturday, July 8th. Barclays PLC restated an “overweight” rating and issued a $84.00 target price (up previously from $83.00) on shares of Royal Gold in a research note on Tuesday, June 6th. BMO Capital Markets restated a “buy” rating and issued a $95.00 target price on shares of Royal Gold in a research note on Thursday, June 29th. Finally, National Bank Financial cut Royal Gold from an “outperform” rating to a “sector perform” rating and raised their target price for the company from $80.00 to $82.50 in a research note on Thursday, April 20th. Six investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $89.77.
Royal Gold (NASDAQ RGLD) opened at 84.95 on Wednesday. The company’s 50-day moving average is $79.91 and its 200-day moving average is $73.53. Royal Gold has a 12 month low of $60.21 and a 12 month high of $87.88. The company has a market cap of $5.55 billion, a price-to-earnings ratio of 54.28 and a beta of 0.68.
Royal Gold (NASDAQ:RGLD) (TSE:RGL) last issued its earnings results on Wednesday, May 10th. The basic materials company reported $0.36 earnings per share for the quarter, missing the consensus estimate of $0.38 by $0.02. The company had revenue of $107 million for the quarter, compared to analysts’ expectations of $105.14 million. Royal Gold had a net margin of 23.93% and a return on equity of 4.22%. The company’s revenue was up 14.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.29 earnings per share. On average, equities research analysts anticipate that Royal Gold will post $1.65 earnings per share for the current year.
In related news, CFO Stefan Wenger sold 1,129 shares of Royal Gold stock in a transaction on Tuesday, July 25th. The stock was sold at an average price of $85.00, for a total transaction of $95,965.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Tony A. Jensen sold 25,000 shares of Royal Gold stock in a transaction 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 90 days, insiders sold 58,129 shares of company stock worth $4,774,160. Company insiders own 1.37% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Comerica Bank increased its position in shares of Royal Gold by 3.0% in the first quarter. Comerica Bank now owns 66,791 shares of the basic materials company’s stock valued at $4,636,000 after buying an additional 1,936 shares during the last quarter. ICM Asset Management Inc. WA acquired a new position in shares of Royal Gold during the fourth quarter valued at approximately $1,829,000. Van ECK Associates Corp increased its position in shares of Royal Gold by 15.8% in the first quarter. Van ECK Associates Corp now owns 4,901,086 shares of the basic materials company’s stock valued at $343,321,000 after buying an additional 667,497 shares during the last quarter. Teachers Advisors LLC increased its position in shares of Royal Gold by 14.7% in the fourth quarter. Teachers Advisors LLC now owns 140,014 shares of the basic materials company’s stock valued at $8,870,000 after buying an additional 17,977 shares during the last quarter. Finally, PNC Financial Services Group Inc. increased its position in shares of Royal Gold by 2.3% in the first quarter. PNC Financial Services Group Inc. now owns 9,312 shares of the basic materials company’s stock valued at $652,000 after buying an additional 209 shares during the last quarter. Institutional investors and hedge funds own 70.57% of the company’s stock.
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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