Elemental Royalty (NASDAQ:ELE) Stock Falls 8% Following Weak Earnings

Elemental Royalty Corp (NASDAQ:ELE) shares dropped 8% during mid-day trading on Wednesday following a weaker than expected earnings announcement. The stock traded as low as $15.20 and last traded at $14.8080. Approximately 332,746 shares traded hands during trading, a decline of 7% from the average session volume of 358,296 shares. The stock had previously closed at $16.09.

The company reported $0.06 earnings per share for the quarter, missing the consensus estimate of $0.10 by ($0.04). Elemental Royalty had a net margin of 4.01% and a return on equity of 0.53%. The firm had revenue of $20.81 million during the quarter.

Elemental Royalty Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Investors of record on Wednesday, September 30th were issued a $0.03 dividend. The ex-dividend date was Wednesday, September 30th. This represents a $0.12 dividend on an annualized basis and a yield of 0.8%. Elemental Royalty’s dividend payout ratio is currently 150.00%.

Analysts Set New Price Targets

Several research analysts recently weighed in on ELE shares. Weiss Ratings reiterated a “hold (c)” rating on shares of Elemental Royalty in a research report on Tuesday. HC Wainwright reduced their target price on Elemental Royalty from $33.00 to $31.00 and set a “buy” rating on the stock in a research report on Tuesday, September 22nd. One analyst has rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $31.00.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of ELE. TD Waterhouse Canada Inc. increased its position in shares of Elemental Royalty by 56.3% during the third quarter. TD Waterhouse Canada Inc. now owns 2,146 shares of the company’s stock valued at $39,000 after acquiring an additional 773 shares during the last quarter. Bartlett & CO. Wealth Management LLC acquired a new position in shares of Elemental Royalty in the 1st quarter worth approximately $32,000. State of Alaska Department of Revenue acquired a new position in shares of Elemental Royalty in the 3rd quarter worth approximately $52,000. Kestra Advisory Services LLC lifted its holdings in shares of Elemental Royalty by 53.7% in the 1st quarter. Kestra Advisory Services LLC now owns 12,025 shares of the company’s stock worth $227,000 after acquiring an additional 4,202 shares during the last quarter. Finally, Accordant Advisory Group Inc boosted its position in shares of Elemental Royalty by 6.9% during the 3rd quarter. Accordant Advisory Group Inc now owns 97,940 shares of the company’s stock worth $1,871,000 after purchasing an additional 6,324 shares during the period.

Elemental Royalty Stock Performance

The stock has a market cap of $1.10 billion and a PE ratio of 180.71. The stock’s 50-day moving average is $18.27 and its two-hundred day moving average is $18.61.

About Elemental Royalty

Elemental Royalty Corporation is a precious-metals royalty company. It provides financing to mining companies in exchange for rights to a portion of future mineral production or revenue, allowing it to participate in mine output without directly operating the mines. The company’s portfolio includes royalties and other interests in producing mines and projects under development. Its assets span multiple regions, including Australia, Africa, and the Americas. The business traces its roots to the 2022 merger of Elemental Royalties and Altus Strategies.