CIBC Downgrades Royal Gold (NASDAQ:RGLD) to Neutral

Royal Gold (NASDAQ:RGLD) (TSE:RGL) was downgraded by CIBC from a “sector outperform” rating to a “neutral” rating in a research note issued to investors on Thursday, MarketBeat reports.

Several other research analysts have also weighed in on RGLD. Raymond James lowered shares of Royal Gold from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 16th. National Bank Financial lifted their price objective on shares of Royal Gold from $92.50 to $112.50 and gave the stock a “sector perform” rating in a research note on Friday, June 28th. Desjardins lowered shares of Royal Gold from a “buy” rating to a “hold” rating in a research note on Friday, April 12th. Royal Bank of Canada lowered shares of Royal Gold from an “outperform” rating to a “sector perform” rating and reduced their price objective for the stock from $104.00 to $100.00 in a research note on Monday, May 13th. They noted that the move was a valuation call. Finally, Bank of America lowered shares of Royal Gold to an “underperform” rating in a research note on Friday, June 28th. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, three have assigned a buy rating and one has given a strong buy rating to the company. Royal Gold presently has an average rating of “Hold” and an average price target of $102.83.

RGLD traded down $1.01 during midday trading on Thursday, hitting $117.64. The company had a trading volume of 4,421 shares, compared to its average volume of 437,689. The company has a debt-to-equity ratio of 0.17, a current ratio of 5.39 and a quick ratio of 5.13. The company has a market capitalization of $7.83 billion, a P/E ratio of 67.06, a PEG ratio of 5.32 and a beta of 0.21. Royal Gold has a twelve month low of $70.16 and a twelve month high of $121.06. The firm has a 50-day moving average price of $107.27.

Royal Gold (NASDAQ:RGLD) (TSE:RGL) last issued its quarterly earnings results on Wednesday, May 1st. The basic materials company reported $0.44 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.01). Royal Gold had a return on equity of 4.36% and a net margin of 22.19%. The business had revenue of $109.80 million for the quarter, compared to analyst estimates of $115.32 million. During the same quarter in the prior year, the firm earned $0.48 EPS. The firm’s quarterly revenue was down 5.3% compared to the same quarter last year. On average, research analysts anticipate that Royal Gold will post 1.6 EPS for the current fiscal year.

In other Royal Gold news, VP Bruce Christopher Kirchhoff sold 5,265 shares of Royal Gold stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $94.14, for a total value of $495,647.10. Following the transaction, the vice president now owns 50,348 shares of the company’s stock, valued at $4,739,760.72. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Tony A. Jensen sold 38,821 shares of the business’s stock in a transaction on Thursday, June 6th. The stock was sold at an average price of $92.42, for a total transaction of $3,587,836.82. The disclosure for this sale can be found here. In the last ninety days, insiders sold 87,423 shares of company stock worth $8,138,746. Insiders own 0.95% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Envestnet Asset Management Inc. lifted its position in shares of Royal Gold by 0.7% in the second quarter. Envestnet Asset Management Inc. now owns 15,759 shares of the basic materials company’s stock worth $1,615,000 after purchasing an additional 111 shares in the last quarter. 6 Meridian lifted its position in shares of Royal Gold by 2.0% in the second quarter. 6 Meridian now owns 5,850 shares of the basic materials company’s stock worth $600,000 after purchasing an additional 112 shares in the last quarter. Cordasco Financial Network lifted its position in shares of Royal Gold by 72.4% in the first quarter. Cordasco Financial Network now owns 293 shares of the basic materials company’s stock worth $27,000 after purchasing an additional 123 shares in the last quarter. Versant Capital Management Inc lifted its position in shares of Royal Gold by 18.6% in the first quarter. Versant Capital Management Inc now owns 848 shares of the basic materials company’s stock worth $77,000 after purchasing an additional 133 shares in the last quarter. Finally, Confluence Investment Management LLC lifted its position in shares of Royal Gold by 4.9% in the second quarter. Confluence Investment Management LLC now owns 3,011 shares of the basic materials company’s stock worth $309,000 after purchasing an additional 142 shares in the last quarter. 79.09% of the stock is currently owned by institutional investors and hedge funds.

Royal Gold Company Profile

Royal Gold, Inc, together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. It focuses on acquiring stream and royalty interests or to finance projects that are in production or in development stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, cobalt, and molybdenum.

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Analyst Recommendations for Royal Gold (NASDAQ:RGLD)

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