State of Michigan Retirement System Raises Stock Position in Royal Gold, Inc. (NASDAQ:RGLD)

State of Michigan Retirement System increased its position in shares of Royal Gold, Inc. (NASDAQ:RGLD) (TSE:RGL) by 2.5% in the 1st quarter, HoldingsChannel reports. The fund owned 16,148 shares of the basic materials company’s stock after acquiring an additional 400 shares during the period. State of Michigan Retirement System’s holdings in Royal Gold were worth $1,967,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of RGLD. Rakuten Securities Inc. acquired a new position in shares of Royal Gold during the fourth quarter worth $27,000. Larson Financial Group LLC raised its stake in Royal Gold by 526.3% in the fourth quarter. Larson Financial Group LLC now owns 238 shares of the basic materials company’s stock valued at $29,000 after buying an additional 200 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Royal Gold in the fourth quarter worth about $31,000. BKM Wealth Management LLC purchased a new stake in shares of Royal Gold during the fourth quarter worth about $36,000. Finally, Lindbrook Capital LLC increased its holdings in shares of Royal Gold by 414.9% during the fourth quarter. Lindbrook Capital LLC now owns 381 shares of the basic materials company’s stock valued at $46,000 after acquiring an additional 307 shares in the last quarter. Hedge funds and other institutional investors own 83.65% of the company’s stock.

Analysts Set New Price Targets

RGLD has been the subject of a number of recent analyst reports. BMO Capital Markets lifted their target price on shares of Royal Gold from $160.00 to $161.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 21st. Scotiabank boosted their price objective on shares of Royal Gold from $144.00 to $148.00 and gave the company a “sector perform” rating in a report on Thursday, May 23rd. Finally, Bank of America raised their target price on Royal Gold from $129.00 to $131.00 and gave the stock an “underperform” rating in a research note on Wednesday, June 26th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $142.25.

Insider Activity

In related news, SVP Daniel Breeze sold 1,500 shares of the firm’s stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $130.73, for a total transaction of $196,095.00. Following the sale, the senior vice president now owns 14,840 shares in the company, valued at $1,940,033.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 0.52% of the company’s stock.

Royal Gold Trading Up 2.4 %

NASDAQ RGLD opened at $129.43 on Friday. Royal Gold, Inc. has a 1 year low of $100.55 and a 1 year high of $134.56. The company has a debt-to-equity ratio of 0.05, a current ratio of 2.50 and a quick ratio of 2.35. The company has a market capitalization of $8.51 billion, a PE ratio of 38.18, a P/E/G ratio of 1.07 and a beta of 0.87. The company has a fifty day moving average of $126.06 and a 200 day moving average of $119.50.

Royal Gold (NASDAQ:RGLD) (TSE:RGL) last issued its quarterly earnings data on Wednesday, May 8th. The basic materials company reported $0.91 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.95 by ($0.04). The company had revenue of $148.90 million during the quarter, compared to analyst estimates of $147.02 million. Royal Gold had a net margin of 38.12% and a return on equity of 7.96%. The business’s quarterly revenue was down 12.6% compared to the same quarter last year. During the same period last year, the firm earned $0.96 EPS. Research analysts forecast that Royal Gold, Inc. will post 4.56 earnings per share for the current year.

Royal Gold Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 19th. Stockholders of record on Friday, July 5th will be paid a dividend of $0.40 per share. The ex-dividend date of this dividend is Friday, July 5th. This represents a $1.60 dividend on an annualized basis and a dividend yield of 1.24%. Royal Gold’s payout ratio is 47.20%.

Royal Gold Company Profile

Royal Gold, Inc, together with its subsidiaries, acquires and manages precious metal streams, royalties, and related interests. The company engages in acquiring stream and royalty interests or to finance projects that are in production, development, or in the exploration stage in exchange for stream or royalty interests, which primarily consists of gold, silver, copper, nickel, zinc, lead, and other metals.