Elemental Royalty (NASDAQ:ELE) Stock Falls 8% on Disappointing Earnings

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

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

Elemental Royalty Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. HC Wainwright dropped their target price on shares of Elemental Royalty from $33.00 to $31.00 and set a “buy” rating for the company in a report on Tuesday, September 22nd. Weiss Ratings reissued a “hold (c)” rating on shares of Elemental Royalty in a research note on Tuesday. One research analyst has rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, Elemental Royalty currently has an average rating of “Hold” and a consensus price target of $31.00.

Institutional Investors Weigh In On Elemental Royalty

Several hedge funds and other institutional investors have recently made changes to their positions in ELE. Bank of New York Mellon Corp purchased a new stake in Elemental Royalty in the 2nd quarter valued at $1,456,000. Montrusco Bolton Investments Inc. acquired a new stake in shares of Elemental Royalty in the 3rd quarter worth $8,610,000. Amundi purchased a new position in shares of Elemental Royalty during the 1st quarter worth $12,813,000. U S Global Investors Inc. purchased a new position in shares of Elemental Royalty during the 3rd quarter worth $9,030,000. Finally, Aspen Grove Capital LLC purchased a new position in shares of Elemental Royalty during the 1st quarter worth $1,331,000.

Elemental Royalty Stock Performance

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

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.