Scully Royalty Ltd. (NYSE:SRL – Get Free Report)’s share price crossed below its 50 day moving average during trading on Friday. The stock has a 50 day moving average of $5.49 and traded as low as $4.82. Scully Royalty shares last traded at $4.8250, with a volume of 2,145 shares changing hands.
Wall Street Analyst Weigh In
Separately, Weiss Ratings restated a “sell (d)” rating on shares of Scully Royalty in a research note on Friday, September 11th. One equities research analyst has rated the stock with a Sell rating. According to data from MarketBeat, the company currently has a consensus rating of “Sell”.
View Our Latest Stock Analysis on Scully Royalty
Scully Royalty Price Performance
The stock’s 50-day moving average is $5.49 and its 200 day moving average is $5.97.
Institutional Investors Weigh In On Scully Royalty
A hedge fund recently raised its position in Scully Royalty stock. Renaissance Technologies LLC boosted its position in shares of Scully Royalty Ltd. (NYSE:SRL – Free Report) by 41.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 68,114 shares of the financial services provider’s stock after purchasing an additional 19,800 shares during the quarter. Renaissance Technologies LLC owned approximately 0.46% of Scully Royalty worth $533,000 at the end of the most recent reporting period. Institutional investors own 41.96% of the company’s stock.
Scully Royalty Company Profile
Scully Royalty Ltd. is a royalty company focused on iron ore production in Labrador, Canada. Its principal asset is a royalty interest associated with the Scully Mine near Wabush in Newfoundland and Labrador, an open-pit operation producing iron ore products for the steel industry.
The mine is operated by Tacora Resources Inc, while Scully Royalty receives royalty and related payments tied to the mine’s production and sales. This structure gives Scully Royalty exposure to iron ore operations without directly managing mining, processing, transportation, or marketing activities.
The Scully Mine has a long operating history in the Labrador Trough, one of Canada’s major iron ore-producing regions.
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