Shares of Sprott Inc. (NYSE:SII) reached a new 52-week high during trading on Thursday, peaking at $94.83 before settling at $92.22. This marked a notable increase from the previous close of $93.06, with a trading volume of 160,846 shares. The surge in share price is attributed to positive quarterly earnings and a recent dividend announcement.
Analysts React to Sprott’s Earnings Report
Several brokerage firms have recently evaluated Sprott’s stock performance. On October 8, Weiss Ratings reaffirmed a “buy” rating for Sprott, bolstering investor confidence. However, TD Securities adjusted its stance on July 22, downgrading the stock from a “buy” to a “hold” rating. Overall, three analysts have rated Sprott as a Buy, while one has given it a Hold rating, leading to a consensus rating of “Moderate Buy” according to data from MarketBeat.
On November 5, Sprott reported its quarterly earnings, revealing earnings per share (EPS) of $0.51, surpassing analysts’ expectations of $0.45 by $0.06. The company achieved a return on equity of 15.01% and a net margin of 23.26%. Revenue for the quarter was recorded at $49.18 million, slightly below the anticipated $49.71 million.
Sprott Announces Increased Dividend
In a positive move for shareholders, Sprott also announced a quarterly dividend of $0.40 per share, set to be paid on December 2. Shareholders on record as of November 17 will receive this dividend, which represents an annualized dividend of $1.60 and a yield of 1.8%. This increase from the previous quarterly dividend of $0.30 reflects the company’s commitment to returning value to its investors. The current dividend payout ratio stands at 61.54%.
Institutional trading has seen notable activity around Sprott as well. A range of large investors have recently adjusted their holdings. In the second quarter, Allworth Financial LP established a new position valued at approximately $28,000. Similarly, Tacita Capital Inc. and Ameritas Advisory Services LLC acquired new stakes valued at $35,000 and $74,000, respectively. The third quarter saw Farther Finance Advisors LLC and Pacifica Partners Inc. investing approximately $83,000 and $98,000. Currently, institutional investors and hedge funds collectively own 28.30% of Sprott’s stock.
Sprott Inc. operates as a publicly traded asset management holding company, providing a range of services including asset management, portfolio management, and consulting. Its offerings encompass mutual funds, hedge funds, and managed accounts, tailored to meet the diverse needs of its clientele.
As Sprott continues to navigate the market, its recent performance and strategic decisions display a robust outlook, capturing the attention of investors and analysts alike.
