Scully Royalty (NYSE:SRL) Stock Falls 0.1% – Time to Sell?

Scully Royalty Ltd. (NYSE:SRL) was down 0.1% on Monday. The stock traded as low as $4.07 and last traded at $4.0450. Approximately 1,180 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 5,111 shares. The stock had previously closed at $4.05.

Analyst Ratings Changes

Separately, Weiss Ratings reiterated a “sell (d)” rating on shares of Scully Royalty in a research note on Friday, September 11th. One investment analyst has rated the stock with a Sell rating. According to MarketBeat, the stock has a consensus rating of “Sell”.

Scully Royalty Trading Down 0.1%

The business has a fifty day moving average price of $5.01 and a 200 day moving average price of $6.49.

Institutional Investors Weigh In On Scully Royalty

An institutional investor recently raised its position in Scully Royalty stock. Renaissance Technologies LLC grew its position in shares of Scully Royalty Ltd. (NYSE:SRL) by 41.0% during the 1st quarter, according to the company in its most recent filing with the SEC. The firm 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 0.46% of Scully Royalty worth $533,000 as of its most recent filing with the SEC. 41.96% of the stock is owned by hedge funds and other institutional investors.

About Scully Royalty

Scully Royalty Ltd. is a royalty company focused on the mining sector. Its principal asset is a royalty interest tied to the Scully iron ore mine in western Labrador, Newfoundland and Labrador, Canada.

The Scully Mine produces iron ore concentrate for use in steelmaking. Scully Royalty does not operate the mine; instead, it receives royalty payments based on the mine’s production or revenue under agreements associated with the property. Mining operations are conducted by Tacora Resources Inc, an iron ore producer with operations in Canada.

The company’s business and financial performance are therefore primarily linked to activity at the Scully Mine, including production levels, iron ore prices and the mine’s operating performance.