Beutel Goodman & Co Ltd. Lowers Position in Franco-Nevada Corporation (NYSE:FNV)
Beutel Goodman & Co Ltd. cut its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 0.4% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 2,104,580 shares of the basic materials company’s stock after selling 9,300 shares during the period. Franco-Nevada Corporation comprises 1.4% of Beutel Goodman & Co Ltd.’s portfolio, making the stock its 24th largest position. Beutel Goodman & Co Ltd. owned approximately 1.16% of Franco-Nevada Corporation worth $151,680,000 as of its most recent filing with the SEC.
Several other institutional investors also recently modified their holdings of the stock. Hexavest Inc. raised its stake in Franco-Nevada Corporation by 50.7% in the second quarter. Hexavest Inc. now owns 1,662 shares of the basic materials company’s stock valued at $120,000 after buying an additional 559 shares during the period. Envestnet Asset Management Inc. raised its stake in Franco-Nevada Corporation by 224.6% in the fourth quarter. Envestnet Asset Management Inc. now owns 3,353 shares of the basic materials company’s stock worth $199,000 after buying an additional 2,320 shares during the period. Stratos Wealth Partners LTD. bought a new stake in Franco-Nevada Corporation during the first quarter worth about $201,000. Schroder Investment Management Group bought a new stake in Franco-Nevada Corporation during the first quarter worth about $222,000. Finally, Gluskin Sheff & Assoc Inc. bought a new stake in Franco-Nevada Corporation during the first quarter worth about $225,000. 63.12% of the stock is owned by institutional investors and hedge funds.
Shares of Franco-Nevada Corporation (FNV) traded down 1.12% during mid-day trading on Friday, hitting $73.15. 465,712 shares of the stock traded hands. Franco-Nevada Corporation has a 52 week low of $53.31 and a 52 week high of $81.16. The stock has a 50-day moving average of $72.25 and a 200-day moving average of $68.66. The company has a market cap of $13.22 billion, a price-to-earnings ratio of 96.12 and a beta of -0.03.
Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, May 9th. The basic materials company reported $0.25 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.02. The business had revenue of $172.70 million for the quarter, compared to the consensus estimate of $158.75 million. Franco-Nevada Corporation had a net margin of 21.17% and a return on equity of 4.35%. During the same period in the previous year, the company earned $0.17 earnings per share. Analysts anticipate that Franco-Nevada Corporation will post $0.97 EPS for the current year.
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A number of research firms recently commented on FNV. Zacks Investment Research cut Franco-Nevada Corporation from a “buy” rating to a “hold” rating in a report on Friday, July 28th. BidaskClub upgraded Franco-Nevada Corporation from a “hold” rating to a “buy” rating in a report on Monday, July 24th. Barclays PLC reiterated an “equal weight” rating and issued a $74.00 price objective (up from $68.00) on shares of Franco-Nevada Corporation in a report on Tuesday, June 6th. Credit Suisse Group set a $78.00 price target on Franco-Nevada Corporation and gave the stock a “buy” rating in a research note on Tuesday, July 18th. Finally, Raymond James Financial, Inc. restated an “outperform” rating and set a $85.00 price target on shares of Franco-Nevada Corporation in a research note on Thursday, June 15th. Nine investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Franco-Nevada Corporation has an average rating of “Buy” and an average price target of $77.86.
About Franco-Nevada Corporation
Franco-Nevada Corporation (Franco-Nevada) is a gold-focused royalty and stream company. The Company has interests in silver, platinum group metals, oil and gas and other resource assets. The Company is engaged in resource sector royalty/stream acquisitions and management activities. It has a portfolio of properties in the United States, Canada, Mexico, Peru, Chile and Africa.
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