Zurcher Kantonalbank Zurich Cantonalbank Reduces Stake in Franco-Nevada Corporation (NYSE:FNV)

Zurcher Kantonalbank Zurich Cantonalbank lessened its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 2.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 90,021 shares of the basic materials company’s stock after selling 2,429 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Franco-Nevada were worth $14,156,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in FNV. HB Wealth Management LLC acquired a new position in Franco-Nevada in the first quarter valued at approximately $330,000. TD Asset Management Inc grew its holdings in shares of Franco-Nevada by 6.8% during the 1st quarter. TD Asset Management Inc now owns 1,926,670 shares of the basic materials company’s stock valued at $302,979,000 after acquiring an additional 122,071 shares in the last quarter. McCollum Christoferson Group LLC grew its holdings in shares of Franco-Nevada by 4.4% during the 1st quarter. McCollum Christoferson Group LLC now owns 33,786 shares of the basic materials company’s stock valued at $5,323,000 after acquiring an additional 1,425 shares in the last quarter. Pacer Advisors Inc. boosted its holdings in Franco-Nevada by 7.1% in the first quarter. Pacer Advisors Inc. now owns 1,728 shares of the basic materials company’s stock worth $272,000 after purchasing an additional 115 shares in the last quarter. Finally, Cetera Investment Advisers lifted its position in Franco-Nevada by 41.0% during the 1st quarter. Cetera Investment Advisers now owns 10,110 shares of the basic materials company’s stock worth $1,593,000 after acquiring an additional 2,939 shares during the last quarter. Institutional investors and hedge funds own 77.06% of the company’s stock.

Wall Street Analyst Weigh In

FNV has been the subject of several recent analyst reports. National Bankshares reaffirmed a “sector perform” rating on shares of Franco-Nevada in a report on Tuesday, June 24th. Scotiabank raised their price objective on shares of Franco-Nevada from $165.00 to $169.00 and gave the company a “sector perform” rating in a research note on Monday, May 12th. UBS Group raised their price objective on shares of Franco-Nevada from $205.00 to $210.00 and gave the company a “buy” rating in a research note on Thursday, July 3rd. Wall Street Zen raised shares of Franco-Nevada from a “hold” rating to a “buy” rating in a research report on Monday, April 7th. Finally, HC Wainwright restated a “buy” rating and set a $195.00 price objective (up from $180.00) on shares of Franco-Nevada in a report on Wednesday, May 28th. Six analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Franco-Nevada has an average rating of “Moderate Buy” and a consensus target price of $172.13.

Franco-Nevada Stock Performance

Shares of FNV stock opened at $162.20 on Wednesday. The company has a market capitalization of $31.25 billion, a price-to-earnings ratio of 50.69, a PEG ratio of 2.14 and a beta of 0.41. The company has a 50-day simple moving average of $164.93 and a 200 day simple moving average of $155.14. Franco-Nevada Corporation has a 52 week low of $112.70 and a 52 week high of $179.99.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Thursday, May 8th. The basic materials company reported $1.07 EPS for the quarter, topping the consensus estimate of $1.00 by $0.07. The business had revenue of $368.40 million during the quarter, compared to the consensus estimate of $328.79 million. Franco-Nevada had a net margin of 50.39% and a return on equity of 11.40%. Franco-Nevada’s revenue was up 43.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.76 EPS. Sell-side analysts forecast that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were given a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.94%. The ex-dividend date was Thursday, June 12th. Franco-Nevada’s payout ratio is presently 47.50%.

Franco-Nevada Company Profile

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.