Franco-Nevada Corporation $FNV Holdings Lowered by Forsta AP Fonden

Forsta AP Fonden trimmed its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 32.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 38,700 shares of the basic materials company’s stock after selling 18,500 shares during the quarter. Forsta AP Fonden’s holdings in Franco-Nevada were worth $8,032,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Franco-Nevada during the 4th quarter worth about $578,577,000. Jupiter Asset Management Ltd. raised its holdings in shares of Franco-Nevada by 96.9% in the 4th quarter. Jupiter Asset Management Ltd. now owns 35,266 shares of the basic materials company’s stock worth $7,320,000 after purchasing an additional 17,352 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Franco-Nevada by 11.4% in the 4th quarter. Geode Capital Management LLC now owns 1,932,148 shares of the basic materials company’s stock worth $412,395,000 after purchasing an additional 197,567 shares in the last quarter. Flputnam Investment Management Co. bought a new stake in shares of Franco-Nevada in the 4th quarter worth approximately $237,000. Finally, Legal & General Group Plc raised its holdings in shares of Franco-Nevada by 5.9% in the 4th quarter. Legal & General Group Plc now owns 1,044,515 shares of the basic materials company’s stock worth $216,797,000 after purchasing an additional 57,843 shares in the last quarter. 77.06% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Weiss Ratings upgraded shares of Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, March 20th. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price on the stock in a report on Wednesday, May 20th. HC Wainwright reiterated a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. Canaccord Genuity Group upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. Finally, TD Cowen upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their target price for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the stock. Based on data from MarketBeat, Franco-Nevada currently has a consensus rating of “Moderate Buy” and an average target price of $271.00.

Franco-Nevada Price Performance

Franco-Nevada stock opened at $228.28 on Tuesday. The firm’s 50 day simple moving average is $239.65 and its 200-day simple moving average is $234.62. The company has a market cap of $44.03 billion, a P/E ratio of 32.15, a price-to-earnings-growth ratio of 2.01 and a beta of 0.34. Franco-Nevada Corporation has a fifty-two week low of $152.89 and a fifty-two week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share for the quarter, topping the consensus estimate of $2.09 by $0.29. The business had revenue of $650.70 million for the quarter, compared to the consensus estimate of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The firm’s quarterly revenue was up 76.6% compared to the same quarter last year. During the same period last year, the firm posted $1.07 earnings per share. On average, analysts expect that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be given a dividend of $0.44 per share. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 dividend on an annualized basis and a yield of 0.8%. Franco-Nevada’s payout ratio is presently 24.79%.

Franco-Nevada Profile

Franco-Nevada Corporation is a Toronto-based royalty and streaming company that specializes in securing and managing long-term interests in mining properties. The firm focuses primarily on precious metals, particularly gold, while also holding interests related to silver, copper, platinum-group metals and select base metals. Rather than operating mines directly, Franco-Nevada acquires royalty and streaming agreements that entitle it to a percentage of production or revenue from producing and developing assets in exchange for upfront or staged financing.

The company’s business model centers on providing capital to mining companies in return for a sustained share of production or metal revenue, which can reduce exposure to operating and capital cost risks typical of mine operators.