Van ECK Associates Corp Sells 533,687 Shares of Franco-Nevada Corporation $FNV

Van ECK Associates Corp decreased its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 7.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 7,017,409 shares of the basic materials company’s stock after selling 533,687 shares during the quarter. Franco-Nevada comprises approximately 0.9% of Van ECK Associates Corp’s investment portfolio, making the stock its 19th biggest holding. Van ECK Associates Corp’s holdings in Franco-Nevada were worth $1,462,726,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of FNV. Transamerica Financial Advisors LLC acquired a new position in Franco-Nevada during the 4th quarter worth approximately $25,000. Smartleaf Asset Management LLC lifted its position in shares of Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock worth $32,000 after purchasing an additional 168 shares in the last quarter. Navalign LLC bought a new stake in shares of Franco-Nevada in the fourth quarter worth $34,000. Global Retirement Partners LLC acquired a new position in Franco-Nevada during the second quarter worth $35,000. Finally, Dunhill Financial LLC acquired a new position in Franco-Nevada during the second quarter worth $36,000. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Stock Performance

FNV stock opened at $266.33 on Friday. The stock’s 50 day simple moving average is $224.15 and its 200 day simple moving average is $236.31. The company has a market cap of $51.37 billion, a P/E ratio of 34.81, a price-to-earnings-growth ratio of 2.51 and a beta of 0.35. Franco-Nevada Corporation has a fifty-two week low of $181.50 and a fifty-two week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The firm had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same quarter in the prior year, the business earned $1.24 earnings per share. Franco-Nevada’s revenue for the quarter was up 57.3% on a year-over-year basis. Equities analysts predict that Franco-Nevada Corporation will post 7.54 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a $0.44 dividend. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $1.76 annualized dividend and a yield of 0.7%. Franco-Nevada’s dividend payout ratio (DPR) is presently 23.01%.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FNV shares. Zacks Research upgraded Franco-Nevada from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 11th. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research note on Wednesday, May 13th. UBS Group decreased their price objective on Franco-Nevada from $310.00 to $280.00 and set a “buy” rating on the stock in a report on Tuesday, June 30th. HC Wainwright reiterated a “buy” rating and set a $305.00 price objective on shares of Franco-Nevada in a research report on Wednesday, May 13th. Finally, TD Securities raised Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a report on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $273.40.

About Franco-Nevada

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.