Franklin Resources Inc. trimmed its position in Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 0.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,879,123 shares of the basic materials company’s stock after selling 6,860 shares during the quarter. Franklin Resources Inc. owned 1.55% of Franco Nevada worth $230,022,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in FNV. Nationwide Fund Advisors bought a new position in Franco Nevada in the third quarter valued at approximately $1,567,000. American Century Companies Inc. increased its stake in Franco Nevada by 49.5% in the third quarter. American Century Companies Inc. now owns 442,680 shares of the basic materials company’s stock valued at $34,296,000 after acquiring an additional 146,586 shares during the last quarter. CIBC Asset Management Inc increased its stake in Franco Nevada by 6.1% in the third quarter. CIBC Asset Management Inc now owns 2,087,452 shares of the basic materials company’s stock valued at $161,281,000 after acquiring an additional 120,925 shares during the last quarter. CI Investments Inc. bought a new position in Franco Nevada in the third quarter valued at approximately $14,049,000. Finally, Advisor Group Inc. boosted its position in Franco Nevada by 191.5% in the third quarter. Advisor Group Inc. now owns 11,638 shares of the basic materials company’s stock valued at $901,000 after buying an additional 7,645 shares in the last quarter. 63.37% of the stock is currently owned by institutional investors and hedge funds.
A number of brokerages have weighed in on FNV. TD Securities cut their target price on shares of Franco Nevada from $96.00 to $93.00 and set a “buy” rating on the stock in a research report on Friday. Raymond James Financial cut their target price on shares of Franco Nevada from $93.00 to $91.00 and set an “outperform” rating on the stock in a research report on Friday. Credit Suisse Group set a $80.00 target price on shares of Franco Nevada and gave the company a “hold” rating in a research report on Friday. Zacks Investment Research lowered shares of Franco Nevada from a “buy” rating to a “hold” rating in a research report on Thursday, January 18th. Finally, Desjardins restated a “sell” rating on shares of Franco Nevada in a research report on Monday, December 11th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $88.00.
Franco Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings results on Wednesday, March 7th. The basic materials company reported $0.28 EPS for the quarter, missing analysts’ consensus estimates of $0.29 by ($0.01). The business had revenue of $167.00 million for the quarter, compared to analyst estimates of $171.99 million. Franco Nevada had a return on equity of 4.38% and a net margin of 28.84%. Franco Nevada’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 EPS. equities research analysts expect that Franco Nevada Corp will post 1.21 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, March 29th. Stockholders of record on Thursday, March 15th will be issued a dividend of $0.23 per share. The ex-dividend date of this dividend is Wednesday, March 14th. This represents a $0.92 dividend on an annualized basis and a dividend yield of 1.35%. Franco Nevada’s dividend payout ratio (DPR) is presently 87.62%.
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Franco Nevada Profile
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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