Aviva PLC Cuts Stake in Franco Nevada Corp (FNV)

Aviva PLC lessened its holdings in Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 3.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 88,613 shares of the basic materials company’s stock after selling 3,619 shares during the period. Aviva PLC’s holdings in Franco Nevada were worth $5,516,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Tuttle Tactical Management purchased a new position in shares of Franco Nevada in the 2nd quarter valued at $111,000. Stratos Wealth Partners LTD. purchased a new position in shares of Franco Nevada in the 3rd quarter valued at $146,000. Janney Montgomery Scott LLC purchased a new position in shares of Franco Nevada in the 2nd quarter valued at $218,000. Cumberland Partners Ltd purchased a new position in shares of Franco Nevada in the 2nd quarter valued at $234,000. Finally, Belpointe Asset Management LLC purchased a new position in shares of Franco Nevada in the 2nd quarter valued at $280,000. 65.52% of the stock is currently owned by institutional investors and hedge funds.

A number of brokerages have recently commented on FNV. ValuEngine raised shares of Franco Nevada from a “hold” rating to a “buy” rating in a research note on Wednesday, November 21st. Royal Bank of Canada reissued a “buy” rating on shares of Franco Nevada in a research note on Wednesday, November 7th. TD Securities cut their target price on shares of Franco Nevada from $82.00 to $79.00 and set a “buy” rating on the stock in a research note on Wednesday, November 7th. Zacks Investment Research downgraded shares of Franco Nevada from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 11th. Finally, Barclays initiated coverage on shares of Franco Nevada in a research note on Wednesday, October 10th. They set an “overweight” rating and a $70.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and five have issued a buy rating to the company’s stock. Franco Nevada has an average rating of “Hold” and a consensus price target of $80.71.

Franco Nevada stock opened at $72.21 on Friday. Franco Nevada Corp has a 12-month low of $58.26 and a 12-month high of $80.79. The firm has a market cap of $13.22 billion, a P/E ratio of 66.86, a PEG ratio of 15.13 and a beta of -0.06.

Franco Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings results on Monday, November 5th. The basic materials company reported $0.29 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.26 by $0.03. Franco Nevada had a net margin of 31.81% and a return on equity of 4.76%. The firm had revenue of $170.60 million for the quarter, compared to the consensus estimate of $158.85 million. During the same quarter in the previous year, the firm posted $0.30 EPS. The firm’s quarterly revenue was down .5% on a year-over-year basis. As a group, analysts expect that Franco Nevada Corp will post 1.17 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be paid a dividend of $0.24 per share. This represents a $0.96 annualized dividend and a yield of 1.33%. The ex-dividend date is Wednesday, December 5th. Franco Nevada’s dividend payout ratio (DPR) is 88.89%.

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Franco Nevada Profile

Franco-Nevada Corporation operates as a gold-focused royalty and stream company in the United States, Canada, Mexico, Peru, Chile, Australia, and Africa. The company also holds interests in silver, platinum group metals, oil and gas, and other resource assets. As of December 31, 2017, it had a portfolio of 341 assets.

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Institutional Ownership by Quarter for Franco Nevada (NYSE:FNV)

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