1832 Asset Management L.P. Reduces Holdings in Franco-Nevada Corporation $FNV

1832 Asset Management L.P. reduced its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 7.2% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 955,738 shares of the basic materials company’s stock after selling 73,813 shares during the period. 1832 Asset Management L.P.’s holdings in Franco-Nevada were worth $156,665,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. MTM Investment Management LLC bought a new stake in shares of Franco-Nevada during the 2nd quarter valued at $32,000. Golden State Wealth Management LLC lifted its position in Franco-Nevada by 78.3% during the second quarter. Golden State Wealth Management LLC now owns 205 shares of the basic materials company’s stock valued at $34,000 after purchasing an additional 90 shares in the last quarter. CENTRAL TRUST Co grew its holdings in Franco-Nevada by 590.9% during the second quarter. CENTRAL TRUST Co now owns 228 shares of the basic materials company’s stock valued at $37,000 after purchasing an additional 195 shares during the period. Opal Wealth Advisors LLC purchased a new stake in Franco-Nevada in the second quarter worth about $57,000. Finally, Kiker Wealth Management LLC raised its stake in shares of Franco-Nevada by 20.5% in the second quarter. Kiker Wealth Management LLC now owns 471 shares of the basic materials company’s stock worth $77,000 after buying an additional 80 shares during the period. 77.06% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have commented on FNV. Zacks Research upgraded shares of Franco-Nevada from a “hold” rating to a “strong-buy” rating in a research note on Friday, October 17th. TD Securities decreased their price objective on shares of Franco-Nevada from $247.00 to $225.00 and set a “hold” rating on the stock in a research report on Wednesday, November 5th. Raymond James Financial lifted their target price on shares of Franco-Nevada from $218.00 to $234.00 and gave the company an “outperform” rating in a research note on Friday, October 10th. Weiss Ratings reiterated a “buy (b)” rating on shares of Franco-Nevada in a research note on Tuesday, November 25th. Finally, HC Wainwright raised their price target on Franco-Nevada from $200.00 to $210.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Two investment analysts have rated the stock with a Strong Buy rating, six have issued a Buy rating and five have assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $224.86.

Franco-Nevada Stock Performance

Shares of FNV opened at $203.09 on Wednesday. The stock has a market capitalization of $39.15 billion, a PE ratio of 42.58, a P/E/G ratio of 1.60 and a beta of 0.46. The company’s fifty day moving average is $201.67 and its 200 day moving average is $183.75. Franco-Nevada Corporation has a fifty-two week low of $114.81 and a fifty-two week high of $225.63.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Monday, November 3rd. The basic materials company reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.37 by $0.06. Franco-Nevada had a net margin of 59.48% and a return on equity of 13.94%. The business had revenue of $487.70 million during the quarter, compared to analysts’ expectations of $448.51 million. During the same period last year, the company posted $0.80 EPS. The business’s revenue was up 76.9% on a year-over-year basis. As a group, research analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 18th. Shareholders of record on Thursday, December 4th will be given a dividend of $0.38 per share. The ex-dividend date is Thursday, December 4th. This represents a $1.52 dividend on an annualized basis and a yield of 0.7%. Franco-Nevada’s dividend payout ratio is 31.87%.

Franco-Nevada 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.