Franco-Nevada Corporation $FNV Shares Sold by Bank of New York Mellon Corp

Bank of New York Mellon Corp lowered its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 1.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 195,183 shares of the basic materials company’s stock after selling 3,795 shares during the quarter. Bank of New York Mellon Corp’s holdings in Franco-Nevada were worth $48,220,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of the company. Norges Bank acquired a new position in shares of Franco-Nevada in the 4th quarter valued at $578,577,000. First Eagle Investment Management LLC boosted its stake in Franco-Nevada by 26.5% during the 4th quarter. First Eagle Investment Management LLC now owns 5,123,444 shares of the basic materials company’s stock worth $1,062,037,000 after purchasing an additional 1,074,257 shares during the period. Van ECK Associates Corp boosted its stake in Franco-Nevada by 12.8% during the 4th quarter. Van ECK Associates Corp now owns 7,441,133 shares of the basic materials company’s stock worth $1,542,402,000 after purchasing an additional 842,132 shares during the period. Capital Research Global Investors grew its position in Franco-Nevada by 100.2% during the 4th quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock worth $264,882,000 after purchasing an additional 639,493 shares during the last quarter. Finally, Deutsche Bank AG grew its position in Franco-Nevada by 30.7% during the 4th quarter. Deutsche Bank AG now owns 1,889,414 shares of the basic materials company’s stock worth $391,638,000 after purchasing an additional 443,839 shares during the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts recently issued reports on the company. HC Wainwright reissued a “buy” rating and set a $305.00 price target on shares of Franco-Nevada in a report on Wednesday, May 13th. Wall Street Zen lowered Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Zacks Research cut Franco-Nevada from a “hold” rating to a “strong sell” rating in a research note on Monday, July 13th. Royal Bank Of Canada decreased their price target on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Finally, TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and lowered their target price for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $273.40.

Franco-Nevada Stock Up 0.4%

NYSE:FNV opened at $215.06 on Friday. Franco-Nevada Corporation has a 52-week low of $157.18 and a 52-week high of $285.67. The stock has a fifty day simple moving average of $216.08 and a 200-day simple moving average of $236.49. The company has a market capitalization of $41.48 billion, a PE ratio of 30.29, a price-to-earnings-growth ratio of 1.81 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last issued its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating analysts’ consensus estimates of $2.09 by $0.29. The firm had revenue of $650.70 million for the quarter, compared to analysts’ expectations of $634.43 million. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The firm’s revenue was up 76.6% on a year-over-year basis. During the same period in the prior year, the company earned $1.07 EPS. As a group, equities analysts anticipate that Franco-Nevada Corporation will post 8.23 earnings per share for the current year.

Franco-Nevada Dividend Announcement

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

Franco-Nevada Company 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.