Arrowstreet Capital Limited Partnership Sells 582,284 Shares of Franco-Nevada Corporation $FNV

Arrowstreet Capital Limited Partnership trimmed its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 24.6% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 1,782,913 shares of the basic materials company’s stock after selling 582,284 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Franco-Nevada were worth $440,861,000 as of its most recent filing with the SEC.

Other large investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in Franco-Nevada by 112.3% in the fourth quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock worth $25,000 after purchasing an additional 64 shares during the period. Transamerica Financial Advisors LLC acquired a new position in Franco-Nevada during the 4th quarter valued at about $25,000. Private Trust Co. NA acquired a new position in Franco-Nevada during the 4th quarter valued at about $29,000. Smartleaf Asset Management LLC lifted its position in Franco-Nevada by 600.0% during the 2nd quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after purchasing an additional 168 shares during the period. Finally, Navalign LLC bought a new position in shares of Franco-Nevada in the 4th quarter valued at about $34,000. Institutional investors and hedge funds own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

NYSE:FNV opened at $214.16 on Friday. The stock has a 50-day simple moving average of $216.29 and a 200 day simple moving average of $236.64. Franco-Nevada Corporation has a 52-week low of $157.18 and a 52-week high of $285.67. The company has a market cap of $41.30 billion, a PE ratio of 30.16, a PEG ratio of 1.81 and a beta of 0.36.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.09 by $0.29. Franco-Nevada had a return on equity of 18.10% and a net margin of 65.12%.The firm had revenue of $650.70 million for the quarter, compared to analysts’ expectations of $634.43 million. During the same quarter in the previous year, the business posted $1.07 EPS. The business’s quarterly revenue was up 76.6% compared to the same quarter last year. On average, research analysts predict that Franco-Nevada Corporation will post 8.23 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th were issued a $0.44 dividend. The ex-dividend date was Thursday, June 11th. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. Franco-Nevada’s dividend payout ratio (DPR) is presently 24.79%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the stock. Jefferies Financial Group lowered their price target on shares of Franco-Nevada from $258.00 to $245.00 and set a “hold” rating for the company in a research report on Monday, July 6th. Weiss Ratings cut Franco-Nevada from a “buy (b)” rating to a “buy (b-)” rating in a report on Monday, June 8th. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and decreased their target price for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. TD Cowen raised Franco-Nevada from a “hold” rating to a “buy” rating and lowered their price target for the company from $292.00 to $291.00 in a research note on Wednesday, May 20th. Finally, National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $273.40.

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.