Korea Investment CORP lowered its stake in shares of Franco Nevada Corp (NYSE:FNV) (TSE:FNV) by 46.2% in the third quarter, HoldingsChannel reports. The firm owned 12,190 shares of the basic materials company’s stock after selling 10,451 shares during the period. Korea Investment CORP’s holdings in Franco Nevada were worth $762,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in shares of Franco Nevada by 13.7% during the second quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 543,547 shares of the basic materials company’s stock worth $52,153,000 after purchasing an additional 65,500 shares in the last quarter. Millennium Management LLC increased its stake in shares of Franco Nevada by 133.7% during the second quarter. Millennium Management LLC now owns 77,571 shares of the basic materials company’s stock worth $5,664,000 after purchasing an additional 44,385 shares in the last quarter. Gabelli Funds LLC increased its stake in shares of Franco Nevada by 8.8% during the third quarter. Gabelli Funds LLC now owns 551,400 shares of the basic materials company’s stock worth $34,490,000 after purchasing an additional 44,400 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Franco Nevada by 12.6% during the second quarter. Renaissance Technologies LLC now owns 2,458,200 shares of the basic materials company’s stock worth $179,498,000 after purchasing an additional 274,300 shares in the last quarter. Finally, Investec Asset Management LTD purchased a new stake in shares of Franco Nevada during the second quarter worth about $17,440,000. 65.52% of the stock is owned by institutional investors and hedge funds.
FNV has been the subject of a number of research reports. 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 target price for the company. ValuEngine raised shares of Franco Nevada from a “sell” rating to a “hold” rating in a research note on Tuesday, September 18th. Credit Suisse Group reissued a “neutral” rating on shares of Franco Nevada in a research note on Monday, September 10th. Zacks Investment Research cut shares of Franco Nevada from a “hold” rating to a “strong sell” rating in a research note on Thursday, October 11th. Finally, TD Securities cut their target price on shares of Franco Nevada from $82.00 to $79.00 and set a “buy” rating for the company in a research note on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $80.71.
FNV opened at $72.21 on Friday. The stock has a market cap of $13.12 billion, a P/E ratio of 58.67, a price-to-earnings-growth ratio of 15.02 and a beta of -0.06. Franco Nevada Corp has a twelve month low of $58.26 and a twelve month high of $80.79.
Franco Nevada (NYSE:FNV) (TSE:FNV) last posted its quarterly earnings results on Monday, November 5th. The basic materials company reported $0.29 earnings per share for the quarter, topping analysts’ consensus estimates of $0.26 by $0.03. The firm had revenue of $170.60 million for the quarter, compared to analyst estimates of $158.85 million. Franco Nevada had a net margin of 31.81% and a return on equity of 4.76%. Franco Nevada’s quarterly revenue was down .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.30 earnings per share. Analysts anticipate that Franco Nevada Corp will post 1.17 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, December 20th. Investors of record on Thursday, December 6th will be given a dividend of $0.24 per share. The ex-dividend date is Wednesday, December 5th. This represents a $0.96 dividend on an annualized basis and a yield of 1.33%. Franco Nevada’s payout ratio is presently 88.89%.
Franco Nevada Company 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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