Franco-Nevada Corporation $FNV Shares Sold by Telemark Asset Management LLC

Telemark Asset Management LLC cut its holdings in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 33.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 100,000 shares of the basic materials company’s stock after selling 50,000 shares during the period. Franco-Nevada accounts for about 2.1% of Telemark Asset Management LLC’s holdings, making the stock its 13th biggest position. Telemark Asset Management LLC owned 0.05% of Franco-Nevada worth $20,728,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its holdings in Franco-Nevada by 112.3% in the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company’s stock valued at $25,000 after acquiring an additional 64 shares during the last quarter. Burkett Financial Services LLC purchased a new stake in Franco-Nevada in the third quarter valued at approximately $28,000. Private Trust Co. NA purchased a new stake in Franco-Nevada in the fourth quarter valued at approximately $29,000. Navalign LLC purchased a new stake in Franco-Nevada in the fourth quarter valued at approximately $34,000. Finally, Stephens Consulting LLC purchased a new stake in Franco-Nevada in the fourth quarter valued at approximately $36,000. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Franco-Nevada Stock Down 7.4%

FNV opened at $218.43 on Friday. Franco-Nevada Corporation has a 52-week low of $152.89 and a 52-week high of $285.67. The company has a 50 day moving average of $239.79 and a two-hundred day moving average of $235.26. The company has a market cap of $42.13 billion, a P/E ratio of 30.76, a P/E/G ratio of 1.91 and a beta of 0.34.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its quarterly earnings data on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The company had revenue of $650.70 million during the quarter, compared to the consensus estimate of $634.43 million. During the same period in the previous year, the firm earned $1.07 earnings per share. Franco-Nevada’s revenue for the quarter was up 76.6% on a year-over-year basis. Research analysts anticipate that Franco-Nevada Corporation will post 8.85 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th will be paid a dividend of $0.44 per share. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date is Thursday, June 11th. Franco-Nevada’s payout ratio is currently 24.79%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FNV shares. HC Wainwright restated a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. TD Cowen upgraded 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. TD Securities upgraded shares of Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 target price for the company in a report on Wednesday, May 20th. Wall Street Zen cut Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Finally, Canaccord Genuity Group upgraded Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $271.00.

About Franco-Nevada

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.