Horizon Kinetics Asset Management LLC Cuts Position in Franco-Nevada Corporation $FNV

Horizon Kinetics Asset Management LLC trimmed its stake in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 4.4% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 968,101 shares of the basic materials company’s stock after selling 44,261 shares during the quarter. Franco-Nevada accounts for approximately 2.7% of Horizon Kinetics Asset Management LLC’s holdings, making the stock its 6th biggest holding. Horizon Kinetics Asset Management LLC’s holdings in Franco-Nevada were worth $200,668,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Claret Asset Management Corp lifted its stake in Franco-Nevada by 3.4% in the fourth quarter. Claret Asset Management Corp now owns 1,669 shares of the basic materials company’s stock valued at $346,000 after buying an additional 55 shares during the last quarter. O Shaughnessy Asset Management LLC lifted its stake in Franco-Nevada by 22.2% in the fourth quarter. O Shaughnessy Asset Management LLC now owns 7,670 shares of the basic materials company’s stock valued at $1,590,000 after buying an additional 1,393 shares during the last quarter. Twin Tree Management LP lifted its stake in Franco-Nevada by 118.2% in the fourth quarter. Twin Tree Management LP now owns 6,207 shares of the basic materials company’s stock valued at $1,287,000 after buying an additional 40,235 shares during the last quarter. Syon Capital LLC lifted its stake in Franco-Nevada by 2.1% in the fourth quarter. Syon Capital LLC now owns 2,443 shares of the basic materials company’s stock valued at $506,000 after buying an additional 51 shares during the last quarter. Finally, Capital Research Global Investors lifted its stake in Franco-Nevada by 100.2% in the fourth quarter. Capital Research Global Investors now owns 1,277,889 shares of the basic materials company’s stock valued at $264,882,000 after buying an additional 639,493 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors.

Franco-Nevada Stock Performance

Shares of FNV opened at $212.13 on Wednesday. The firm has a market capitalization of $40.91 billion, a price-to-earnings ratio of 29.88, a price-to-earnings-growth ratio of 1.87 and a beta of 0.34. Franco-Nevada Corporation has a one year low of $152.89 and a one year high of $285.67. The stock’s fifty day moving average is $239.10 and its 200-day moving average is $235.79.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $634.43 million. During the same period in the previous year, the company earned $1.07 earnings per share. Franco-Nevada’s revenue was up 76.6% compared to the same quarter last year. Analysts forecast that Franco-Nevada Corporation will post 8.85 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Zacks Research lowered Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. Scotiabank raised their price target on Franco-Nevada from $286.00 to $290.00 and gave the company a “sector perform” rating in a report on Thursday, May 14th. Canaccord Genuity Group raised Franco-Nevada from a “hold” rating to a “buy” rating in a report on Wednesday, April 29th. TD 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 report on Wednesday, May 20th. Finally, 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. Eleven analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $271.00.

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.