Baird Financial Group Inc. Decreases Position in Franco-Nevada Corporation $FNV

Baird Financial Group Inc. trimmed its holdings in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 22.5% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 104,812 shares of the basic materials company’s stock after selling 30,486 shares during the period. Baird Financial Group Inc.’s holdings in Franco-Nevada were worth $21,847,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the stock. Van ECK Associates Corp grew its holdings in Franco-Nevada by 12.8% in 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 acquiring an additional 842,132 shares during the last quarter. EdgePoint Investment Group Inc. grew its position in shares of Franco-Nevada by 3.3% in the 1st quarter. EdgePoint Investment Group Inc. now owns 3,461,224 shares of the basic materials company’s stock worth $857,196,000 after buying an additional 110,222 shares during the last quarter. Royal Bank of Canada increased its stake in shares of Franco-Nevada by 10.2% during the fourth quarter. Royal Bank of Canada now owns 2,808,645 shares of the basic materials company’s stock valued at $582,177,000 after buying an additional 260,793 shares during the period. Norges Bank bought a new position in shares of Franco-Nevada during the fourth quarter valued at approximately $578,577,000. Finally, Geode Capital Management LLC lifted its stake in Franco-Nevada by 11.4% in the fourth quarter. Geode Capital Management LLC now owns 1,932,148 shares of the basic materials company’s stock worth $412,395,000 after acquiring an additional 197,567 shares during the period. Hedge funds and other institutional investors own 77.06% of the company’s stock.

Franco-Nevada Stock Performance

Shares of Franco-Nevada stock opened at $266.00 on Friday. The company has a fifty day moving average of $234.33 and a 200 day moving average of $237.10. The company has a market capitalization of $51.30 billion, a P/E ratio of 34.77, a P/E/G ratio of 2.41 and a beta of 0.39. Franco-Nevada Corporation has a fifty-two week low of $181.50 and a fifty-two week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last released its earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The business had revenue of $580.90 million for the quarter, compared to analysts’ expectations of $616.66 million. During the same quarter in the prior year, the business posted $1.24 EPS. The business’s revenue for the quarter was up 57.3% compared to the same quarter last year. Analysts forecast that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be given a dividend of $0.44 per share. The ex-dividend date is Thursday, September 10th. This represents a $1.76 dividend on an annualized basis and a dividend yield of 0.7%. Franco-Nevada’s dividend payout ratio is currently 23.01%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on FNV shares. TD raised shares of Franco-Nevada from a “hold” rating to a “buy” rating and dropped their price objective for the stock from $292.00 to $291.00 in a research note on Wednesday, May 20th. UBS Group lowered their target price on shares of Franco-Nevada from $310.00 to $280.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Royal Bank Of Canada reduced their price objective on Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a research report on Thursday, July 9th. TD Securities upgraded Franco-Nevada from a “hold” rating to a “buy” rating and set a $291.00 price objective for the company in a research note on Wednesday, May 20th. Finally, Weiss Ratings reissued a “buy (b-)” rating on shares of Franco-Nevada in a report on Friday, September 4th. Eleven research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $273.40.

About Franco-Nevada

Franco-Nevada Corporation (NYSE: FNV) is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.