CIBC Asset Management Inc Trims Stake in Franco-Nevada Corporation $FNV

CIBC Asset Management Inc lowered its position in Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 15.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 692,194 shares of the basic materials company’s stock after selling 123,584 shares during the quarter. CIBC Asset Management Inc owned about 0.36% of Franco-Nevada worth $143,884,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. GAMMA Investing LLC raised its holdings in shares of 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 buying an additional 64 shares during the period. Burkett Financial Services LLC purchased a new position in Franco-Nevada in the 3rd quarter worth about $28,000. Private Trust Co. NA purchased a new position in Franco-Nevada in the 4th quarter worth about $29,000. Navalign LLC purchased a new position in Franco-Nevada in the 4th quarter worth about $34,000. Finally, Stephens Consulting LLC purchased a new position in Franco-Nevada in the 4th quarter worth about $36,000. 77.06% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

FNV has been the topic of several research reports. Zacks Research downgraded Franco-Nevada from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 31st. National Bank Financial upgraded Franco-Nevada from a “sector perform” rating to an “outperform” rating in a report on Wednesday, May 13th. Weiss Ratings upgraded Franco-Nevada from a “hold (c+)” rating to a “buy (b)” rating in a report on Friday, March 20th. TD upgraded Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Finally, TD Cowen upgraded Franco-Nevada from a “hold” rating to a “buy” rating and reduced their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. Eleven equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $271.00.

Franco-Nevada Trading Up 3.5%

Shares of FNV stock opened at $236.08 on Wednesday. The company has a market capitalization of $45.53 billion, a P/E ratio of 33.25, a P/E/G ratio of 1.99 and a beta of 0.34. The business’s 50 day moving average is $239.65 and its two-hundred day moving average is $234.62. Franco-Nevada Corporation has a 12-month low of $152.89 and a 12-month high of $285.67.

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 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 business had revenue of $650.70 million for the quarter, compared to the consensus estimate of $634.43 million. During the same quarter last year, the business posted $1.07 earnings per share. 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 8.85 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 25th. Investors of record on Thursday, June 11th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, June 11th. Franco-Nevada’s payout ratio is currently 24.79%.

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.