Gabelli Funds LLC Sells 14,414 Shares of Franco-Nevada Corporation $FNV

Gabelli Funds LLC trimmed its stake in shares of Franco-Nevada Corporation (NYSE:FNV) (TSE:FNV) by 9.9% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 131,856 shares of the basic materials company’s stock after selling 14,414 shares during the quarter. Gabelli Funds LLC owned 0.07% of Franco-Nevada worth $32,563,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently modified their holdings of FNV. GAMMA Investing LLC lifted its position in shares of Franco-Nevada by 112.3% during the 4th 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. Transamerica Financial Advisors LLC acquired a new stake in Franco-Nevada in the 4th quarter valued at $25,000. Private Trust Co. NA bought a new stake in Franco-Nevada in the fourth quarter valued at $29,000. Smartleaf Asset Management LLC grew its position in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company’s stock valued at $32,000 after acquiring an additional 168 shares during the period. Finally, Navalign LLC bought a new stake in Franco-Nevada in the fourth quarter valued at $34,000. 77.06% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on FNV. Bank of America cut their price objective on Franco-Nevada from $276.00 to $238.00 and set a “neutral” rating for the company in a report on Thursday, July 9th. HC Wainwright reaffirmed a “buy” rating and issued a $305.00 target price on shares of Franco-Nevada in a report on Wednesday, May 13th. National Bank Financial upgraded shares of Franco-Nevada from a “sector perform” rating to an “outperform” rating in a research report on Wednesday, May 13th. Wall Street Zen downgraded shares of Franco-Nevada from a “buy” rating to a “hold” rating in a report on Monday, June 1st. Finally, Royal Bank Of Canada cut their price target on shares of Franco-Nevada from $295.00 to $285.00 and set an “outperform” rating for the company in a report on Thursday, July 9th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $273.40.

Franco-Nevada Stock Performance

Shares of FNV opened at $215.06 on Friday. The company has a market cap of $41.48 billion, a price-to-earnings ratio of 30.29, a PEG ratio of 1.81 and a beta of 0.36. The stock has a fifty day moving average price of $216.08 and a two-hundred day moving average price of $236.49. Franco-Nevada Corporation has a 52-week low of $157.18 and a 52-week high of $285.67.

Franco-Nevada (NYSE:FNV) (TSE:FNV) last announced its earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, topping 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 company had revenue of $650.70 million for the quarter, compared to analysts’ expectations of $634.43 million. During the same quarter in the prior year, the business earned $1.07 earnings per share. The business’s revenue for the quarter was up 76.6% on a year-over-year basis. As a group, research analysts predict that Franco-Nevada Corporation will post 8.23 EPS for the current fiscal year.

Franco-Nevada Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, June 25th. Shareholders of record on Thursday, June 11th were given a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.8%. The ex-dividend date was Thursday, June 11th. Franco-Nevada’s dividend payout ratio (DPR) is presently 24.79%.

Franco-Nevada 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.