1832 Asset Management L.P. Sells 42,555 Shares of Franco-Nevada Corporation $FNV

Key Points

• 1832 Asset Management L.P. has reduced its stake in Franco-Nevada Corporation by 4.0% during the first quarter, now holding 1,029,551 shares valued at approximately $162 million.
• Franco-Nevada recently reported earnings of $1.24 per share for the quarter, which exceeded estimates, while revenue increased by 42.0% compared to the same quarter last year.
• The company announced a quarterly dividend of $0.38 per share, representing a yield of 0.8%, with a payout ratio of 37.35%.

1832 Asset Management L.P. lessened its holdings in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,029,551 shares of the basic materials company's stock after selling 42,555 shares during the period. 1832 Asset Management L.P. owned 0.53% of Franco-Nevada worth $162,216,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of FNV. NewEdge Advisors LLC lifted its holdings in shares of Franco-Nevada by 5.9% during the fourth quarter. NewEdge Advisors LLC now owns 5,642 shares of the basic materials company's stock worth $663,000 after purchasing an additional 313 shares during the period. First Trust Advisors LP lifted its holdings in shares of Franco-Nevada by 1,024.9% during the fourth quarter. First Trust Advisors LP now owns 368,342 shares of the basic materials company's stock worth $43,313,000 after purchasing an additional 335,598 shares during the period. Dimensional Fund Advisors LP lifted its holdings in Franco-Nevada by 18.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 244,478 shares of the basic materials company's stock valued at $28,746,000 after buying an additional 38,585 shares during the period. Natixis lifted its holdings in Franco-Nevada by 117.2% in the fourth quarter. Natixis now owns 1,942 shares of the basic materials company's stock valued at $228,000 after buying an additional 1,048 shares during the period. Finally, Tower Research Capital LLC TRC lifted its holdings in Franco-Nevada by 538.9% in the fourth quarter. Tower Research Capital LLC TRC now owns 607 shares of the basic materials company's stock valued at $71,000 after buying an additional 512 shares during the period. Institutional investors and hedge funds own 77.06% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FNV. National Bankshares restated a "sector perform" rating on shares of Franco-Nevada in a report on Tuesday, June 24th. Raymond James Financial boosted their target price on shares of Franco-Nevada from $186.00 to $188.00 and gave the company an "outperform" rating in a report on Tuesday, August 12th. CIBC restated an "outperform" rating on shares of Franco-Nevada in a report on Tuesday, July 15th. BMO Capital Markets restated an "outperform" rating on shares of Franco-Nevada in a report on Wednesday, May 28th. Finally, Wall Street Zen upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating in a report on Sunday. Seven equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $178.88.

Franco-Nevada Stock Performance

Shares of NYSE FNV traded up $3.0610 during trading on Friday, hitting $184.9210. 808,681 shares of the company traded hands, compared to its average volume of 688,990. The business's fifty day moving average is $166.18 and its 200 day moving average is $160.58. Franco-Nevada Corporation has a fifty-two week low of $112.70 and a fifty-two week high of $186.12. The firm has a market capitalization of $35.63 billion, a price-to-earnings ratio of 45.44, a P/E/G ratio of 2.45 and a beta of 0.36.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings data on Monday, August 11th. The basic materials company reported $1.24 earnings per share for the quarter, beating the consensus estimate of $1.10 by $0.14. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. The firm had revenue of $369.40 million for the quarter, compared to analyst estimates of $382.70 million. During the same quarter in the prior year, the business earned $0.75 earnings per share. The business's quarterly revenue was up 42.0% compared to the same quarter last year. On average, analysts predict that Franco-Nevada Corporation will post 3.09 EPS for the current year.

Franco-Nevada Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a dividend of $0.38 per share. The ex-dividend date is Thursday, September 11th. This represents a $1.52 annualized dividend and a dividend yield of 0.8%. Franco-Nevada's dividend payout ratio is currently 37.35%.

About Franco-Nevada

Franco-Nevada Corporation operates as a gold-focused royalty and streaming company in South America, Central America, Mexico, the United States, Canada, and internationally. It operates through Mining and Energy segments. The company manages its portfolio with a focus on precious metals, such as gold, silver, and platinum group metals; and engages in the sale of crude oil, natural gas, and natural gas liquids through a third-party marketing agent.