Addenda Capital Inc. Cuts Position in Franco-Nevada Corporation $FNV

Addenda Capital Inc. lowered its stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 35.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 143,948 shares of the basic materials company's stock after selling 77,873 shares during the quarter. Addenda Capital Inc. owned about 0.07% of Franco-Nevada worth $30,005,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also modified their holdings of the company. BTG Pactual Asset Management US LLC purchased a new position in Franco-Nevada during the 2nd quarter worth $1,308,000. Headlands Technologies LLC acquired a new stake in Franco-Nevada in the 2nd quarter worth approximately $237,000. Quantitative Investment Management LLC boosted its stake in Franco-Nevada by 448.4% in the 2nd quarter. Quantitative Investment Management LLC now owns 6,641 shares of the basic materials company's stock worth $1,384,000 after purchasing an additional 5,430 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in Franco-Nevada during the 2nd quarter worth approximately $255,000. Finally, Benjamin Edwards Inc. grew its position in Franco-Nevada by 13.2% during the 2nd quarter. Benjamin Edwards Inc. now owns 4,503 shares of the basic materials company's stock worth $938,000 after purchasing an additional 525 shares during the last quarter. 77.06% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on FNV. Royal Bank Of Canada dropped their price objective on shares of Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating on the stock in a report on Thursday, July 9th. Bank of America reduced their target price on Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating for the company in a research note on Thursday, July 9th. UBS Group lowered their price target on Franco-Nevada from $310.00 to $280.00 and set a "buy" rating for the company in a research report on Tuesday, June 30th. HC Wainwright reiterated a "buy" rating and set a $305.00 price target on shares of Franco-Nevada in a research note on Wednesday, May 13th. Finally, TD Securities raised Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 price objective on the stock in a report on Wednesday, May 20th. Eleven research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Stock Up 0.1%

NYSE:FNV opened at $266.33 on Monday. The stock has a market capitalization of $51.37 billion, a PE ratio of 34.81, a price-to-earnings-growth ratio of 2.46 and a beta of 0.35. The stock's 50-day moving average price is $224.15 and its 200-day moving average price is $236.23. Franco-Nevada Corporation has a 52 week low of $181.50 and a 52 week high of $285.67.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 EPS for the quarter, missing the consensus estimate of $1.95 by ($0.14). The company had revenue of $580.90 million during the quarter, compared to analysts' expectations of $616.66 million. Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.Franco-Nevada's revenue was up 57.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.24 EPS. Sell-side analysts expect that Franco-Nevada Corporation will post 7.54 earnings per share for the current fiscal year.

Franco-Nevada Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be paid a $0.44 dividend. The ex-dividend date of this dividend 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 (DPR) is 23.01%.

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.

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