Armor Advisors L.L.C. Reduces Position in Franco-Nevada Corporation (NYSE:FNV)

Key Points

• Armor Advisors L.L.C. reduced its stake in Franco-Nevada Corporation by 19.0%, now holding 78,770 shares valued at approximately $12.41 million.
• Several hedge funds, including Massachusetts Financial Services Co. and Capital World Investors, have increased their positions in Franco-Nevada, indicating a strong institutional interest in the stock.
• Franco-Nevada recently reported earnings per share of $1.07 for the last quarter, exceeding expectations and showing a year-over-year revenue increase of 43.5%.

Armor Advisors L.L.C. trimmed its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 19.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 78,770 shares of the basic materials company's stock after selling 18,472 shares during the quarter. Franco-Nevada accounts for 9.9% of Armor Advisors L.L.C.'s portfolio, making the stock its 3rd biggest holding. Armor Advisors L.L.C.'s holdings in Franco-Nevada were worth $12,411,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA raised its stake in shares of Franco-Nevada by 1.7% in the first quarter. Massachusetts Financial Services Co. MA now owns 12,207,413 shares of the basic materials company's stock worth $1,923,400,000 after purchasing an additional 207,232 shares during the last quarter. Capital World Investors raised its stake in shares of Franco-Nevada by 9.8% in the fourth quarter. Capital World Investors now owns 7,948,917 shares of the basic materials company's stock worth $934,106,000 after purchasing an additional 711,591 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Franco-Nevada by 0.3% in the fourth quarter. Bank of Montreal Can now owns 5,300,880 shares of the basic materials company's stock worth $622,124,000 after purchasing an additional 15,273 shares during the last quarter. EdgePoint Investment Group Inc. raised its stake in shares of Franco-Nevada by 49.9% in the fourth quarter. EdgePoint Investment Group Inc. now owns 4,959,851 shares of the basic materials company's stock worth $582,100,000 after purchasing an additional 1,650,358 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Franco-Nevada by 10.3% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,286,661 shares of the basic materials company's stock worth $504,069,000 after purchasing an additional 400,384 shares during the last quarter. 77.06% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of analysts recently commented on FNV shares. Wall Street Zen upgraded Franco-Nevada from a "hold" rating to a "buy" rating in a research report on Monday, April 7th. Scotiabank upped their price objective on Franco-Nevada from $165.00 to $169.00 and gave the company a "sector perform" rating in a research report on Monday, May 12th. Raymond James Financial set a $186.00 price objective on Franco-Nevada and gave the company an "outperform" rating in a research report on Wednesday, May 28th. Royal Bank Of Canada upped their price objective on Franco-Nevada from $160.00 to $190.00 and gave the company a "sector perform" rating in a research report on Wednesday, June 4th. Finally, National Bankshares reiterated a "sector perform" rating on shares of Franco-Nevada in a research report on Tuesday, June 24th. Six investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, Franco-Nevada has an average rating of "Moderate Buy" and an average price target of $172.13.

Franco-Nevada Stock Performance

NYSE:FNV opened at $161.61 on Friday. The stock has a 50-day simple moving average of $164.51 and a two-hundred day simple moving average of $155.89. Franco-Nevada Corporation has a 52-week low of $112.70 and a 52-week high of $179.99. The firm has a market capitalization of $31.13 billion, a PE ratio of 50.50, a P/E/G ratio of 2.15 and a beta of 0.36.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last released its quarterly earnings results on Thursday, May 8th. The basic materials company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.00 by $0.07. Franco-Nevada had a return on equity of 11.40% and a net margin of 50.39%. The business had revenue of $368.40 million during the quarter, compared to analyst estimates of $328.79 million. During the same quarter in the previous year, the company posted $0.76 earnings per share. Franco-Nevada's revenue for the quarter was up 43.5% on a year-over-year basis. Equities analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current fiscal year.

Franco-Nevada Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 26th. Stockholders of record on Thursday, June 12th were paid a $0.38 dividend. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $1.52 dividend on an annualized basis and a dividend yield of 0.9%. Franco-Nevada's dividend payout ratio is 47.50%.

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.

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