Baird Financial Group Inc. Has $21.85 Million Stock Position in Franco-Nevada Corporation $FNV

Key Points

• Baird Financial Group cut its Franco-Nevada stake by 22.5% in the second quarter, selling 30,486 shares and retaining 104,812 shares valued at approximately $21.85 million. Institutional investors collectively own 77.06% of the company.
• Analyst sentiment remains positive, with 11 Buy ratings and four Holds resulting in a “Moderate Buy” consensus and an average price target of $273.40.
• Franco-Nevada reported quarterly revenue of $580.9 million and EPS of $1.81, both below analyst estimates, though revenue increased 57.3% year over year. The company declared a quarterly dividend of $0.44, or $1.76 annualized.

Baird Financial Group Inc. lessened its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 22.5% in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 104,812 shares of the basic materials company's stock after selling 30,486 shares during the quarter. Baird Financial Group Inc. owned 0.05% of Franco-Nevada worth $21,847,000 at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in FNV. AQR Capital Management LLC acquired a new position in shares of Franco-Nevada during the 1st quarter worth approximately $241,000. NewEdge Advisors LLC raised its position in shares of Franco-Nevada by 16.7% in the first quarter. NewEdge Advisors LLC now owns 6,585 shares of the basic materials company's stock valued at $1,038,000 after buying an additional 943 shares in the last quarter. Intech Investment Management LLC grew its position in Franco-Nevada by 118.3% during the first quarter. Intech Investment Management LLC now owns 9,286 shares of the basic materials company's stock worth $1,460,000 after buying an additional 5,032 shares in the last quarter. Acadian Asset Management LLC increased its stake in Franco-Nevada by 800.0% during the 1st quarter. Acadian Asset Management LLC now owns 2,700 shares of the basic materials company's stock worth $424,000 after acquiring an additional 2,400 shares during the period. Finally, Marshall Wace LLP acquired a new position in Franco-Nevada during the second quarter valued at approximately $1,477,000. Institutional investors own 77.06% of the company's stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on FNV. Weiss Ratings restated a "buy (b-)" rating on shares of Franco-Nevada in a research note on Friday, September 4th. Wall Street Zen cut shares of Franco-Nevada from a "buy" rating to a "hold" rating in a research note on Monday, June 1st. TD Cowen upgraded Franco-Nevada from a "hold" rating to a "buy" rating and decreased their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. TD upgraded shares of Franco-Nevada from a "hold" rating to a "buy" rating and dropped their price target for the stock from $292.00 to $291.00 in a research report on Wednesday, May 20th. 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 research note on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $273.40.

Franco-Nevada Stock Up 2.0%

NYSE FNV opened at $266.00 on Friday. The company has a market cap of $51.30 billion, a PE ratio of 34.77, a price-to-earnings-growth ratio of 2.41 and a beta of 0.39. The firm's 50-day simple moving average is $234.33 and its two-hundred day simple moving average is $237.10. 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 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). Franco-Nevada had a return on equity of 18.58% and a net margin of 63.79%.The company had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. During the same quarter in the prior year, the business earned $1.24 EPS. The firm's revenue for the quarter was up 57.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Shareholders of record on Thursday, September 10th will be issued a $0.44 dividend. This represents a $1.76 annualized dividend and a yield of 0.7%. The ex-dividend date of this dividend is Thursday, September 10th. Franco-Nevada's dividend payout ratio (DPR) is presently 23.01%.

Franco-Nevada Profile

Franco-Nevada Corporation NYSE: FNV is a Canada-based royalty and streaming company focused primarily on precious metals. Rather than operating mines, the company provides upfront capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from designated assets.

Its portfolio is anchored by gold royalties and streams, with additional exposure to silver, platinum group metals and other mined commodities. Franco-Nevada also holds interests in certain energy assets, including oil and natural gas royalties.

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