Canoe Financial LP Reduces Holdings in Franco-Nevada Corporation $FNV

Key Points

• Canoe Financial LP reduced its stake in Franco-Nevada Corporation by 31.6%, selling 1,319 shares during the second quarter, leaving the fund with 2,858 shares worth approximately $470,000.
• Several institutional investors, including Connor Clark & Lunn Investment Management Ltd., made substantial changes to their holdings in Franco-Nevada, with some increasing their positions by over 198%.
• Franco-Nevada recently announced a quarterly dividend of $0.38 per share, representing an annualized dividend of $1.52 and a yield of 0.8%.

Canoe Financial LP trimmed its stake in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 31.6% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,858 shares of the basic materials company's stock after selling 1,319 shares during the quarter. Canoe Financial LP's holdings in Franco-Nevada were worth $470,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Bessemer Group Inc. lifted its position in shares of Franco-Nevada by 1,583.3% during the first quarter. Bessemer Group Inc. now owns 13,130 shares of the basic materials company's stock valued at $2,067,000 after purchasing an additional 12,350 shares in the last quarter. St. James Investment Company LLC grew its stake in Franco-Nevada by 29.3% during the first quarter. St. James Investment Company LLC now owns 219,988 shares of the basic materials company's stock valued at $34,661,000 after acquiring an additional 49,907 shares in the last quarter. Envestnet Asset Management Inc. grew its stake in Franco-Nevada by 36.1% during the first quarter. Envestnet Asset Management Inc. now owns 58,388 shares of the basic materials company's stock valued at $9,200,000 after acquiring an additional 15,483 shares in the last quarter. D.A. Davidson & CO. purchased a new position in Franco-Nevada in the 1st quarter worth approximately $265,000. Finally, FORA Capital LLC grew its stake in Franco-Nevada by 169.8% in the 1st quarter. FORA Capital LLC now owns 5,342 shares of the basic materials company's stock worth $842,000 after buying an additional 3,362 shares in the last quarter. 77.06% of the stock is owned by institutional investors.

Franco-Nevada Trading Down 0.1%

Shares of FNV stock traded down $0.22 on Tuesday, reaching $213.95. The company's stock had a trading volume of 272,915 shares, compared to its average volume of 821,593. The stock's fifty day simple moving average is $179.47 and its 200-day simple moving average is $168.56. Franco-Nevada Corporation has a 1 year low of $112.70 and a 1 year high of $218.58. The company has a market capitalization of $41.23 billion, a price-to-earnings ratio of 52.57, a price-to-earnings-growth ratio of 2.81 and a beta of 0.41.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its earnings results on Monday, August 11th. The basic materials company reported $1.24 earnings per share for the quarter, beating analysts' consensus estimates of $1.10 by $0.14. The firm had revenue of $369.40 million during the quarter, compared to analyst estimates of $382.70 million. Franco-Nevada had a net margin of 58.82% and a return on equity of 12.56%. Franco-Nevada's revenue for the quarter was up 42.0% compared to the same quarter last year. During the same period last year, the firm posted $0.75 earnings per share. Equities research analysts forecast that Franco-Nevada Corporation will post 3.09 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, September 25th. Investors of record on Thursday, September 11th will be issued a $0.38 dividend. This represents a $1.52 annualized dividend and a dividend yield of 0.7%. The ex-dividend date is Thursday, September 11th. Franco-Nevada's payout ratio is presently 37.35%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on FNV. BMO Capital Markets restated an "outperform" rating on shares of Franco-Nevada in a report on Wednesday, May 28th. UBS Group boosted their price objective on shares of Franco-Nevada from $210.00 to $250.00 and gave the company a "buy" rating in a research report on Friday. CIBC reaffirmed an "outperform" rating on shares of Franco-Nevada in a research report on Tuesday, July 15th. Scotiabank upped their target price on shares of Franco-Nevada from $182.00 to $184.00 and gave the stock a "sector perform" rating in a research report on Tuesday, August 12th. Finally, Raymond James Financial set a $218.00 target price on shares of Franco-Nevada and gave the stock an "outperform" rating in a research report on Tuesday. Seven investment analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $187.63.

Franco-Nevada Company Profile

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.