Franco-Nevada Corporation $FNV Shares Sold by Forsta AP Fonden

Key Points

• Forsta AP Fonden reduced its Franco-Nevada stake by 32.3% in the fourth quarter, selling 18,500 shares and leaving it with 38,700 shares worth about $8.0 million.
• Wall Street sentiment is constructive, with 11 analysts rating FNV a Buy and 4 a Hold; the consensus view is a Moderate Buy and an average price target of $271.
• Franco-Nevada reported strong quarterly results, beating EPS and revenue expectations, and it also declared a quarterly dividend of $0.44 per share payable June 25.

Forsta AP Fonden trimmed its position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 32.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 38,700 shares of the basic materials company's stock after selling 18,500 shares during the period. Forsta AP Fonden's holdings in Franco-Nevada were worth $8,032,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. PFG Investments LLC grew its holdings in Franco-Nevada by 0.6% during the 4th quarter. PFG Investments LLC now owns 7,159 shares of the basic materials company's stock valued at $1,484,000 after purchasing an additional 46 shares in the last quarter. Composition Wealth LLC grew its holdings in Franco-Nevada by 0.8% during the 4th quarter. Composition Wealth LLC now owns 6,108 shares of the basic materials company's stock valued at $1,266,000 after purchasing an additional 49 shares in the last quarter. Smartleaf Asset Management LLC grew its holdings in Franco-Nevada by 27.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 250 shares of the basic materials company's stock valued at $55,000 after purchasing an additional 54 shares in the last quarter. Lafayette Investments Inc. grew its holdings in Franco-Nevada by 2.4% during the 3rd quarter. Lafayette Investments Inc. now owns 2,515 shares of the basic materials company's stock valued at $561,000 after purchasing an additional 60 shares in the last quarter. Finally, GAMMA Investing LLC grew its holdings in Franco-Nevada by 112.3% during the 4th quarter. GAMMA Investing LLC now owns 121 shares of the basic materials company's stock valued at $25,000 after purchasing an additional 64 shares in the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

FNV has been the subject of a number of recent analyst reports. Scotiabank raised their price target on shares of Franco-Nevada from $286.00 to $290.00 and gave the company a "sector perform" rating in a report on Thursday, May 14th. TD Cowen raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and decreased their price objective for the stock from $292.00 to $291.00 in a report on Wednesday, May 20th. TD Securities raised shares of Franco-Nevada from a "hold" rating to a "buy" rating and set a $291.00 price objective for the company in a report on Wednesday, May 20th. Zacks Research lowered shares of Franco-Nevada from a "strong-buy" rating to a "hold" rating in a report on Tuesday, March 31st. Finally, Canadian Imperial Bank of Commerce reissued an "outperform" rating on shares of Franco-Nevada in a report on Wednesday, February 4th. Eleven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $271.00.

Franco-Nevada Stock Performance

NYSE FNV opened at $228.28 on Tuesday. Franco-Nevada Corporation has a one year low of $152.89 and a one year high of $285.67. The company has a 50-day simple moving average of $239.65 and a 200-day simple moving average of $234.62. The firm has a market capitalization of $44.03 billion, a PE ratio of 32.15, a price-to-earnings-growth ratio of 2.01 and a beta of 0.34.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last posted its quarterly earnings results on Tuesday, May 12th. The basic materials company reported $2.38 EPS for the quarter, beating the consensus estimate of $2.09 by $0.29. Franco-Nevada had a net margin of 65.12% and a return on equity of 18.10%. The business had revenue of $650.70 million during the quarter, compared to analyst estimates of $634.43 million. During the same period in the previous year, the business posted $1.07 EPS. The company's quarterly revenue was up 76.6% on a year-over-year basis. Equities analysts forecast that Franco-Nevada Corporation will post 8.85 earnings per share for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, June 25th. Stockholders of record on Thursday, June 11th will be issued a $0.44 dividend. The ex-dividend date of this dividend is Thursday, June 11th. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. Franco-Nevada's payout ratio is 24.79%.

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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