Franco-Nevada Corporation $FNV Shares Sold by Price T Rowe Associates Inc. MD

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Franco-Nevada Corporation (FNV) by 17.9%, owning approximately 3.52 million shares valued at $554.8 million after selling 765,380 shares in the 1st quarter.
• Franco-Nevada's recent earnings report showed earnings per share of $1.24, surpassing the consensus estimate of $1.10, with revenue increase of 42% compared to the same quarter last year.
• The company announced a $0.38 quarterly dividend to be paid out on September 25th, representing an annualized yield of 0.8% with a payout ratio of 37.35%.

Price T Rowe Associates Inc. MD reduced its stake in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 17.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,521,281 shares of the basic materials company's stock after selling 765,380 shares during the quarter. Price T Rowe Associates Inc. MD owned about 1.83% of Franco-Nevada worth $554,814,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Carmignac Gestion acquired a new stake in Franco-Nevada during the 1st quarter worth $3,080,000. Credit Agricole S A increased its stake in Franco-Nevada by 28.8% in the first quarter. Credit Agricole S A now owns 5,785 shares of the basic materials company's stock valued at $911,000 after purchasing an additional 1,295 shares during the period. Groupama Asset Managment increased its stake in Franco-Nevada by 65.3% in the first quarter. Groupama Asset Managment now owns 220,385 shares of the basic materials company's stock valued at $34,263,000 after purchasing an additional 87,075 shares during the period. Maven Securities LTD acquired a new position in Franco-Nevada in the first quarter valued at $843,000. Finally, Korea Investment CORP increased its stake in Franco-Nevada by 2.6% in the first quarter. Korea Investment CORP now owns 126,467 shares of the basic materials company's stock valued at $19,888,000 after purchasing an additional 3,207 shares during the period. 77.06% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on FNV shares. Royal Bank Of Canada lifted their price objective on shares of Franco-Nevada from $160.00 to $190.00 and gave the company a "sector perform" rating in a research note on Wednesday, June 4th. HC Wainwright lifted their price objective on shares of Franco-Nevada from $195.00 to $200.00 and gave the company a "buy" rating in a research note on Tuesday, August 12th. BMO Capital Markets restated an "outperform" rating on shares of Franco-Nevada in a research note on Wednesday, May 28th. CIBC restated an "outperform" rating on shares of Franco-Nevada in a research note on Tuesday, July 15th. Finally, National Bankshares restated a "sector perform" rating on shares of Franco-Nevada in a research note on Tuesday, June 24th. Seven equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $178.88.

Franco-Nevada Stock Up 1.7%

Shares of NYSE:FNV opened at $184.9210 on Friday. The company has a market cap of $35.63 billion, a price-to-earnings ratio of 45.44, a PEG ratio of 2.42 and a beta of 0.36. The firm's 50-day simple moving average is $166.18 and its 200-day simple moving average is $160.32. Franco-Nevada Corporation has a fifty-two week low of $112.70 and a fifty-two week high of $186.12.

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

Franco-Nevada Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 25th. Stockholders of record on Thursday, September 11th will be issued a $0.38 dividend. The ex-dividend date of this dividend is Thursday, September 11th. This represents a $1.52 annualized dividend and a dividend yield of 0.8%. Franco-Nevada's payout ratio is presently 37.35%.

Franco-Nevada 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.

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