Franco-Nevada Corporation $FNV Stake Trimmed by Amundi

Key Points

• Amundi reduced its Franco-Nevada stake by 13.3% in the second quarter, selling 158,418 shares and retaining 1,032,999 shares valued at approximately $215.3 million. Institutional investors collectively own 77.06% of the company.
• Analysts maintain a generally positive outlook, 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 EPS of $1.81, below the $1.95 consensus estimate, while revenue rose 57.3% year over year to $580.9 million. The company also declared a quarterly dividend of $0.44 per share, representing a 0.7% yield.

Amundi cut its position in shares of Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 13.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,032,999 shares of the basic materials company's stock after selling 158,418 shares during the quarter. Amundi owned 0.54% of Franco-Nevada worth $215,318,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in the company. Transamerica Financial Advisors LLC acquired a new position in shares of Franco-Nevada in the fourth quarter worth $25,000. Smartleaf Asset Management LLC grew its stake in Franco-Nevada by 600.0% in the second quarter. Smartleaf Asset Management LLC now owns 196 shares of the basic materials company's stock valued at $32,000 after purchasing an additional 168 shares in the last quarter. Navalign LLC purchased a new position in Franco-Nevada in the fourth quarter valued at about $34,000. Global Retirement Partners LLC acquired a new position in Franco-Nevada in the 2nd quarter worth about $35,000. Finally, Dunhill Financial LLC acquired a new position in Franco-Nevada in the 2nd quarter worth about $36,000. 77.06% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on FNV. Zacks Research upgraded shares of Franco-Nevada from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 11th. Royal Bank Of Canada reduced their price target on Franco-Nevada from $295.00 to $285.00 and set an "outperform" rating for the company in a research report on Thursday, July 9th. TD raised Franco-Nevada from a "hold" rating to a "buy" rating and lowered their price objective for the company from $292.00 to $291.00 in a report on Wednesday, May 20th. UBS Group cut their price objective on Franco-Nevada from $310.00 to $280.00 and set a "buy" rating on the stock in a research note on Tuesday, June 30th. Finally, Scotiabank reduced their target price on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating for the company in a report on Tuesday, July 14th. Eleven equities research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $273.40.

Franco-Nevada Stock Down 0.9%

Shares of FNV opened at $263.85 on Wednesday. Franco-Nevada Corporation has a 12-month low of $181.50 and a 12-month high of $285.67. The firm has a market capitalization of $50.89 billion, a price-to-earnings ratio of 34.49, a P/E/G ratio of 2.46 and a beta of 0.39. The stock's 50-day moving average price is $231.36 and its 200 day moving average price is $236.82.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last announced its quarterly earnings results on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.95 by ($0.14). The business had revenue of $580.90 million during the quarter, compared to the consensus estimate of $616.66 million. Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The company's quarterly revenue was up 57.3% compared to the same quarter last year. During the same period last year, the firm earned $1.24 EPS. Equities research analysts expect that Franco-Nevada Corporation will post 7.54 EPS for the current year.

Franco-Nevada Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis 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 currently 23.01%.

Franco-Nevada Company 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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