Franco-Nevada Corporation $FNV Stock: Cidel Asset Management Inc. Lowers Stake

Key Points

• Cidel Asset Management cut its Franco-Nevada stake by 96.7% in the third quarter, selling 75,714 shares and retaining 2,551 shares valued at approximately $609,000. Institutional investors and hedge funds collectively own 77.06% of the stock.
• Franco-Nevada reported quarterly revenue of $580.9 million and earnings of $1.81 per share, missing analyst estimates, although revenue increased 57.3% year over year. The company paid a quarterly dividend of $0.44 per share, representing a 0.8% yield.
• Analyst sentiment remains generally positive, with a consensus rating of “Moderate Buy” and an average price target of $267.80, compared with the reported share price of $225.09.

Cidel Asset Management Inc. trimmed its position in Franco-Nevada Corporation (NYSE:FNV - Free Report) TSE: FNV by 96.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,551 shares of the basic materials company's stock after selling 75,714 shares during the quarter. Cidel Asset Management Inc.'s holdings in Franco-Nevada were worth $609,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. New Harbor Financial Group LLC boosted its holdings in Franco-Nevada by 2.4% in the third quarter. New Harbor Financial Group LLC now owns 1,871 shares of the basic materials company's stock worth $446,000 after purchasing an additional 44 shares during the period. PFG Investments LLC raised its holdings in shares of Franco-Nevada by 0.7% during the first quarter. PFG Investments LLC now owns 7,211 shares of the basic materials company's stock worth $1,782,000 after purchasing an additional 52 shares during the period. Parallel Advisors LLC raised its holdings in shares of Franco-Nevada by 2.1% during the first quarter. Parallel Advisors LLC now owns 2,605 shares of the basic materials company's stock worth $644,000 after purchasing an additional 53 shares during the period. Pinnacle Wealth Planning Services Inc. raised its holdings in shares of Franco-Nevada by 22.4% during the third quarter. Pinnacle Wealth Planning Services Inc. now owns 295 shares of the basic materials company's stock worth $70,000 after purchasing an additional 54 shares during the period. Finally, SBI Securities Co. Ltd. lifted its position in shares of Franco-Nevada by 10.8% in the 3rd quarter. SBI Securities Co. Ltd. now owns 594 shares of the basic materials company's stock worth $141,000 after buying an additional 58 shares during the last quarter. 77.06% of the stock is owned by institutional investors and hedge funds.

Franco-Nevada Stock Performance

Franco-Nevada stock opened at $225.09 on Monday. Franco-Nevada Corporation has a one year low of $181.95 and a one year high of $285.67. The company has a 50-day simple moving average of $251.69 and a 200-day simple moving average of $240.11. The firm has a market capitalization of $43.41 billion, a P/E ratio of 29.42, a P/E/G ratio of 2.61 and a beta of 0.34.

Franco-Nevada (NYSE:FNV - Get Free Report) TSE: FNV last issued its quarterly earnings data on Tuesday, August 11th. The basic materials company reported $1.81 earnings per share for the quarter, missing the consensus estimate of $1.95 by ($0.14). Franco-Nevada had a net margin of 63.79% and a return on equity of 18.58%. The firm 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 earnings per share. The company's revenue for the quarter was up 57.3% compared to the same quarter last year. As a group, sell-side analysts forecast that Franco-Nevada Corporation will post 7.39 earnings per share for the current year.

Franco-Nevada Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th were given a dividend of $0.44 per share. The ex-dividend date was Thursday, September 10th. This represents a $1.76 annualized dividend and a dividend yield of 0.8%. Franco-Nevada's payout ratio is currently 23.01%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on FNV shares. Royal Bank Of Canada lifted their price target on shares of Franco-Nevada from $285.00 to $300.00 and gave the company an "outperform" rating in a report on Wednesday, September 16th. Zacks Research upgraded shares of Franco-Nevada from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 11th. Bank of America cut their target price on shares of Franco-Nevada from $276.00 to $238.00 and set a "neutral" rating on the stock in a report on Thursday, July 9th. Weiss Ratings upgraded Franco-Nevada from a "buy (b-)" rating to a "buy (b)" rating in a research note on Thursday, October 8th. Finally, Scotiabank decreased their target price on Franco-Nevada from $290.00 to $274.00 and set a "sector perform" rating for the company in a research note on Tuesday, July 14th. Nine equities research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $267.80.

About Franco-Nevada

Franco-Nevada Corporation is a gold-focused royalty and streaming company. Rather than operating mines directly, it provides capital to mining and energy companies in exchange for the right to receive a portion of future production or revenue from their assets. Its portfolio includes royalties, streams and other interests tied primarily to gold, as well as silver, platinum group metals, base metals and energy assets.

The company's business model provides exposure to commodity production while generally limiting its direct responsibility for mine development, operating costs and capital expenditures.

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